The banks as well as the stock market are ready to implement electronic signature technology, which is to be inaugurated by November, capital market expert, Moustafa Badra, told the Daily News Egypt.
An electronic signature can be as simple as a typed name or a digitised image of a handwritten signature; it can facilitate the electronic exchange of documents by ensuring the safety of information exchanged.
“The government, the Central Bank of Egypt (CBE) and the Banks Union have agreed long ago to apply this technology. But after the revolution of 25th of January, the application was postponed. If it is going to be applied this November, it may be an experimental attempt” said former CEO of United bank Tarek Helmy.
Many other countries are using this technology, but applying it needs high security measures and proper management, so as not to be subject to hacking from intruders. To increase security, each subscriber will have two passwords, one of which will remain fixed, while the other will be changeable each time they log in.
“It will help to eradicate forgery attempts, as the client’s signature must be identical to who had registered before” Said Helmy, adding that “some of the highest privileges of this technology are facilitating governmental procedures and speedy business performance.”
As for the stock market, the electronic signature will offer speedy trading, especially for investors who travel since internet usage would majorly facilitates the process, said Badra.
Badra added,“70 per cent of investors are individuals, and most of them panic taking new transaction procedures as they think it may take much time to be in effect. Electronic Signature will save investors from seeking complicated tools, as they will only be dealing with securities market, banks and the banking system.”
Badra and Helmy both agreed that Egypt is in need of skilled employees to clearly explain to clients the technology of Electronic Signature and its advantages.