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Egypt’s e-Commerce volume rises to $30 bln: Senior Banker

The volume of e-commerce in Egypt has increased to US$30 billion, said the CEO and Managing Director of United Bank, Ashraf al-Kady, adding that 72 percent of Egyptians have switched to online shopping using e-cards since 2020.

He added that the bank obtained a certificate of compliance with international standards for securing e-payment card data in 2023, in order to support the plans of the Egyptian government and the Central Bank of Egypt in furthering the nation’s digital transformation.

The United Bank obtained accreditation from the international committee accredited by the Payment Card Industry Data Security Standard, he said, after passing through a series of accurate technical reviews specialized in the application of international standards, on protecting and securing e-payment card data.

The accreditation procedures also included large-scale control operations to test information systems and networks, he added, with the aim of ensuring the application and implementation of systems related to information security, and the application of all requirements of international standards.

The international committee confirmed that The United Bank has an electronic framework, secure systems and policies, and is based on the best practices of companies in the world, in addressing electronic attacks, and protecting and securing customer information and internal systems.

The committee praised the electronic technical framework that enables The United Bank to take proactive steps to combat e-threats, as well as follow-up mechanisms to mitigate risks and cyber attacks.

It added that the methods used in the bank to confront cyber attacks were based on several factors, including the professionalism of the work team, after going through a series of awareness and training courses on countering different types of cyber attacks.

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