Azentio Software (“Azentio”) (www.Azentio.com), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won three awards with its respective clients, at the IBSi Digital Banking Awards 2024 ceremony, held as a part of the prestigious Cedar-IBSi Digital Banking&AI Summit, on April 19 in Bengaluru, India. The company was declared Segment Winners I SME/Corporate Banking, Regional Winners I Middle East&Africa, and Segment Winners I Compliance Management.

Organised by IBS intelligence (IBSi), one of the world’s leading financial technology research, advisory, and news analysis firm firms, the annual award program honours technology players, Banking as a Service (BaaS) providers, digital banks, neo banks, and challenger banks for their excellence in driving impact through technology implementations and innovations using emerging technologies.

The Azentio Accolades

Digital Badge of Segment Winners I SME/Corporate Banking
Digital Badge of Regional Winners I Middle East&Africa
Digital Badge of Segment Winners I Compliance Management

Azentio’s citations as Segment Winners I SME/Corporate Banking and Regional Winners I Middle East&Africa, were for the successful implementation of the Azentio ONEBanking Digital Lending platform at Consolidated Bank Ghana Limited (CBG), one of the largest banks in Ghana. CBG has leveraged Azentio ONEBanking to seamlessly integrate digital processes and online services, thereby, enhancing customer experience with convenient, secure, and efficient banking solutions. This digital shift not only streamlines operations for the bank but also reinforces its commitment to modernizing the banking sector in Ghana.

Azentio was declared Segment Winners I Compliance Management for maximizing the technology benefits for Albilad Investment Company (Albilad Capital), a leading provider of Islamic investment management solutions in the Kingdom of Saudi Arabia (KSA), with its Azentio ONEBanking Financial Crime Management (FCM) platform. Azentio FCM has emerged as a cornerstone in Albilad Capital’s compliance strategy, offering a blend of regulatory adherence, operational agility, and cost-effectiveness. Its robust features and seamless integration have not only fortified the institution’s compliance framework but also positioned it as a trusted player in the regional financial landscape.

Nikhil Gokhale, Director – Research&Digital Properties at IBS Intelligence, stated, “Congratulations to Consolidated Bank Ghana and Azentio for their win at the IBSi Digital Banking Awards 2024. By using Azentio ONEBanking, CBG has revolutionized its operations, improving customer service and operational efficiency. Their strategic approach to digital innovation ensures ongoing growth and competitiveness in the finance sector.

At the same time, kudos to Albilad Capital and Azentio for winning the ‘Best in Compliance’ award. Albilad Capital’s adoption of Azentio ONEBanking Financial Crime Management has significantly enhanced compliance, efficiency, and cost-effectiveness,” continued Nikhil. “The solution’s integration with the Saudi Arabian Monetary Authority (SAMA) guidelines ensures strict adherence to anti-money laundering policies, establishing credibility in the business.”

Gaurav Kedia, Chief Financial Officer at Azentio Software, commented, “We are humbled and proud for these multiple honours bestowed upon Azentio by the globally renowned IBSi, for our focus on bringing tremendous value for clients with our innovative technology solutions. Azentio ONEBanking Digital Lending gives maximum support for scalability, compliance and digitalization, with its advanced cloud-native, auto-scalable, low-code/no-code, and API-ready features that completely transform end-to-end lending processes for our clients and their customers. Additionally, Azentio ONEBanking FCM stands out as a highly parameterized, domain-agnostic platform that includes a comprehensive AML solution and AI-driven analytical and investigative tools. These tools provide critical, actionable intelligence to detect and prevent money laundering and fraudulent activities effectively. Clearly Azentio helps its clients lead the way in modernization, transformation and innovation.”

Get more information on Azentio ONEBanking here https://apo-opa.co/44keNeG.

Distributed by APO Group on behalf of Azentio Software Private Limited.

About Azentio Software:
 Azentio provides mission-critical software products across Asia Pacific, Middle East, Africa and India to banks, financial services providers, and insurers. It also provides ERP solutions to mid-market enterprises. The company’s flagship platforms include Azentio ONEBanking, Azentio ONECapitalMarkets, Azentio ONEInsurance, and Azentio ONEERP. The flexibility that comes from its software platforms allows a host of applications to work with a single source of data and equips clients with workflow, analytics, document management and flexible integration mechanisms. Azentio Software Private Limited is wholly owned by funds advised by Apax.

About IBS intelligence (IBSi):
Established in 1991, UK-headquartered IBSi is one of the world’s leading pure-play financial technology (traditional and new-age) research, advisory, and news analysis firms, with global coverage and a 360° portfolio of intelligence offerings. For over 30 years, its expert teams have delivered independent, in-depth, actionable insights, with a laser focus on everything from financial technology to the global banking, consulting, technology, and institutional investor world. As an analyst firm, it covers 2,000+ fintech vendors in-depth globally.

Insurance company Protteja Seguros has joined the Angola Oil&Gas (AOG) 2024 conference as a silver sponsor. Reflecting its commitment to supporting growth of the Angolan oil and gas market, the company will also sponsor a Financial/Insurance panel discussion during this year’s event.

Fully committed to improving the quality of service and raising the competitive standard of companies operating in Angola’s oil and gas market, Protteja Seguros offers customized solutions to corporate clients with a deliberate focus on stability and sustainability. The company has been certified by Angola’s Ministry of Mineral Resources, Oil and Gas and actively participates in all institutions associated within the sector.

Organized by Energy Capital&Power, AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

During last year’s edition of AOG, Protteja Seguros signed a deal with oil and gas company Petromar under which the two companies will develop a business partnership and collaborate on social responsibility. During the signing ceremony, Protteja Seguros identified Petromar as a partner of interest and intends to initiate discussions for collaboration in the field of social responsibility and potential business partnerships.

Protteja Seguros has identified three strategic pillars as the core to its business practices in Angola: know-how, financial strength and transparency. The company focuses on partnerships with specialized insurance consultancy companies to increase its experience in the oil and gas industry and currently aims to expand operations with international operators and service producers.

Distributed by APO Group on behalf of Energy Capital&Power.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), proudly announces the release of its 2023 Annual Report, on the them “Navigating Change, Driving Impact.” This report demonstrates ITFC’s resilience and adaptability in supporting its member countries through strategic trade financing and development initiatives amidst increased global economic uncertainties.

In a year characterized by persistent global challenges including economic disruptions and supply chain vulnerabilities, ITFC has successfully bolstered its efforts to support economic recovery and sustainable growth among its member countries. Through innovative trade solutions and dedicated sector support, ITFC played a critical role in fostering regional economic integration and enhancing the trade capabilities of OIC member countries, thereby contributing significantly to their socioeconomic stability.

Eng. Hani Salem Sonbol, CEO of ITFC, remarked on ITFC’s results: “Despite 2023 being a challenging year, ITFC delivered admirable results. Our focus was on minimizing the impact of global disruptions on trade and development in our member countries. The ITFC Annual Report reflects our achievements, the strength of our strategic approach, and our unwavering commitment to economic development and regional integration across the OIC member countries.

Highlights of the 2023 Annual Report

Trade Financing. ITFC approved US$6.9 billion in trade finance, focusing on diversification beyond traditional sectors including agriculture and SMEs, highlighting a commitment to sustainable economic support;
Support for SMEs and Private Sector Entities. ITFC intensified its support for the private sector with substantial finance approvals amounting to US$905 million, aimed at fostering entrepreneurship and job creation across the member states;
Food Security. ITFC contributed significantly to food security by disbursing around US$2 billion to import 3.8 million metric tons of food commodities, benefiting over 22 million households in member countries. This effort aligns very well with the UN SDG 2: Zero Hunger;
Agricultural Development. ITFC’s financing in agriculture supported the purchase of agricultural produce from farmers, providing US$254 million in pre-export finance to agricultural companies. This enabled timely payments to more than 600,000 farmers in Africa, fostering substantial agricultural exports worth US$528.8 million;
Portfolio Diversification. In 2023, ITFC diversified its trade finance portfolio by extending significant support across various sectors, including a substantial US$4.2 billion towards the energy sector and strategic interventions in SME development, particularly enhancing women’s participation in trade through capacity-building programs;
Trade Development Programs. The corporation advanced trade development by increasing intra-OIC trade, with ITFC mobilizing US$4.5 billion of trade finance from syndicate partners and facilitating a 17% increase in intra-OIC trade compared to the previous year. This effort supports SDG 17: Partnerships for the Goals;

The report also details ITFC’s proactive engagement in high-level dialogues and strategic partnerships, pivotal in advancing trade finance and development goals. It showcases the impact of flagship programs like the Arab Africa Trade Bridges (AATB) Program and various SME development programs, which have been instrumental in boosting intra-OIC trade and strengthening economic resilience.

Other Key Achievements in 2023

Economic Impact. Through strategic initiatives and programs, ITFC has bolstered intra-OIC trade and significantly contributed to the economic empowerment of communities and sectors across the Corporation’s member countries;
Capacity Building. Numerous training programs and workshops were conducted to enhance institutions’ trade professionals and their skills and capabilities, further enriching the trade ecosystem across member countries;
Geographical Outreach. The financing covered operations in 22 countries, emphasizing ITFC’s widespread impact across all OIC regions;
Sustainable Development Initiatives. ITFC participated in significant environmental actions, including the world’s largest-ever voluntary carbon credit auction, reflecting its commitment to sustainability;
Intra-OIC Trade Finance. ITFC approved US$4.59 billion for intra-OIC trade finance, demonstrating a commitment to enhancing economic integration and cooperation among member countries;
Strengthened Governance Engagement. ITFC continued its engagement with Governors to fortify support mechanisms, ensuring tailored financial solutions that address specific regional and national economic challenges;
Focus on Least Developed Member Countries (LDMC). The LDMC’s share of the trade finance portfolio reached 44%, reflecting ITFC’s strategic emphasis on supporting the most vulnerable economies within its membership.

ITFC is committed to boosting economic prosperity across OIC member countries and will continue to enhance the Corporation’s trade finance and development initiatives to meet their evolving needs, as showcased in the 2023 ITFC Annual Report.

Download the full English version here (https://apo-opa.co/49WoUHW)

Download the full Arabic version here (https://apo-opa.co/4aTvsZb)

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC hasprovided over US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a premier Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is thrilled to announce the signing of a Quota Share Retakaful Treaty with Indonesia  Eximbank. The signing ceremony took place during the IsDB Group Annual Meeting 2024 in Riyadh, with ICIEC CEO Mr. Oussama Kaissi and H.E. Rijani Tirtoso, Executive Director/Chairman of Indonesia Eximbank, formalizing the agreement.

This strategic agreement provides retakaful expertise and capacity through a Quota Share Treaty, specifically designed to support the launch of Indonesia Eximbank’s new Export Credit Takaful product/program. The business anticipated to be insured under this treaty for the year 2024 is estimated at USD 13 million.

ICIEC CEO Mr. Oussama Kaissi stated, “This partnership represents a significant advancement in our joint efforts to enhance export credit mechanisms through Shariah-compliant solutions. By leveraging our retakaful expertise with Indonesia Eximbank’s robust financial services, we aim to empower exporters and drive economic growth in Indonesia and within the region. This partnership serves as a prime example of how strategic collaborations can lead to the development of innovative financial products that support sustainable economic development.”

The agreement marks a milestone in the development of Islamic financial instruments and strengthens the economic ties between ICIEC and Indonesia, aiming to support exporters and contribute to economic stability and growth in the Islamic world.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

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Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://ICIEC.IsDB.org