Posted by London, UK: QNB Group, the largest financial institution in the Middle East and Africa (MEA) region has selected Intellect Global Transaction Banking (iGTB), to implement a comprehensive digital cash management platform that will cover payments, payment pre-processing, mobile and account services.
iGTB, a transaction banking and technology arm of Intellect Design Arena Limited, is one of the fastest growing fintech product company with the CAGR of more than 21% over past three years.
QNB’s new global system will be able to handle high volumes and improve the efficiency of the bank’s operations –supporting its objective to provide support to the country’s SMEs and infrastructure companies, both main components of diversifying the national economy in line with economic pillar of the Qatar National Vision 2030 aimed at transforming the state into a knowledge-based economy.
“To date, the government has been the main driver for the implementation of QNV 2030, but we can play a vital role in nurturing the private sector, providing a one-stop shop for their financial needs and taking a leading role in providing funding and liquidity for infrastructure companies,” said Adel Al Malki, GM – IT, QNB Group.
“To do this, and to support our growing client base more broadly, we need a state – of – the – art system that can handle high volumes, drive efficiency, and address the full range of financing needs across multiple channels. iGTB’s CBX provides this,” added Malki.
This solution is expected to play a critical role in QNB Group’s ambitious growth plans, providing the tools to open up new lines of business, offer support for multi – country regulatory issues and other local requirements, and provide faster client on-boarding. “International expansion is one of the cornerstones of our strategy to become a leading global bank by 2030,’’ Al Malki added.
“We are delighted to be supporting the largest financial institution in the MEA region as it plays its part in making Qatar’s major economic goals a reality. Covering an array of payment types and regulatory requirements across 14 countries, this large deal sends a strong message about our technical and international expertise and provides the technological foundation for QNB to pursue its ambitious expansion plans,” said Manish Maakan, CEO – iGTB.
“This marquee deal underlines how, following the financial crisis, we have been helping banks small and large in the Middle East to launch and commercialize transaction banking business and gain significant market share, which had previously been dominated by the world’s global banks,” said K Srinivasan, President – APAC, South Asia, Middle East & Africa, Intellect Design Arena Ltd.