Eastern takes up with SIA

Eastern Networks has signed a partnership agreement with SIA to address the IT needs of regional Capital & Stock Markets.

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By  Simon Duddy Published  November 20, 2004

Eastern Networks has announced an agreement with SIA (Società Interbancaria per l’Automazione), the Italian provider of IT solutions and services for the banking and financial community. Following the agreement, Eastern Networks will be SIA’s business partner for the distribution of SIA’s capital, stock market and fund management, enabling technologies and solutions in 18 Middle East countries. The Middle East region has been witnessing exciting developments in the financial sector and specifically in stock market performance. There has been a significant boost in cooperation between countries, especially with regard to banking and financial transactions. The partnership will enable Eastern Networks to deliver solutions to Fund Managers, Stock Exchanges and members of the Capital Markets Regional Community. SIA has been the leading provider of technology solutions for banking and financial institutions, helping them meet the rigorous demands of the competitive world of financial services. To meet customer requirements, SIA relies on a series of automated systems management solutions to ensure the continuous availability of its IT infrastructure. “SIA, with more than 20 years of experience in payment systems, has been offering its customers innovative technological solutions as well as support as a business integrator. Eastern Networks, with its extensive experience in IT infrastructure and strong local presence, will offer the Middle Eastern financial community responsive and high quality support as well as a closer understanding of the regional market,” says Hazem Mulhim, CEO, Eastern Networks. SIA, based in Milan, Italy, designs, develops and manages technology services and solutions that ensure competitiveness and operability for its customer base. SIA offers a single solution for cost-effective infrastructure, innovative technology, systemic risks reduction and innovative payments and trading systems. This solution called “SIA Financial System” can be implemented from the ground up and includes Real Time Gross Settlement, Government Securities Management, Automated Clearing House, Trading Platform and Central Securities Depository and Registry. “The agreement is part of SIA’s strategy to explore new international markets, with a focus on emerging countries,” says Renzo Vanetti, Chief Executive Officer, SIA. “In pursuing this goal, we are counting on our Financial System, developed both as a business integrator and as a technology solution provider, based on our more than 25 years of experience in leading Italian financial and banking system. Together with our new business partner, Eastern Networks, we aim to bring high value to customers in Middle East,” he adds.

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