Safekeeping fortified: Securing the modern safe deposit box

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.

Impenetrable safety

“MySafe offers clients the option to take all reasonable precautions and store personal valuables and documents in extremely secure conditions,” he notes, making the case for renting a MySafe Deposit Box.

MySafe launched in 2017 and the inaugural MySafe ‘proof of concept’ site in JLT Dubai. The company launched its second site in the retail lobby of the Kempinski Hotel and Residences, Palm Jumeirah, in July 2019.

This site represents the first 5-star hotel in the world where guests and visitors alike can avail of a fully automated, fully insured safe deposit box service accessible at all times. MySafe plans to open two additional sites in Dubai International Financial Centre and another in Abu Dhabi later this year.

Fool-proof security systems

“To access your Safe Deposit Box, you require a special bank standard swipe card to access the Privacy Pod, and a proximity card, a four-digit pin code, a bio-metric vein verification protocol and then your own personal key to access your box. It is a fully integrated access control system and once all the features are verified, the advanced safe robotics delivers your box in ten seconds,” he explains.

“The other key feature is that we are the only Safe Deposit Box Company in the UAE that automatically insure all our boxes with Lloyds of London, the largest insurance and reinsurance market in the world,” assures Downes.

MySafe, a different yet secure and innovative approach to solving the dearth of safe deposit boxes!