Azentio wins double honours at IBSi Global FinTech Innovation Awards 2023

By Gloria Mathias

Azentio has announced that it won two awards at the 5th edition of the prestigious IBS Intelligence (IBSi) Global FinTech Innovation Awards 2023. The awards were formally presented at the Cedar-IBSi Summit on Digital & Core Banking, recently held in Mumbai.

Azentio won the awards for ‘Best Islamic Banking Implementation: Best Project Implementation’ for its work with Summit Bank Limited, Pakistan; and ‘Best Transaction Banking Implementation: Best Adopted Tools and Practices’ for its work with Vision Bank, United Arab Emirates (UAE).

Both awards honoured the outcome-driven implementations of iMAL, Azentio’s Islamic Banking platform, and were the first to be certified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

The Global FinTech Innovation Awards seek to honour banks, financial institutions, and technology players for their excellence in innovations using emerging technologies.

Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, said, “Congratulations to Azentio for their well-deserved wins. Summit Bank’s journey with Azentio represents a harmonious blend of technological innovation and strategic implementation, resulting in banking operations that are not only compliant with Islamic principles but also propel the bank into an era of efficiency, control, and customer-centricity. Meanwhile, the successful implementation of iMAL Core Banking solution at Vision Bank, seamlessly integrated with third-party digital platforms, reflects a strategic leap for the bank in serving its corporate trade customers. The project’s agility, meticulous planning, and governance underscore a commitment to efficiency, innovation, and client-centricity.”

L Guru Raghavendran, Senior Vice President, Banking & Capital Markets at Azentio, stated, “Islamic banking is steadily expanding its asset base and growing to be a competitive market. In such times, we are proud to partner with Summit Bank and Vision Bank, two major Islamic banks in the region, helping them compete digitally and meet their financial inclusion objectives with easier access, continuous product innovation, and stringent compliance and governance. Our sincerest appreciation goes to both Summit Bank and Vision Bank for choosing Azentio’s iMAL Core Banking solution and to IBS Intelligence for honouring us with these coveted awards.”