Banque Misr, one of Egypt’s leading financial institutions, has entered into a strategic partnership and made a significant investment in Belmazad, the pioneering digital platform for public auctions in Egypt, Invest-Gate reports.

This collaboration aligns with Banque Misr’s digital transformation strategy, aimed at enhancing and digitizing its operations while supporting the Egyptian government’s initiative to accelerate digital transformation in real estate asset management.

Mohamed El Etreby, Chairman of Banque Misr, emphasized that the bank’s strategy is in line with the country’s broader plan to expand digital services. “Our commitment to digital transformation aims to provide electronic solutions that simplify processes for our customers, tailored to their needs,” stated El Etreby.

He added, “Leveraging technology has become essential for maintaining a competitive edge, and through our partnership with Belmazad, we are enhancing our services and supporting digital transformation.”

Belmazad will feature assets owned by Banque Misr, available for bidding through the platform’s open auction format. This initiative will facilitate a more efficient and transparent asset management and sales process.

Hossam Abdelwahab, Vice Chairman of Banque Misr, expressed the bank’s strong belief in the platform’s role and its commitment to supporting startups that bring innovative ideas aligned with digital transformation goals. The partnership includes funding to assist Belmazad in its initial development and expansion phases, thereby boosting Egypt’s real estate investment climate.

Mahmoud Farahat,  a co-founder of Belmazad, considers the cooperation with Banque Misr as a testament to the platform’s credibility and a solid foundation for future contracts with other asset-owning entities in Egypt.

Farahat emphasized, “The platform introduces electronic public auction services to the Egyptian market for the first time, enhancing transparency and efficiency in asset sales.”

The innovative platform aims to digitize traditional auction processes by reducing reliance on manual interventions, thereby increasing transparency and impartiality in transactions. Omar Dewey,  another co-founder of Belmazad, noted, “Our platform minimizes the time and effort required in traditional auction methods by allowing customers to participate in auctions online, making the process more accessible and widespread.”