Arab Finance: The Central Bank of Egypt (CBE) is set to launch the Digital Financial Identity Company in the second half (H2) of 2024, a government official told Asharq Business.

This move will ease the process of opening bank accounts online and via mobile phones without the need to visit bank branches, the official noted.

Serving as a central entity, the new firm will set up the infrastructure needed to enable digital identity-based bank account openings, he added.

A digital identity is any personally identifiable information that has been processed technically and linked to official data, allowing the evaluation and authentication of transactions conducted via digital platforms.

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