The Banking Executive Magazine - March 2023 Issue

Egypt-based bank Banque du Caire has announced the launch of its e- payments platform Taly, a fintech company arm, to expand within the digital transformation services field. With investments amounting to USD 16.28 million (EGP 500 million), the launch is in line with the bank’s ex- pansion strategy and marks the intro- duction of this platform in Egypt and the Middle East with the aim of pro- viding the most up-to-date innova- tive technological solutions within the field of digital payments. Banque du Caire digitalisation strat- egy and how Taly falls into place Based on the information provided in the company’s press release, the plat- form is believed to play an effective role in having digital transformation together with financial inclusion sup- ported in line with the state and the Central Bank of Egypt’s (CBE) direc- tives towards the implementation of Egypt’s 2030 vision. As per the statement of Tarek Fayed, Chairperson and CEO of Banque du Caire, the company is looking for- ward towards developing a strategy with ‘unique leadership’ within the field of digital payments, aiming to both meet the needs of the Egyptian market, as well as achieve sustain- ability. What is more, Bahaa El-Shafei, Exec- utive Vice-Chairperson of Banque du Caire added that Taly aims to be a comprehensive platform for digital payment solutions in Egypt. The an- nouncement details that Taly pro- vides ‘special’ features that aim to enable its customers to leverage in- tegrated solutions for electronic pay- ment and collection alike. Furthermore, the announcement in- dicates that the company is looking to expand within the Egyptian market and serve all sectors, together with merchants, individuals, banks, com- panies, and financial institutions. Taly also launched an online pay- ment gateway, which is believed to be the first local system of its kind in the region and provides effective fea- tures to help customers with manag- ing all payment and collection operations by offering up-to-date in- tegrated technology infrastructure. As per the information detailed in the press release, Taly also aims to sup- port merchants and companies alike to have their profitability increased by providing a system that enables effective, digital bill trading and col- lection, together with the needed so- lutions for obtaining digital financial facilities in an instant manner. When commenting on the an- nouncement, Abdelhamid Mortagy, acting head CIO at Banque du Caire advised that the paid-up capital of the company amounts to EGP 500 million (approximately USD 16.28 million), and they believe Taly to be a ‘strong addition’ to Banque du Caire’s investment portfolio, which is looking to have investments diversi- fied, in addition to the bank’s invest- ments in the non-banking financing field of financial leasing, exchange, and money transfer. the BANKING EXECUTIVE 22 ISSUE 171 MARCH 2023 Banque du Caire LAUNCHES E-PAYMENTS COMPANY TALY