Banque Misr in Egypt automates trade finance with Finastra

By Edlyn Cardoza

Finastra today announced that Banque Misr, the second largest national bank in Egypt with an international presence, has selected Fusion Trade Innovation and Fusion Corporate Channels to digitalise its trade finance services and provide a premium user experience.

Banque Misr also selected Finastra’s partner, DataGear – a service provider for banking and financial services in Egypt – to implement Finastra’s solutions.

Sayonara El Asmar, Banque Misr COO, said, “As part of Banque Misr’s digital transformation strategy, the bank is continuously optimising different processes and offering diversified digital services to provide convenience and enhance service quality for our clients. With Finastra’s solutions, the bank will streamline core processes related to trade finance activities and transform our legacy systems to provide our corporate customers with an end-to-end digital experience. We look forward to the sustained growth of our corporate business relations and offering in collaboration with Finastra, to enhance the quality of our corporate services and achieve customer satisfaction.”

Ahmed Essam, Head of Corporate Operations at Banque Misr, said, “We selected Finastra due to the efficiency of its solutions and the team’s commitment to our business. Its open development platform, FusionFabric.cloud, also gives us the opportunity to tap into a broader network of services. For us, Finastra is not just a company that sells software. Finastra is a valuable partner that is dedicated to our success.”

Kamal El Khoury, Regional Sales Director at Finastra, said, “Our corporate banking solutions will help Banque Misr reduce human errors, unlock data analytics and comply with regulations at a reduced cost. Its corporate customers will benefit from a simplified self-service platform, where they can create real-time alerts using a common calendar, a personalised dashboard and utilise workflow tools – all while boosting security.”

Ahmed Diab, Country Manager – Egypt at Finastra, said, “Banque Misr is one of the leading national banks in Egypt, with a big market share of trade finance business in the region. Our competitive solutions will support its continued growth, by increasing customer retention and attracting new corporates through a sophisticated offering. We are delighted to be a long-term partner that is supporting Banque Misr’s ongoing success.”