Raqmiyat targets booming financial technology market through MEFTEC 2007

Raqmiyat's participation, in conjunction with its partners including Aperta, SoftPro, Unisys, Wallstreet Systems and Odyssey Financial Technologies, will consolidate its expansion program in the Gulf region as it seeks to capitalize on a booming financial technology market and its success in the UAE.

Headlining the showcase is the "Unified Front End" for financial institutions that will enable users to access multiple systems within the bank from a single unified front-end application. On display also are the Signature Verification & Fraud Prevention systems from SoftPro, SOA Vision for Item Processors from Unisys, Cheque Truncation Systems from Aperta and Raqmiyat, and a whole suite of Treasury and FX-related products from Wallstreet Systems. MEFTEC will also provide an ideal platform to extend the customer base of Odyssey Financial Technologies' private banking and wealth management solutions and services.

Tapas Roy, COO of Raqmiyat, said,

"Retail lending, compliance to international standards (BASEL II), local initiatives mandated by the monetary agencies and the institutions' desire to offer better customer experience at all touch points drive the financial technology spending in the Middle East. MEFTEC is a very important event in that it represents a forum where ideas are born, provides a platform for discussing solutions and offers an unrivalled opportunity for vendors to exhibit their cutting-edge financial solutions."

"Solutions for customer acquisition, loan management, delinquency management, image cheque processing and BASEL II related services and products have all received great level of growth and demand in the Middle East and we will surely capitalize on this increased demand," added Roy.

According to a recent study by IDC, banks in the Gulf represent the largest single vertical in terms of overall IT investments. This reflects the strong growth being witnessed in the financial services sector, which is expected to grow by 12-15 percent per annum. As a result, IT investments and spending by the financial services industry was a record USD 1.4 billion in 2006.

Dubai-based Raqmiyat is leading systems integration and IT services company, providing world-class business and technology solutions through partnerships with international firms. The company has booked two 6x3 meter exhibition stands at MEFTEC where it will showcase Aperta, SoftPro, Unisys and Wallstreet Systems in one stand and a complete range of Odyssey Financial Technologies solutions in the other.