Arab Finance: Misr for Central Clearing, Depository, and Registry (MCDR) is planning to acquire a market share of 30% of the local digital signature market in 2023, according to a recently emailed press release to Arab Finance.

The main focus of MCDR’s 2023 strategy is extending its presence in the digital signatures and electronic stamps market in Egypt, Managing Director of MCDR Hisham Mabrouk highlighted.

In 2022, the company’s market share of the local digital signature usage exceeded 20%, Mabrouk said.

He attributed the recorded growth in the electronic signature to MCDR's adoption of a development plan to modernize the electronic signature system and its technological structure.

“We were able to achieve an increase in revenues from the electronic signature activity, to record EGP 63 million at the end of 2022, compared to EGP 12 million in 2021, with a growth rate exceeding 400%,” Mabrouk commented.

He also referred to existing cooperations with alliances and strategic partners to provide electronic signature and stamp services.

The partners include the economic courts' sector, the various chambers of commerce, the Egyptian Customs Authority, and the General Authority for Investment and Free Zones (GAFI).