- Revenue growth crossed 400%.
- Egypt's digital transformation has helped increase the demand on Electronic Signatures.
Cairo: Eng. Hisham Mabrouk, Misr for Central Clearing, Depository and Registry (MCDR) Managing Director, announced the company's strategy for 2023 and beyond. Its primary focus is expanding its presence in the local digital signatures and electronic stamps market.
This year, the target is to acquire a share of 30% of the local digital signature usage. Especially since the current share does not reflect the company's technological capabilities at the present time, noting that the company recorded a growth in the market share during the year 2022, that exceeded 20%.
Mabrouk attributed the growth achieved by the company in the electronic signature to the company's adoption of a development plan to modernize the electronic signature system and the company's technological structure in order to achieve information security, ensure its confidentiality and speed of performance, and that resulted in making MCDR ready to keep pace with the state's directions towards digital transformation.
He added that the country's strategic direction towards digital transformation, and its expansion in providing digital services such as the application of the electronic invoice, and the pre-registration system for shipments in ports, contributed to the high demand for electronic signature and electronic stamp services, indicating that the company succeeded in providing the electronic signature service very swiftly and at competitive prices through its branches spread throughout the Republic.
“We were able to achieve an increase in revenues from the electronic signature activity, to record 63 million pounds by the end of 2022, compared to 12 million pounds in 2021, with a growth rate exceeding 400%” commented Mabrouk on the success of the service during the past fiscal year.
He revealed the existence of alliances between MCDR and strategic partners to provide electronic signature and stamp services, such as the economic courts sector, the various chambers of commerce, the Customs Authority, and the General Authority for Investment and Free Zones, indicating that the company aspires to conclude cooperation protocols with other partners.
Mabrouk noted that the company has opened 6 branches to provide the service in (Heliopolis - Kafr El Dawar - Damanhour - Marsa Matrouh - Tanta), in addition to 5 new outlets to provide the electronic signature service in cooperation with the chambers of commerce in Alexandria - Cairo (Ataba) - Hurghada - Assiut - Sohag - Luxor and Aswan. Thus expanding MCDR’s branches that provide the service to about 20 branches covering the governorates of the Republic.
In addition to the possibility of applying remotely to obtain the electronic signature and stamp by sending documents via e-mail to: info-CA@mcsd.com.eg. Customer service has been availed over 24/7 to answer customer inquiries.
He explained that the company invested about 25 million pounds to update the infrastructure of electronic signature applications during the first 5 months of 2022.
Last November, the Information Technology Industry Development Authority (ITIDA) agreed to extend the e-signature service license to MCDR for a period of 3 years until 2025, after the company had developed and upgraded the electronic identity software in cooperation with (NEXUS) company, according to the licensing requirements. MCDR also opened two information centers in Smart Village and New Cairo, in conformity with the latest international technological standards as well as in the field of security and confidentiality of information.
It is worth mentioning that the e-signature is one of the major services provided by MCDR; it has obtained the license to provide the service since 2006.