Newgen Software trade finance platform launches in Middle East

By Gloria Methri

Newgen Software Technologies Ltd., a global provider of low-code digital transformation solutions, has launched its trade finance platform in the Middle East.

Banks and financial companies from across the region can now use Newgen’s platform to unify and digitise disparate and rigid legacy systems.

Newgen’s trade finance platform is a low-code, end-to-end automated system that can orchestrate user journeys in the financial sector and deliver speed and seamless experiences for banks’ customers and employees. Built on the NewgenONE digital transformation platform, the software provides a fast and sustainable way to streamline trade finance, embedding content within applications to facilitate real-time access to disparate information from across an organisation.

Powered by AI-based analytics, the platform can trade intelligence on transactional and regulatory behaviour, enabling users to enhance risk management and prevent fraud. The software’s technology allows customers to reduce manual data entry requirements, improve customer communications and implement better compliance and data security – all while driving cost savings and improved productivity.

It can also streamline the intake of requests across channels and automate processes such as bank guarantees, invoice financing sales, export and import collections, letters of credit and more.

Vivek Bhatnagar, Region Head, Middle East & Africa, Newgen Software Technologies Ltd., said, “Traditionally, banks have struggled to digitise trade financing operations because the hyper-specialised tools typically involved in this process are niche, expensive and – in many cases – lead to the creation of more silos. With the launch of Newgen’s advanced trade finance platform, our Middle East customers can now configure and automate their trade finance activities while unifying and integrating disparate systems and services in a quick and agile manner.”

The trade finance platform’s regional launch reflects Newgen’s ongoing support for customers in the Middle East. Last year, the company established a new office in Riyadh, Saudi Arabia, supplementing its existing facility in Dubai, UAE and expanding its presence across the wider Gulf.