Browse
related articles
Wipro is a leading global consulting and IT solution provider with significant presence in the Middle East, while Misys is one of the region's leading banking solutions providers, with nearly 30 years experience in core banking, treasury, capital markets, risk management and trade finance.
Wissam Khoury, Regional Manager, Misys comments:
"We understand the importance of delivering internationally proven, tailored solutions to specialised banking sectors. This new strength in our services capability signifies our commitment to contribute to the growth of treasury and capital markets businesses in the GCC. The new Centre of Excellence around Opics Plus will ensure we enable customers to handle the latest localised financial products in the most efficient and integrated manner."
More than 150 financial institutions currently use Misys Opics solutions globally and the new Centre of Excellence will leverage Wipro's strong global presence and system integration capabilities to enable fast and effective local implementations.
Raman Sapra, Head of Gulf Business Operations, Wipro says: "The alliance complements Wipro's strategy of partnering with leading solution providers to deliver business value to customers globally. This relationship is a step forward to deliver innovative new solutions to our customers and prospects. We are excited by the synergy arising from this partnership, which delivers a compelling value proposition to our customers."
On average pre-tax profits of financial institutions in the Middle East grew by more than 30% last year, according to The Banker, and technology is widely seen as crucial in driving productivity improvements and providing access to new, complex instruments, as firms in the region capture increased market share and compete in a global marketplace. TowerGroup, the research and advisory services firm focused exclusively on the global financial services industry, estimates that IT investment in the region's financial services is expected to grow by more than 10% a year over the next 4 years, from $3.5bn to $5.7bn in 2011.
Inci Kaya, a Financial Services Strategy analyst at TowerGroup comments: "The Middle East is a market that no global institution or technology vendor can ignore. As institutions realise the need to make their systems meet international requirements, they are investing more seriously in technology in the region."
Posted by Anne-Birte Stensgaard, Senior News Editor
