Financial firm capitalises on DIFX launch

With the grand opening of Dubai International Financial Exchange (DIFX) yesterday, there has never been a better time to promote financial technologies than this week’s Gitex.

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By  Matthew Southwell Published  September 27, 2005

With the grand opening of Dubai International Financial Exchange (DIFX) yesterday, there has never been a better time to promote financial technologies than this week’s Gitex. To tap into the increased interest in such solutions, local financial powerhouse Emirates Bank International and joint venture partner E-Commerce & Trade Services are pushing their services like nobody’s business at today’s show. Together, the duo offer an outsourced trade finance operations, which allows banks and other finance houses to hand over responsibility for the processing of documents such as letters of credit, guarantees and documentary collections to a third party. In turn, this helps cut costs and streamline processes for finance firms. “The ECTSME Trade Finance Processing Solution uses workflow, scanning, imaging and bar-coding technologies to provide a scalable and customisable Trade Services Platform that automates the full range of in-sourced trade finance activities and allows for paperless processing,” says Naushad Kermali, director of E-commerce & Trade Services Middle EAST. “Our paperless environment helps us streamline our operations and maintain optimal throughput. Apart from the lower transactional cost through economies of scale, the automated solution provides efficiency and productivity gains for customers,” he adds. “In addition, it releases client resources allowing the business to focus on strategic areas of expansion,” Kermali says. ECTSME’s operations, which are based in Dubai, are equipped with what the company describes as state-of-art IT and a multi-bank platform, which provides a fully integrated and customised solution. According to Kermali, the organisation’s experience in the Middle East puts it in an ideal position from which to serve the trade finance processing needs of the Middle East & North Africa region. “ECTSME places enormous emphasis on customer service and delivery and strives to build and maintain a strong relationship with its in-sourced partners. Trust and transparency are paramount when outsourcing to an external partner and ECTSME provides its customers with internet-based real-time access to their data, images of documents and management information reports,” he says. While outsourcing trends in the Middle East are less pronounced than in other parts of the world, Kermali believes the practice is catching on due to the enormous benefits it provides. What’s more, with the launch of DIFX and the development of Dubai International Financial Centre, he says this week’s Gitex is the ideal time to be building brand awareness and cementing relationships. “ECTSME is a relatively new service provider to the region, and Gitex provides us with an opportunity to increase the visibility of our offering, which is the first of its kind in the Middle East & North Africa region,” Kermali adds.

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