Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
Trade Bank of Iraq and Esds Software Solution Sign Mou for Developing Fintech and a Cloud Platform
 

Dubai, June 19, 2019: Trade Bank of Iraq (“TBI”) has entered into a Memorandum of Understanding (MoU) with ESDS SOFTWARE SOLUTION PVT. LTD, India (“ESDS”) to develop financial technology and a cloud platform in Iraq. 
 
Alpen Capital (ME) Limited acted as the sole financial advisor for the transaction between the two firms, which aims to establish a long-term strategic relationship in the field of establishing and managing data centre, cloud solutions and virtualization and disaster recovery hosting solutions, financial technology solutions and other Information Technology services in Iraq. 
 
As per the MoU, TBI will make a strategic investment in ESDS through subscribing to fresh equity shares in the Company.  ESDS, in turn, will subscribe to fresh equity shares in Information Windows for Electronic Payment and Information Technology (“IWEPIT”), a company established by TBI in Iraq for setting up data centre and financial technology service offerings catering to the requirements of TBI and other corporates and financial institutions in Iraq and other neighbouring markets. 
 
ESDS has developed revolutionary technology of vertical auto-scaling in cloud and virtualization. This technology is patented by the United States Patent and Trademark Office (“USPTO”) and Intellectual Property office of United Kingdom (“The IPO”). 
 
In addition to the revolutionary cloud technology, ESDS has proven expertise in setting up data centres and providing customized data centre and other information technology solutions for Banks and Financial Institutions, managed data centre services, managed cloud solutions and data virtualization, disaster recovery hosting and web designing and web hosting services. 
 
ESDS will provide all its services and expertise including the patented data centre software – eNlight 360 to TBI and become an exclusive partner to TBI for the market of Iraq and the neighbouring markets to be mutually agreed between parties. It will also render technical know-how and managed services to IWEPIT. 
 
Faisal Al Haimus, Chairman and President, TBI, said: “This is indeed a landmark association and we believe our combined synergies will allow us to make significant strides in the area of fintech and technology advancement. 
 
“This is the latest in a number of strategic agreements we have made with leading firms in the region to help rebuild, develop and modernise Iraq. 
 
Piyush Somani, Founder MD & CEO, ESDS said: “We at ESDS are highly excited about this partnership with TBI. We consider ourselves lucky to get such an opportunity to transform a country like Iraq, where Cloud Technology and FinTech solutions are desperately needed to bring the country to the level where it should have reached by now. 
 
“ESDS is the only Cloud service provider in the world having Patented Vertical as well as Horizontal auto-scaling technology deployed for Banking Community Cloud having more than 300 Banks in India. We are very much confident of filling up the vacuum which exists in Iraq Technology market.”
 

 


Posted by : Dubai PR Network Editorial Team
Viewed 3892 times
PR Category : Banking & Investments
Posted on : Wednesday, June 19, 2019  2:56:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Blueair Wins ‘Superbrands' Award in the UAE
Next Story : Al Haramain Group Chairman Mohammed Mahtabur Rahman awarded ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [4941-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [4453-Views]
Introducing Lunette: A Tool to Empower Women [4026-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [3843-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [3672-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [3446-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [3196-Views]
GUESS - The Perfect Tote [3166-Views]
Aesop's Parsley Seed Skin Priming Regimen [3105-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [2971-Views]
Corum Admiral Legend 42-Icon ahead [2965-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [2958-Views]
Sandro: The Power Suit [2934-Views]
Hormann announces speed rolling shutter DD S6 [2855-Views]
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs [2824-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [2824-Views]
GEMS Education students shine with excellent A-Level examination results [2812-Views]
Jaguar I-pace: Redefining What It Means to Be a ‘CAR' [2806-Views]
Rock Chic Edit with GUESS [2782-Views]
Modular Sofa's by Boconcept [2757-Views]
Tazio Nuvolari Vanderbilt Cup [2721-Views]
Spare a thought for abandoned cats today – International Cat Day! [2696-Views]
Same Favourite Fragrance, New Innovative Products From the Ritual of Karma [2623-Views]
Get 50 per cent off back-to-school essentials at Dragon Mart [2623-Views]
Exceptional Playtime with Soundcore Vortex [2611-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories