SINGAPORE: Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today 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 for ‘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 the first to be certified by the Accounting and Auditing Organization 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. The latest edition recognized the most innovative and impact-generating implementations in 30 categories, with over 250 nominations received from 49 countries.

Applauding Azentio on winning the accolades, 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 assets 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.”

It is worth noting here that Azentio had achieved top positions in multiple categories in the exclusive Leadership Club of IBSi Sales League Table (SLT) 2023, securing Number One rankings for Product Breadth; Islamic Banking I Retail Lending (for the Azentio ONEBanking platform); Process Automation / BPM (for the Azentio Islamic Banking suite); and Insurtech Solutions (for the Azentio ONEInsurance platform).

About Azentio Software

Azentio provides mission-critical software products across Asia Pacific, Middle East, Africa and India to banks, financial services providers and insurers. It also provides ERP solutions to mid-market enterprises. The company’s flagship platforms include Azentio ONEBanking, Azentio ONECapitalMarkets, Azentio ONEInsurance, and Azentio ONEERP. The flexibility that comes from its software platforms allows a host of applications to work with a single source of data and equips clients with workflow, analytics, document management and flexible integration mechanisms. Azentio Software Private Limited is wholly owned by funds advised by Apax.

About IBS Intelligence

Established in 1991, UK-headquartered International Banking Systems Intelligence (IBSi) is the leading pure-play financial technology research, advisory, and media firm, with global coverage, and a 360° portfolio of intelligence offerings. For over 30 years, IBSi’s expert teams have delivered independent, in-depth, actionable insights, with a laser focus on everything from financial technology to the global banking, consulting, technology, and institutional investor world.