Microsoft is collaborating on a digital overhaul of a United Arab Emirates-based trade finance bank, Anglo-Gulf Trade Bank, a press release announced Tuesday (July 30).
The technology giant is collaborating with enterprise IT consulting firm Publicis Sapient to develop end-to-end solutions for Anglo-Gulf Trade Bank in an effort to expand access to trade finance in the region, the companies said. Publicis will provide its digitization expertise with Microsoft’s cloud-based security and data technologies; together, the firms will oversee the bank’s implementation of new technology and support enhanced client experience.
Anglo-Gulf Trade Bank Deputy Chief Executive Officer Daniel Gould said the financial institution is “rethinking and rebuilding trade finance,” and by collaborating with Microsoft and Publicis Sapient, the bank will be able to take advantage of cutting-edge technologies.
“In building a fully cloud-based and data-driven enterprise we aim to improve cross-border trade finance and stimulate collaboration within a growing trade ecosystem,” he said.
“Anglo-Gulf Trade Bank understood the opportunity for a bank of the future to innovate its business model in parallel with building a digitally enabled, client-centric enterprise,” said Publicis Sapient Global CEO Nigel Vaz in a statement. “As a new type of transformation partner, built to help clients become digitally enabled businesses that thrive in the future, Publicis Sapient is proud to work with Anglo-Gulf Trade Bank on its journey to create this new and disruptive model for trade finance banking.”
In another statement, Microsoft UAE General Manager Sayed Hashish pointed to “unprecedented changes in the financial services industry” that are generating the need for banks to transform digitally and embrace technology.
“Microsoft’s intelligent and trusted cloud is enabling a wave of innovation: this is powered by enterprise-grade reliability, combined with data residency and the broadest compliance,” Hashish said.
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