Egypt Prepares Electronic Passport Verification for Foreign Investors
Egypt is completing an electronic identity verification system for foreign investors using e-passports across approximately 160 countries to enable digital company formation.
Egyptian Minister of Investment and Foreign Trade Mohamed Farid stated that the Financial Regulatory Authority is working on finalizing the electronic identity verification framework for foreign clients through a regulatory sandbox relying on e-passports, building upon a system already implemented for Egyptian clients.
The minister explained that the system can leverage electronic data associated with passports in about 160 countries via technical integration with Application Programming Interfaces (APIs), including reading embedded chip data and cross-referencing it with competent authority databases, alongside facial recognition and photo-matching technologies.
He added that verification procedures include screening against anti-money laundering negative lists and relevant data from the Public Prosecution to ensure there are no legal impediments concerning the client before completing the transaction.
He noted that the goal is to enable Egyptian or foreign investors to incorporate companies, transfer funds, fund corporate accounts, and add shareholders online without needing to visit the headquarters of competent authorities, including completing transactions from home.
What do these terms mean?
Electronic Identity Verification: A procedure that remotely verifies a person's identity by inspecting official documents and a photo, instead of physical attendance and submitting paper documentation.
Regulatory Sandbox: A testing framework in which a regulatory body allows a new technology or service to be tested on a limited scale before finalizing its governing rules.
Application Programming Interfaces (API): Technical channels through which systems automatically exchange data, such as verifying passport data against an official authority database.
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