EastNets, a leading payment and security solution provider for the government and financial service industry in the Middle East has announced its plans to implement Swift solutions at Bahrain-based SICO Investment Bank through EastNets Service Bureau, in order to provide the bank the highest level of security for all its financial activities.
This fully managed solution from EastNets will enable SICO to deliver connectivity to brokers, counter-parties, and customers via the SWIFT Network, which provides a secure communication platform. Further, the solution will also help SICO fulfill its mission of attaining leadership position as an investment bank providing a selective range of investment banking services throughout the GCC region.
While commenting on the implementation of SWIFT solutions at the Bank, Hazem Mulhim, CEO, EastNets, said, “SICO’s move to deploy this cutting-edge solution will provide the bank total security, besides helping it take improved financial decisions, and focus on core business competencies. We are committed to providing the bankcost-effective solutions that can significantly help it strengthen its position in the financial market."
EastNets, a recognized SWIFT business partner, has been providing SWIFT solutions to many organisations in the region, thus increasing their liquidity, efficiency and transparency, which form the core for sustained growth of the capital markets and the securities industry.
“We are proud of the fact that SICO has chosen us to be partners in this venture, and we assure the bank comprehensive customer service and after-support that will in turn enable it to provide more advanced round-the-clock service to its customers,” concluded Mulhim.
SICO Investment Bank is a securities house offering a selective range of investment banking services, including asset management, brokerage, corporate finance, market-making and custodial services on a regional basis and with a particular emphasis on Bahrain.
“We believe in providing our customers powerful business solutions, delivered over the most secure and reliable channels. We decided to partner with EastNets as they have proven track record in delivering SWIFT solutions to various sectors, and moreover we were attracted by the operational efficiency, cost reduction and risk mitigation that SWIFT solutions deliver. We are confident that, allying with EastNets will enable us to build deeper relationships and give better service to our customers,” said Anthony C. Mallis, Chief Executive Officer at SICO.
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About EastNets:
Founded in 1984, Eastern Networks commercially known as EastNets is a leading Payments and Security Solution Provider for the government and financial service industry. As a recognized market leader, the company is strategically positioned with offices across the broader Middle East region providing products and services either directly to our customers, or on a hosted basis through the EastNets Service Bureau (ENSB). EastNets is strategically positioned in five major markets with offices and presence in the United Arab Emirates, Jordan, Turkey, Iraq, Egypt, and Bahrain.
