STARTUP WATCH- Digified to complete first funding round by end of 2020: Cairo-based fintech startup plans to complete its first round of financing from local and international investors by the end of 2020, CEO Ibrahim Hassan told Al Mal. The company will use the capital to expand its existing identity verification services to new sectors and customers in the banking and non-financial financial sectors. Digified is one of three companies — along with Valify and Bangalore-based FRS Labs — currently testing an automated know your customer system (e-KTC) for the Central Bank of Egypt, as part of the bank’s fintech hub slated to open in the second quarter of this year.

Digified uses machine learning technology to extract data and verify identities from official Arabic-language documents. Part of accelerator Falak Startups, it was theonly Egyptian finalist at last year’s Seamless North Africa pitch-off.

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