UB Services

The United Bank Supports SMEs

01/02/2018

01 02 2018

In order to support entrepreneurs and develop the SME sector

 

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

 

Ashraf Al-Qadi - President of the United Bank

 

  • The Bank strives to provide smart and innovative solutions for SME sector development.
  • Continued cooperation between the Bank and I-Score aims to increase investments.
  • The registration of transferable securities guarantees the protection of the rights of individuals and financial and ethical companies.
  • Establishing a global legal framework for the register of convertible securities that would generate global confidence in local financial institutions, improve Egypt's ranking and contribute to the flow of foreign forms.
  • The protection of intellectual property rights contributes to the development of the national economy, especially in entrepreneurship.
  • The Bank has the infrastructure to meet the technological development of smart financial services.
  • Strengthening the human elements is the most important factor that characterizes the Bank's technological services.

 

2018-02-01

 

United Bank First Bank

 

To complement the fruitful cooperation between the United Bank and the I-Score Credit Company to provide all the aspects of specialized support and aid for the development of the SME sector in particular and the national economy in general.

 

Cooperation Agreement

 

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

 

This system ensures the registration of all transferable guarantees to the United Bank and its clients. Whether physical guarantees such as machinery, equipment and goods. Or equivalent guarantees such as movables that are replaced to meet the equivalent. Or moral guarantees such as intellectual property rights, patents, trademarks, industrial designs and copyright. As well as guarantees of future material movables such as purchases, production, import 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 guarantees throughout the day. As well as the preservation of physical, moral and intellectual property rights of individuals or institutions.

 

The guarantees are registered after opening the account at the United Bank for the first time, after which the data or the guarantor record can be updated throughout the day. Registration is available to financial institutions, banks and government departments. It also provides the ability to search and query all customers. The Registrar of Guarantees shall be given priority in the attachment of the security to the satisfaction of creditors' rights. While the value of the collateral is assessed by the appraisers of the bank.

 

The importance of the record transferrable guarantees for the development of the sector of small, medium and micro enterprises

The importance of the record of the transferred guarantees to facilitate the procedures of granting the necessary funding by the United Bank for the sector of small, medium and micro enterprises. Contributing to the revitalization of the national economy, increasing the volume of domestic and international investments and confidence in credit providers. As well as reducing time or material cost, thereby reducing the cost of credit.

 

Importance of the record of transferrable guarantees to the national economy

 

At the national level, this record contributes to improving Egypt's global ranking in the credit access index. As it establishes a legal framework in accordance with international standards, which permits the use of movables as guarantees for obtaining financing. 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 is worth mentioning that the Credit Information Company has obtained the privilege of the Financial Supervisory Authority to establish and operate the Electronic Safeguard of the transferable guarantees in preparation for its launch for the first time in the Egyptian market.

 

Commenting on the agreement, Chairman of the United Bank, Ashraf Al Qadi, 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.

 

Al Qadi added that these services have a positive impact that is to reduce the cost of performing banking services. In addition to speed, accuracy in implementation, and availability of these services throughout the day. All these positive factors contribute to winning customer satisfaction in all governorates of Egypt.

 

Chairman of the Board of Directors of the Egyptian Credit Information Company, Mohammed Kafafy, said that I-Score has won the tender submitted by the Financial Supervisory Authority. I-Score was granted the privilege of designing and creating 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 Regulation of Securities No. 115 of 2015 and its executive regulations.

 

He added that the record of transferrable guarantees protects the rights of creditors and increases the customer base of the company.

 

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