3i Infotech Limited, a global provider of IT solutions and services and one of India’s largest and fastest growing product companies*, announced that Malta based FIMBank plc, a market leader in trade finance, has selected TANGIBLE™, the factoring & invoice discounting solution for its planned factoring joint venture companies in Egypt, Malta, UAE, Argentina, Brazil, Russia and China.
FIMBank is supported by International Finance Corporation (IFC) and is implementing a strategy to develop a number of joint venture factoring companies in select countries. These companies will create a global network of specialist trade finance institutions that are geared towards the promotion of factoring and other alternate trade finance products in the emerging markets in partnership with local banks.
The implementation of TANGIBLE™ will enable FIM Business Solutions Limited (FBS), a fully owned IT subsidiary of FIMBank, to manage its IT operations from Malta as the centralized processing hub. FIMBank's operations in other countries will be supported using the web-based application. TANGIBLE™ will also provide FIMBank an integrated view of resource allocation, collaboration and risk management across its business operations.
Egypt will be the first site of implementation for TANGIBLE™
FIMBank’s decision to select TANGIBLE™ emerged after an exhaustive due diligence, involving various other global factoring solution vendors. One of the key features that was considered critical by the FIMBank team was the availability of TANGIBLE™ as a web-based application.
Commenting on the implementation, Ms. Margrith Lutschg-Emmenegger, President - FIMBank said: “Technology is at the core of our business especially for the growth of our foreign trade operations. With the implementation of 3i Infotech’s multi-entity solution TANGIBLE™, the bank is poised to leverage technology to support operational growth and remain competitive.”
She further added, “Given the challenges associated with factoring, we are highly impressed with the innovative solution offered by 3i Infotech. TANGIBLE™ not only offers advanced functionality but also operates in modern technology environment. Through this implementation, we look forward to enhanced collaboration with clients and partners, improved process efficiency and resource utilization.”
Speaking on the win, Mr. Kalpesh Desai, COO - EMEA (Europe, Middle East & Africa), 3i Infotech said, “We are proud to have FIMBank, one of the leading global Trade Finance banks, as our customer. We believe that TANGIBLE™ will help the bank set new benchmarks in customer satisfaction. This win reiterates our extraordinary delivery track record and our product capability.”
“Technology savvy banks such as FIMBank are strengthening their IT infrastructure with robust systems to exploit the advantages of higher productivity at lower operational costs. TANGIBLE™ will provide FIMBank the ability to offer world-class services to its customers,” he further added.
About TANGIBLE™
TANGIBLE™ enables a factoring institution to help clients enhance the velocity of their investments by realizing the potential in open-account trade receivables, both domestic and international. Advanced features help institutions in leveraging relationships with both the client and customer, resulting in substantial efficiency in resource utilization.
About 3i Infotech Limited (Formerly ICICI Infotech Limited)
3i Infotech Limited (www.3i-infotech.com) provides information technology solutions through its range of solutions for banking, finance, insurance, e-Governance, manufacturing, retail and distribution. It is one of India’s top 5 software product companies and the fastest growing Indian software product company in FY 2004-2005, with respect to both domestic as well as overseas software product sales*. The company is SEI CMM Level 5-compliant for its Software Services and the company is ISO 9001:2000 certified for its Infrastructure and Business Process Outsourcing Services.
Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, system integration services, IT infrastructure and disaster recovery solutions. 3i Infotech serves customers in 40 countries has a presence across 4 continents.
(*) Source: Dataquest Special Issue: Industry Overview (July 15, 2005)
About FIMBank
The FIMBank Group comprises FIMBank p.l.c. London Forfaiting Company Ltd., London (“LFC”) together with its subsidiary companies, and FIMBank Business Solutions Ltd., Malta (“FBS”)
FIMBank (www.fimbank.com) is a public limited company registered under the laws of Malta, and listed on the Malta Stock Exchange. The Bank’s principal activity is that of providing short-term international trade finance to corporate traders and to act as an intermediary to other financial institutions for international settlements, forfaiting and loan syndications. FIMBank has, over the years, built a formidable reputation for its ability to unlock niche emerging markets and underprovided trade finance products.
About FBS
FBS was established early in 2005 as a business systems provider and technology consulting firm, primarily to service the FIMBank Group as well as to target FIMBank joint venture companies, downstream correspondent banks and other organisations known to the Group.
