Newgen Software launches world’s first low-code, end-to-end trade finance platform in Middle East
Date
8/31/2024 2:01:48 AM
(MENAFN- Shamalcomms) • The software allows banking and finance professionals to digitise operations and unlock new growth opportunities
Dubai, United Arab Emirates, 29 August 2024: Newgen Software Technologies Ltd., a global provider of low-code digital transformation solutions, has launched its trade finance platform in the Middle East.
Banks and financial companies from across the region can now use Newgen’s cutting-edge platform to unify and digitise disparate and rigid legacy systems, enabling them to achieve scale and efficiency while unlocking new opportunities for growth.
Newgen’s trade finance platform is the world’s first low-code, end-to-end automated system that is capable of orchestrating user journeys in the financial sector, delivering unmatched speed and seamless experiences for banks’ customers and employees. Built on the NewgenONE digital transformation platform, the software provides a fast and sustainable way to streamline trade finance, embedding content within applications to facilitate real-time access to disparate information from across an organisation.
Powered by AI-based analytics, the platform is able to run trade intelligence on transactional and regulatory behavior, enabling users to enhance risk management and prevent fraud. The software’s state-of-the-art technology allows customers to reduce manual data entry requirements, improve customer communications and implement better compliance and data security – all while driving cost savings and improved productivity. It can also be used to streamline the intake of requests across channels and automate processes such as bank guarantees, invoice financing sales, export and import collections, letters of credit and more.
Vivek Bhatnagar, Region Head, Middle East & Africa, Newgen Software Technologies Ltd., said: “Traditionally, banks have struggled to digitise trade financing operations because the hyper-specialised tools typically involved in this process are niche, expensive and – in many cases – lead to the creation of more silos. With the launch of Newgen’s advanced trade finance platform, our Middle East customers can now configure and automate their trade finance activities while unifying and integrating disparate systems and services in a quick and agile manner.”
Advanced automation for ease and efficiency
Newgen’s advanced system allows banks to automate every aspect of trade finance, such as digitising documents, automating data extraction and classification, performing intelligent routing and delegation, enabling smart approvals and decisions, managing communications, and executing straight-through trade transactions, including the most complex charge calculations.
Users can leverage the trade finance platform’s built-in compliance support, which spans international and domestic regulations from banks and governments. The software also features robust integration capabilities, as well as advanced cloud and functional architecture, meaning organisations can configure the system based on the model that best suits their requirements, whether centralised, decentralised or hybrid.
Supporting economic growth in the Gulf
The trade finance platform’s regional launch reflects Newgen’s ongoing support for customers in the Middle East. Last year, the company established a new office in Riyadh, Saudi Arabia, supplementing its existing facility in Dubai, UAE and expanding its presence across the wider Gulf.
According to the UAE Ministry of Economy, small and medium enterprises (SMEs) accounted for more than 94% of the total number of companies in the Emirates last year, providing jobs to approximately 86% of the nation’s private-sector workforce. Through the provision of advanced low-code solutions such as its trade finance platform, Newgen is committed to alleviating the challenges that regional lenders face when financing SMEs.
The Middle East launch of Newgen’s trade finance platform follows a strong year of growth for the company, which registered its highest-ever quarterly revenue at $43.33 million in Q4 of its 2024 financial year. Profit after tax also passed $12.08 million for the first time in a single quarter. Newgen is now present across 74 countries and has built applications for 17 different verticals. Globally, several of the world’s leading banks, insurance companies, healthcare organisations, governments, telecom companies and shared service centers rely on Newgen’s industry-recognised low-code application platform.
Vivek added; “We are delighted to bring our world-leading trade finance platform to the Middle East market. Fast and seamless, it will deliver a better experience for banks as well as the businesses they serve. We look forward to working with customers from across the region to unify and digitise their trade finance activities while unlocking the door to fresh growth opportunities.”
MENAFN31082024007410016543ID1108621544
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.