French company Atos, also present in Egypt, signed a cooperation agreement with Misr Digital Innovation, a company affiliated to Bank Misr, in order to launch Bank Misr's first digital bank in the local market.
The agreement was signed by Stéphane Romatet, French ambassador to Cairo, Mohamed El-Etreby, CEO of Bank Misr, Ahmed ElHarany Country General Manager of Atos, and Sherif Elbehery, CEO of Misr Digital Innovations.
ElBehery stressed that the signing indicates the actual launch of the project, which is based in New Cairo, pointing out in statements that the capital of the new bank ranges between 2.5-3 billion Egyptians pounds and adopts the latest innovative technologies.
In addition, the project is expected to take 6 months of work, and is scheduled to enter service in the third quarter of the current year, as it will target clients up to 50 million young people, especially since it is a projection of future banks.
ElHarany said that the company is proud to collaborate with Bank Misr, especially as the company has a long history of launching digital banks in France and Germany and Bank Misr is the first virtual digital bank in the Middle East.
He added that more than 35 supplier companies are working on this project and will provide the latest digital technologies needed in addition to securing customer data.