Leading mobile trading equities platform, Thndr Technologies Holding, is leading a consortium of five financial technology (fintech) companies aiming to become a standalone electronic signature (e-signature) provider in Egypt.
The consortium, named Imda, consists of Thndr Technologies, Digital Finance Holding (DFin), Digified, Masria Card (MDP), and Public Partners Insurance Brokerage (PPIB).
It is geared towards individual consumers in Egypt, and aims to allow them to create digitally verified identities that can perform court-approved signatures electronically.
Under Imda, the fintech consortium will be able to provide a more secure, efficient and convenient way for users to sign documents, contracts and agreements.
Ahmad Hammouda, Co-founder at Thndr, said, “Through Thndr, we are looking to remove all barriers and pains that users face throughout their investment journey, whether relating to account opening, associated costs, access to resources or ease of use.”
He added, “With this consortium we could take this vision beyond just making our users’ investment journey frictionless, but also to other fintechs and individuals trying to access different financial services online.”
Shehab Marzban, CEO and Founder at DFin, said, “Imda aims to maintain the highest level of security while ensuring ease of use, and as part of this, it was necessary to build a commercially viable product that is secure, affordable and scalable. ”
Marzban also said that having such a project would take Egypt a step closer to a digital economy, which is one of the main transformational projects the country has been prioritising. This has particularly taken place through initiatives driven by the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA), he noted.
Imda is backed by an expert advisory board of seasoned executives, including: Hussein El-Gueretly, former CEO at the Information Technology Industry Development Agency (ITIDA), and current Board Member at the Suez Canal Bank (SCB); Tino Waked, Regional GM at Uber Middle East and Africa; Amal Enan, MD at Global Ventures; Yasmine Ibrahim, Compliance Consultant at Tether; and Hadeer Shalaby, MD at Talabat Egypt.
“The onboarding process represents the first interaction a customer has with any institution. Simplifying the process is an opportunity to ease barriers to entry, increase inclusion, and create long term loyalty,” said Ahmed Nafie, VP of Sales & Marketing at MDP.
He added, ”A lot of very interesting initiatives have popped up over the past couple of years, including the CBE’s Regulatory Sandbox that explores the implementation of eKYC technologies to assist with digital onboarding.”
Over the past year, Egyptians have shifted their internet usage from focusing on social accounts to focusing on commercial usage and daily activities. This paves the way for different sectors to adopt technological solutions for digital transformation, including electronically signing documents, contracts and agreements.