Emirates NBD Selects Intellect for End-to-End Digital Transformation of Its Transaction Banking Business

Emirates NBD, a leading bank in the Middle East today announced a planned end-to-end digital transformation of its Transaction Banking platform. The transformation is part of the banking group’s commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market leadership and will cover the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

Commenting on the planned transformation, Sumit Aggarwal, EVP and Group Head, Transaction Banking Services, Emirates NBD, said: “iGTB’s in-depth domain knowledge and expertise made it our partner of choice to create a best-in-class digital Transaction Banking platform that will strengthen our capability to respond to evolving business needs. Clients are at the centre of our digital transformation journey and this platform will enable our clients to seamlessly manage all aspects of working capital management, with enhanced visibility and data analytics.”

Jonathan Morris, Head of Wholesale Banking, ENBD (right) and Manish Maakan, CEO, iGTB (left) signing the cash management contract. Sumit Aggarwal, EVP and Group Head, Transaction Banking Services, Emirates NBD, K Srinivasan, President, APAC, South Asia, Middle East & Africa, Intellect Design Arena Ltd, and the leadership teams from both ENBD and Intellect present during the signing ceremony.

Emirates NBD’s investment in a new digital platform will strengthen the bank’s position as the country’s market leader in Transaction Banking. The project integrates iGTB’s digital transaction banking platform powered by the integrated front-end, omni-channel CBX portal to deliver a seamless user experience to Emirates NBD’s corporate clients. The new platform will offer clients the ability to view, monitor and control their working capital needs across cash management, trade and FX enabling easy, informed and on-the-go decision making with one-click efficiency in addition to fully integrated back-end product processors across all lines of business.

Manish Maakan, CEO, iGTB, said:

“This significant deal, with our 29th DTB client, reiterates our market leadership in the Middle East, with iGTB being the preferred go-to digital transformation partner for the transaction banking space. Our unwavering design-driven culture puts banks and businesses at the centre of everything we do. This not only creates desire and establishes trust with banks, but also results in a distinct advantage for them.

We are delighted to support Emirates NBD’s digital transformation journey, especially given the Middle East’s strong position as a hub for global trade.”

K Srinivasan, President, APAC, South Asia, Middle East & Africa, Intellect Design Arena Ltd., added: “Transaction banking has been an industry dominated by global banks. Intellect has been empowering banks in the Middle East to launch and commercialise the transaction banking business in an integrated way and to gain significant market share. This is highlighted by this announcement of another signature deal.”

The UAE’s leading position as the vital hub connecting Asia and Africa with the west combined with a reported increase in trade volumes by UAE businesses this year have led to a significant growth in the country’s transaction banking sector. Emirates NBD is the only UAE-based bank with physical presence across important trade corridors from the Middle East and North Africa (MENA) across to Asia and the United Kingdom (UK) making it the bank of choice for corporates looking to invest and do business in the MENA region. The planned platform will enable Emirates NBD Transaction Banking clients anywhere in the world cross-channel accessibility, irrespective of the country they operate in.

As published on Arab Press Releases ing is in addition to recently announced aid such as “Imdaad” initiative to support food security and nutrition in Yemen, for the amount of USD $500 million split equally between Saudi Arabia and the United Arab Emirates, as well as a payment of USD $70 million split equally between Kingdom and the UAE to help pay teachers’ salaries in Yemen. He also cited the programs and initiatives by KSrelief, and the Saudi Development and Reconstruction Program for Yemen (SDRPY), which come the humanitarian, security and economic challenges that they face because of the inhumane practices of the Houthi militias. Despite the great efforts of the United Nations and the international community, Yemen is still suffering a lot because of the intransigence of these militias and their failure to respond to the resolutions of the United Nations and the international community,” he said in his speech.

The Kingdom of Saudi Arabia announced on Tuesday that it is contributing USD $500 million in new funding for the UN-approved Yemen Humanitarian Response Plan (YHRP) for 2019. This donation increases the support provided by the Kingdom to help the Yemeni people to more than USD $14 billion since the start of 2014.

The announcement of the latest funding was made by His Excellency Dr.Abdullah Al Rabeeah, Advisor to the Royal Court and General Supervisor of the King Salman Humanitarian Aid and Relief Center (KSrelief), during the annual High-Level Pledging Event of the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) held in Geneva.

“I am pleased to announce that Saudi Arabia is donating USD $500 million to finance the Yemen Humanitarian Response Plan approved by the United Nations for 2019,” Dr Al Rabeeah said in his speech.

He said Saudi Arabia is pleased to announce its readiness to host the Yemen pledging conference in 2020 in the Saudi capital Riyadh.

Dr Al Rabeeah said the new fund- aims to implement development program to support the stability of Yemen.

“We meet today as the Yemeni people look forward to the outcome of our meeting to over- faces significant challenges as a result of the negative practices of these militias, which obstruct the access of humanitarian aid and seek to target and seize it,” Dr Al Rabeeah said, adding that 12 of these breaches have been monitored since the signing of Stockholm Agreement and up to now, including the laying of mines and the denial of access to the Red Sea Mills in Hodeidah.

The ambassador of the Custodian of the Two Holy Mosques and the supervisor of the Saudi Development and Reconstruction Program for Yemen (SDRPY), Mohammed bin Saeed Al Jaber said that the Kingdom has always been keen to support the Yemeni economy and the Central Bank of Yemen, with USD $2.2 billion most recently in addition to the previous deposit of USD $1 billion.

Al Jaber said the Kingdom has always been, and continues to be, the largest supporter of Yemen and the United Nations millions of beneficiaries, but also includes supporting Yemen with oil derivatives, Al Jaber said. He stressed on the importance of this support of USD $60 million monthly to Yemen’s electricity stations, which contributed effectively to the continued delivery of electricity to many Yemeni governorates without interruption, benefiting 18 million people.

Humanitarian Response Plan announced in 2018.

To help fund that plan, Saudi Arabia and the UAE have provided USD $1 billion, split equally, while Kuwait donated USD $250 million. USD $70 million of the total has been allocated for the rehabilitation of ports and roads, and providing cranes in the ports of Aden, Mukalla, Nishtun and Socotra. This initiative aimed to increase the capacity of these ports, and the volume of relief and trade imports, which reached 2.7 million metric tons of foodstuffs, fuel products, medical supplies, and other materials during the first half of 2018.

In addition to this, he said there were various programs and initiatives being implemented by SDRPY in health, education, energy, transport, water, agriculture and fisheries to support the economy, maintain security and stability, and provide employment opportunities for the brotherly Yemeni people.

He said that the support has also contributed to easing pressure on the Yemeni government budget, effectively contributing to the disbursement of salaries of state employees, especially health and education workers, and helped the Yemeni government to strengthen its capacity to implement service projects.

The support provided by Saudi Arabia to the Yemeni people, in partnership with KSrelief as well as international and regional humanitarian organizations, was not limited to providing food and humanitarian assistance to

Al Jaber said that the financial support provided by Saudi Arabia, UAE and Kuwait has been spent on the programs of 12 United Nations organizations operating in 11 sectors, including food security, health, water, and sewage, in addition to partnerships established with 86 United Nations and international organizations, which have had a significant impact on Yemeni society.

As published on Arab Press Releases

The UAE has implemented four water pumping stations west of the Sudanese State of Kassala and signed contracts with the state government to drill 10 water wells, with work underway to establish additional pumping stations fed by Atbara River to address the severe drinking water crisis.

The Abu Dhabi Crown Prince Court is funding the developmental projects as per the directives of the His Highness Shaikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said Hamad Mohamed Humaid Al Junaibi, the UAE Ambassador to Sudan, who opened the four water pumping stations,which will meet the needs of 150,000 people.

The solar-powered stations are part of Sudan’s Zero-Thirst

Project and aimed at ensuring stability and development across the country, Emirates News Agency (WAM) reported.

“The developmental projects fall in line with the brotherly bonds between the two countries and their peoples in keeping with the march of giving, the solid basis of which was laid down by late Shaikh Zayed Al Nahyan and now maintained by President His Highness Shaikh Khalifa bin Zayed Al Nahyan,” added the Ambassador.

Adam Jamaa, the Governor of Kassala, expressed appreciation to the UAE leadership under HH Shaikh Khalifa and Shaikh Mohamed for the project, which, he said, is the first of its kind.

“The project will significantly fulfill the people’s needs for water and livestock ensure social wel- fare and help achieve economic wellbeing,” noted the governor. Sudan’s Infrastructure and Urban Planning Minister, Majzoub Abu Moussa, said developmental work will continue to carry out the Zero-Thirst Project and address the water shortage challenge across the state, noting that up to 28 feasibility studies are ready to be used to drill water wells to address the problem.

As published on Arab Press Releases