Banque Misr announces strategic partnership with Belmazad digital auction platform

Banque Misr announces strategic partnership with Belmazad digital auction platform

Banque Misr has forged a strategic partnership with Belmazad, marking a significant investment in Egypt’s inaugural digital public auction platform. This venture is a key component of Banque Misr’s digital transformation agenda, which aims to digitise operations in line with the Egyptian government’s push for a tech-driven approach in real estate asset management.

Mohamed El Etreby, Chairperson of Banque Misr, emphasised the bank’s alignment with national digital service enhancement efforts. “We are dedicated to the digital shift, offering electronic solutions that streamline our customers’ experiences,” said El Etreby. “Our collaboration with Belmazad underscores our commitment to service enhancement and national digital progression.”

Belmazad will showcase Banque Misr-owned assets for open bidding, streamlining the asset management and sales process with greater efficiency and transparency.

Hossam Abdelwahab, Vice Chairperson of Banque Misr, conveyed the bank’s endorsement of Belmazad’s potential and its pledge to foster startups that resonate with digital innovation. The partnership includes financial support for Belmazad’s early development and growth, propelling Egypt’s real estate investment sector forward.

“The platform revolutionizes the Egyptian market by introducing electronic public auction services, thereby elevating asset sale transparency and efficiency,” stated Mahmoud Farahat, Co-founder of Belmazad.

Belmazad is set to transform conventional auction practices by minimizing manual processes and enhancing transaction transparency and fairness. “Our platform reduces the time and effort of traditional auctions, enabling online participation and broadening access,” said Omar Dewey, Co-founder of Belmazad.

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