As part of Banque Misr's plan to enhance digital transformation and digitize its operations and in line with the state's initiative to support digital transformation by leveraging technology for real estate asset management, Banque Misr invested in and partnered with the BELMAZAD.com auction platform. This platform enables Banque Misr to showcase assets owned by the bank for sale through a public auction system online.
Mohamed El-Etreby, Chairman of Banque Misr, noted that the bank is adopting a digital transformation strategy aligned with the state's comprehensive strategy to expand digital services. Banque Misr constantly aims to provide electronic solutions to facilitate customer needs, as relying on technology has become essential for all strong economic institutions. The bank seeks to increase using advanced technological services across its transactions to keep pace with global and local developments in finance. Therefore, partnering with and investing in BELMAZAD.com to offer the bank's assets for sale is part of expanding digital services and supporting digital transformation. He stated that Banque Misr is pursuing an ambitious strategy to become a leader in digital transformation in banking.
Mohammed Al-Etreby confirmed the bank's strategy focuses on supporting emerging companies with innovative ideas aligned with Banque Misr's vision of expanding digital transformation and providing innovative customer services to promote transparency. This is consistent with the Central Bank's strategy to expand financial inclusion.
Hossam Abdel Wahab, Vice Chairman of Banque Misr, noted the bank's partnership with BELMAZAD.com stems from believing in the platform's role and desire to support emerging companies. Banque Misr provided funding to build and expand the platform's operations in its early years, supporting Egypt's real estate climate. Abdel Wahab confirmed the platform facilitates digitizing traditional auctions for the bank's real estate assets, improving the sales and regulatory process given the geographic distribution of assets across Egypt.
The co-founder of BELMAZAD.com, Mr. Mahmoud Farhat, confirmed that partnering with Banque Misr signifies the platform's trustworthiness. He also noted that it establishes a solid foundation for future collaborations between the platform and other entities owning assets in Egypt. BELMAZAD.com is pioneering electronic public auctions in Egypt's market.
Farhat emphasized that Banque Misr actively supports innovative concepts, especially in digitization. The bank stays up-to-date with global technological advancements and has strategies targeting digital transformation. It provides customers with intelligent tech services.
Under this partnership, BELMAZAD.com will feature Banque Misr's assets and allow customers to bid on them. Banque Misr has a vast and diverse portfolio of assets that will supplement what BELMAZAD.com already offers.
Farhat stated that BELMAZAD.com has three asset lists: assets for auction, assets for direct bids, and assets that institutions have yet to auction. If there are enough requests, an asset from the third list is prepared for auction.
He stressed that relying on tech and less on humans boosts transparency and impartiality in buying and selling. It also benefits both sellers and buyers. BELMAZAD.com considers all legal safeguards to transfer asset ownership and funds properly.
Omar Dewi, also BELMAZAD.com's co-founder, added that Banque Misr's assets are diverse, including finished projects, lands, hotels, and commercial, residential, and administrative properties. Some are unique and will garner much interest. Assets will be for auction, being prepared for auction, or were previously auctioned but have yet to get a suitable bid.
He said traditional auction announcements take longer to spread and reach fewer people. Customers must go to auction venues in person. Online auctions on the platform inform more customers faster using the latest tech. Customers can follow and bid online as auctions update live.
Customers wishing to bid register on the platform, pay a deposit electronically, download terms, and get bidding details by SMS, WhatsApp, or email—achieving the most from auctions with minimal effort and cost.
The platform facilitates ownership and payment transfers between sellers and buyers. Buyers transfer funds to an intermediary account held until ownership procedures are complete. Digital real estate auctions are the future for some institutions to efficiently and effectively sell assets while keeping up with tech progress.
BELMAZAD.com strategically plans to partner with major economic entities owning assets to sell at the best prices. The platform works to increase listed assets and improve ease of use and security for sellers and buyers. It provides an intelligent legal auction system to achieve the highest prices fastest.
Banque Misr supports digitization by providing electronic solutions to ease customer experiences and deliver advanced banking and financial services. The bank offers many digital services and seeks to develop them, expanding provision through secure electronic channels for maximum benefit. The bank enhances service excellence, long-term success, and influential meeting of customer needs. Its values and strategies reflect a commitment to Egypt's sustainable development and prosperity.
