"The strategic partnership allows clients to keep their gold holdings in a safe place with the ability to sell them at any time and receive the value according to most recent prices," Fady Kamel, the CEO of Dahab Masr, told Ahram Online.

"The partnership also supports the Central Bank of Egypt's financial inclusion efforts by enabling the unbanked to turn their savings into gold assets that would be kept in a safe entity that is supervised by the Financial Regulatory Authority (FRA)," Kamel added.

Dahab Masr is a gold and precious metals trading company, while EgyCash is an Egyptian fintech company certified by the central bank as a custodian of precious metals. 

Dahab Masr allows its clients to invest in gold ranging from a quarter gram up to a kilogram through its electronic platform and physical stores, the CEO said.

Kamel highlighted that his company did not offer exclusivity to EgyCash to allow more companies to enter the gold investment market to boost the sector.

He stressed that various mechanisms have been implemented to maintain the transparency of all transactions, including the Anti-Money Laundering Compliance Forum.

For his part, Gamal Abu Ismail, general manager of EgyCash, said his company is committed to providing modern solutions that contribute to improving and securing storage operations.

The Egyptian gold market is witnessing a surge after a demand pushed prices upward in the first months of 2023. The market is stabilizing now after suffering a big loss in June.

In May, Egyptian asset manager Azimut and investment company Evolve Holding launched the country’s first gold investment fund.