Newgen Software Technologies has launched its trade finance platform in the Middle East to serve as the first low-code, end-to-end automated system in the world and is powered by AI-based analytics, according to a press release.

The global provider of low-code digital transformation solutions has an ongoing support for customers in the Middle East, as it established a new office in Saudi Arabia’s Riyadh in 2023 which cements its regional presence that includes the existing Dubai facility in the UAE with plans to expand across the wider Gulf.

Newgen’s trade finance platform allows banking and financial businesses to digitise operations and unlock new growth opportunities.

The new software is built on the NewgenONE digital transformation platform and provides a fast and sustainable way to streamline trade finance, which allows embedding content within applications to facilitate real-time access to disparate information from across an organisation.

Newgen’s Region Head for Middle East and Africa, Vivek Bhatnagar, 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.”

Vivek added: “We are delighted to bring our world-leading trade finance platform to the Middle East market. Fast and seamless, it will deliver a better experience for banks as well as the businesses they serve.”

He concluded: “We look forward to working with customers from across the region to unify and digitise their trade finance activities while unlocking the door to fresh growth opportunities.”

Earlier in 2024, Newgen launched generative AI-powered hyper-personalisation platform LumYn in the region to offer key features like conversational AI for seamless interaction with customer data, enabling insight generation, and growth strategies.

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