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Securing the modern safe deposit box


Terry Downes CEO of MySafe Vaults talks to Gulf News about latest technology and expansion plans for his Safe Deposit Box business.

Modern technologies have rendered the safe deposit box virtually impenetrable.

Since their inception in the 19th century, safe deposit box services were provided by private vault companies and by retail banks through their branch network to local communities.

The advent of online banking, ATMs and technologies resulted in a dramatic reduction in bank branches as banks sought to pursue a strategic agenda to reduce costs and drive growth through online banking platforms.

As a consequence, in many countries across the world, the availability of locally based bank safe deposit box services have been scaled down, giving rise to ever-growing waiting lists to obtain a bank safe deposit box.

A World First

Enter MySafe, the ‘World’s First’ convenience network of Safe Deposit Box centres. It was conceived as a breakthrough solution to fill the vacuum and shortage as a result of banks withdrawing this vital service.

“In much the same way taking the ATM out of the bank and developing a network of convenience ATMs in the Mall changed the way society manages personal cash, MySafe set about demystifying and changing our perception of the options available to store items of personal or corporate value,” affirms Terry Downes, CEO, MySafe Vaults DMCC.

“MySafe represents a fundamental evolution of the safety box industry, towards a system that encompasses advanced Fintech technologies and provides 24/7 access. This represents the biggest and most revolutionary change in the industry since it was established,” he asserts.

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