UB Services

The United Bank signs the agreement to launch the electronic securities record with I-Score

01/02/2018

I Score

To support entrepreneurs and develop the SME sector

The United Bank signs the agreement to launch the electronic securities record with I-Score

 

Ashraf El Kady - Chairman of The United Bank

  • The Bank strives to offer smart and innovative solutions to the development of the SME sector.
  • Continuous cooperation between the bank and I-score aims to maximize investments.
  • The transferable securities registry ensures the protection of the rights of individuals and financial and moral companies.
  • The establishments of a global legal framework for the transferable securities registry that will generate global confidence in local financial institutions improve Egypt's ranking and contribute to the flow of foreign investment.
  • The protection of intellectual property rights contributes to the development of the national economy, especially entrepreneurship.
  • The Bank has a qualified infrastructure to keep abreast of the technological development of smart financial services.
  • Strengthening the human elements are the most important factors that distinguish the bank's technological services.

 

Cairo: 1st February 2018

 

To complement the fruitful cooperation between The United Bank and the I-Score Credit Company to provide all the specialized support and support for the development of the SME sector in particular and the national economy in general, an agreement was signed for the launch of the electronic collateral record service of The United Bank.

 

Cooperation Agreement

Under this agreement, I-score will provide the required electronic system according to the latest version of the Hungarian company Loxon, which specializes in registration systems for transferable securities in the world to The United Bank.

 

This system guarantees the registration of all transferable securities to The United Bank and its clients, whether material securities such as machinery, equipment and goods, or moral securities such as movables that are replaced to meet the equivalent. Or moral securities such as intellectual property rights, patents, trademarks, industrial designs, and copyright, as well as future material transferable such as purchases, production, imports or agriculture.

 

This service is provided electronically through The United Bank's website on the Internet. This service has the flexibility to register, advertise or modify securities throughout the day. As well as the preservation of physical, moral and intellectual property rights of individuals or institutions.

 

The collateral is registered after opening the account at The United Bank for the first time, after which the data or the guarantee register can be updated throughout the day. Registration is available to financial institutions, banks and government departments. It also provides the possibility to search and query all customers. This gives priority to the Registrar of Guarantees in the custody of the guarantee to achieve the rights of creditors, while the value of the collateral is assessed by the appraisers of the bank.

 

The importance of the transferable securities registry for the SME sector

The importance of the transferable securities registry for the SME sector is to facilitate the procedures of granting the necessary funding by the United Bank. Thus contributing to the revitalization of the national economy, increasing the volume of domestic and international investments and confidence in credit providers. As well as reduce time or cost material, which contributes to reducing the cost of credit.

 

The importance of the transferable securities registry to the national economy

On the national level, this record contributes to the improvement of Egypt's ranking globally in the index of access to credit. As it establishes a legal framework in accordance with international standards, which allows the use of movables as security to obtain funding. It also helps local banks improve their access to credit from banks and international financial institutions with a view to re-lending them to small, medium and micro enterprises.

 

It should be noted that I-Score had obtained the privilege of the Financial Supervisory Authority to establish and operate the electronic transferable securities record in preparation for its launch for the first time in the Egyptian market.

 

Commenting on the agreement, Ashraf El Kady, Chairman of The United Bank said: "The modern technological services package implemented by the bank is based on high quality technological infrastructure in accordance with international standards, enabling the bank to provide the best service to its current and future customers.

 

El Kady added that these services have a positive impact in order to reduce the cost of performing electronic banking services. As well as speed, accuracy in implementation, and availability of these services throughout the day. And all these positive factors contribute to winning customer satisfaction at the level of all governorates of Egypt.

 

Mohamed Kafafi, Chairman of the Board of Directors of the Egyptian Company for Credit Information – I-Score, said that I-Score has won the tender submitted by the Financial Supervisory Authority. I-Score was awarded the design and creation of an electronic registry to record the rights of the guarantor on the movables and the management and operation of the electronic record in accordance with the provisions of the organization of guarantees No. 115 of 2015 and its executive regulations.

 

He added that the record of transferred securities protects the rights of creditors and increases the customer base of the company.

 

END