The Egyptian Banks, products and digital solutions are the great supporter for local and international investments flow

18/02/2024

Ashraf El- Kady- The Chief Executive Officer and Managing Director, The United Bank

The Egyptian Banks, products and digital solutions are the great supporter for local and international investments flow

• The economic status impose flexible funding mechanisms aligning with digital and innovative solutions.
• UB finance and digital solutions provided for SMEs guarantee growth, cash management, and risk reduction.
• Building productive culture, increasing local component, and improving its quality to launch national industries and maximize exports.
• The present technological renaissance qualifies Egypt to become a regional center for digitization and artificial intelligence.
• UB is roaring towards digital transformation to attract a larger investment segments with unique services and solutions.
• Digital transformation supports corporate upgrading works and contributes to sustainable growth schemes.

 

Cairo: 18^th of February 2024

In his speech in the second session of “CEOs Conference” ninth edition, under the slogan of “Year of healing discovery”. Ashraf El Kady- CEO and Managing Director pointed out that the Egyptian banks with its current products and digital solutions are the great supporter for international and local investments.

Under the name of “Banking Sector…huge mission amidst the change of international corporates’ vision”. Ahmed El Batran- Head of Economy and Banks Division in El Mal newspaper moderated the session. The session discussed many important axes with the participation of Malak El Papa- General Manager of Visa Egypt, Abdallah Elsada- The Chief Executive Officer of I Bag Western Union, Sherif El behery- Chief Executive Officer of digital Misr Bank, Ahmed El sherif- Chief Officer of El Mashrouf international network.

El Kady stated that the present global economic status imposes many challenges on financial corporates, among those challenges: the importance to innovate new smart, flexible, and low-cost funding mechanism. These tools should help the corporates to cope with the challenges and develop their abilities to continue in making profits. As well as, making these economic entities stronger with its different volumes, especially SMEs. That can happen through increasing capitals amidst the international competitive crisis and digital revolution. Which contributes to the sustainable social and economic development.

He added that the economic development is one of the most important challenges moderated by the Egyptian state, its corporates, and The Central Bank of Egypt. In order to perform an integrated planned reform process aiming to increase the development rates and achieve the highest level of self- sufficiency, which will reflect directly on the citizen’s lifestyle and accomplish 2030 vision. Through investing in industrial, agricultural, trade and service projects. This participates in moving fast economy, creating job opportunities, improving the citizen’s lifestyle, and developing the state resources as a gate to the New State future.

UB digital and funding solutions for SMEs guarantee growth, cash management, and reducing risks.

El Kady referred to the efforts exerted by UB to support SMEs and entrepreneurships:

• UB participated as a founder in “Avanz Manara”, Fund of the funds. The strategic fund contributes in many other investment funds that contribute to develop small and middle enterprises and maximize the economic return.
• Providing innovative, specialized funding solutions and high quality digital services in building productive culture, increasing the local component, improving its quality to enable national industries to launch, roar and increase productivity. Consequently, maximize the volume of Egyptian exports in different fields.
• Expansion in funding fleets of public transportation and converting them into green transportation all over the republic. Increasing funding rates for renewable energy projects. Investing in the renewable energy projects from connecting networks to energy storage leads to an increase in the invested capital on both social and economic levels. Moreover, developing value chains that feed clean energy projects, and speed up its usage. Which will contribute to change the citizen’s consumption culture and directing it towards renewable and clean energy. That will positively reflect on the citizen and the whole society.
• Expansion in finance directed to the agriculture sector and food production companies. This will increase the farming land and doubling up the agricultural product, increasing supply chain and distribution to increase the rates of employment and development.
• Using engineering financial applications as innovative solution to contribute to eliminating economic downturn. That is through CBE initiative that aims returning the national industry spirit, work and production.
• Encouraging entrepreneurships via supporting innovation and young Egyptian minds in banking and non- banking sectors. Especially that its working on setting solutions for the economic problems, maximizing local production in important sectors in economic activities, which will contribute to increase Egyptian exports volume and employment rates through creating job opportunities.

UB has 3 hubs in Cairo, Dakhahlya, and El Menya. These hubs provide training and fundamentals of finance. In addition to, providing packages of consultations and technical support to make the projects sustainable. It is worth mentioning that UB supported many industrial sectors: furniture and wood industry, textile and ready- to- wear industry, dairies, and plastics industries.

Digital transformation supports corporate upgrading works and contributes to sustainable growth schemes

Ashraf El Kady stated that UB is roaring towards digital transformation to attract investors with unique services and products. The digital transformation supports upgrading corporates and contributes to sustainable growth plans, through spreading high quality banking services and solutions, which serve the Egyptian citizen from varying geographical distribution.

• UB participated in cyber security applications and the fundamentals of tackling fraud. Especially amidst the increase of digital transactions, and expanding financial inclusion base, either through integrated awareness campaigns or through securing applications to protect the client’s data and investments. Moreover, supporting national strategic events for cyber security led by CBE.
• Expanding in new branches, either digital or traditional, along with developing the current branches network, and Nile pioneers centers that serve current clients, and future clients, especially in industrial, urban communities, the golden triangle and development axes.
• Launching an innovative set of digital services that works 24/7. Coming on top: Corporate Online Banking, which enable customers to make all internal transfers, wire transfer, issuing guarantee letters, and payment of all governmental payments, taxes, insurance, and customs,. As well as, opening letters of credit and cash management with the latest investment techniques that guarantee maximizing corporate profits, and the corporates accounts.
• Cash Management service qualifies corporates with its different kinds, either large, or middle, or small enterprises, to get the ultimate benefit from all of its accounts and balance, through investing these balances in saving or investments pots. They are electronically moderated, as per a continuing authorization from these corporates to UB to moderate and follow up through these distinctive simple digital solutions.
• Launching specialized finance to develop micro finance through UB Digital Wallet, and the ability to pay using it. Aiming to upgrading value chains, and eliminating many social and economic problems, such as unemployment, crime, corruption. Moreover, the effective role of merging parallel economy with formal economy, and improving the lifestyle of the citizen, changing the consumption culture towards clean energy.
• UB joined Insta Pay application (instant payment network), aiming to simplify digital transactions on the individuals level or corporates level (SMEs)
• UB launched UB Chat Bot service- the virtual assistant on UB website.

 

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