3i Infotech powers Dubai Multi Commodities Centre's online trading platform
- United Arab Emirates: Tuesday, October 30 - 2012 at 11:40
- PRESS RELEASE
3i Infotech, a global provider of IT solutions has announced that it has successfully developed and deployed a new critical online trading platform for the Dubai Multi Commodities Centre (DMCC), a Government of Dubai authority.
This unique platform delivered by 3i Infotech fills a key gap in trade finance in the MENA region, by offering enforceable collateral-based trade finance solutions for all participants in the value chain. "DMCCTradeflow" allows physical inventories that are stored in DMCC certified and rated warehouses around the UAE to be converted into electronic negotiable instruments. Within the online environment, title of stored commodities can be seamlessly transferred or pledged within a robust legal and Sharia compliant framework. The solution offers greater support for the BASEL II accord thereby further stimulating liquidity in the UAE's trade finance marketplace.
DMCC selected 3i Infotech after a stringent tendering process involving IT solution providers from around the world. DMCC decided upon 3i Infotech as the best fit for its requirements due to their strong credentials, well-established presence in the MENA region and in-depth domain expertise in BFSI and Sharia Law. The DMCC Tradeflow team worked with 3i Infotech in end-to-end scoping of the solution within an agile delivery process to ensure the final product would meet the end user's needs.
Madhivanan Balakrishnan, Managing Director and Global CEO, 3i Infotech, said, "This is an important step towards 3i Infotech's commitment of Empowering Business Transformation for its customers. With the successful implementation of "DMCC Tradeflow" for DMCC we are happy to have delivered on our commitment which will further enable our valued customer to enhance its customer confidence with our robust application. This also reiterates our commitment and deep understanding of the BFSI market in Dubai."
Paul Boots, Director Tradeflow, DMCC said, "The decision to trust 3i Infotech with this development has proven to be the right one. We look forward to continuing our co-operation to deliver a system that provides the industry with the essential business tool which stimulates commodities trade in Dubai, thus fulfilling DMCC's mandate."
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