Askari Bank selects Finastra to power its trade finance business

Askari Bank selects Finastra to power its trade finance business
19.11.2019 10:38 am

Askari Bank selects Finastra to power its trade finance business


Last week at Finastra Universe Dubai, Finastra announced that Askari Bank, a leading commercial bank in Pakistan, has chosen its market leading trade finance solution, Fusion Trade Innovation, to digitalize its trade finance business. The solution will enhance the bank’s comprehensive digital trade capabilities via built-in workflow features and will improve services for its corporate and retail customers by providing a smart user interface. The solution is also expected to generate new revenue streams whilst keeping costs and transaction turnaround times down.

Abid Sattar, CEO and President at Askari Bank said, “As a bank that is focused on providing forward-thinking solutions to our customers, working with Finastra allows us to continue developing our digital suite of services and enable our customers to make faster transactions and receive greater value from their trade finance relationship with Askari Bank. We chose Fusion Trade Innovation for its ability to support our growth through powerful end-to-end automation of our trade finance business, its service agility and built-in SWIFT-compliance.” 

Farrukh Iqbal Khan, Group Head, Operations and Trade Finance at Askari Bank, said, “Our growing customer portfolio in Pakistan requires a vibrant trade finance solution that facilitates more efficient trading through automation, reduced errors and streamlined processing. Working with Finastra means that we have access to a highly experienced team of consultants and are able to attract more clients at scale and deliver a competitive advantage to them. We look forward to growing this relationship with Finastra over time.”

Finastra’s trade finance offering will enable Askari Bank to meet increasing client demand for digital banking solutions, particularly among corporate customers. Askari Bank picked Finastra’s Fusion Trade Innovation to power its trade finance solution for its end-user experience, ability to support all trade products and capacity to integrate with downstream systems through open APIs. Askari Bank could also benefit in future from access to further innovation through Finastra’s platform for open innovation,

Wissam Khoury, Senior Vice President and Managing Director, APAC and MEA at Finastra said, “Corporates are quickly catching up with retail customers and are expecting more from their bank, such as an improved user experience, speed and more innovation. The agreement with Askari Bank signals market readiness for large banks with complex trade finance and corporate banking operations, in locations such as Pakistan. Fusion Trade Innovation is unique in its ability to drive significant revenue growth for banks through enhanced customer service and access to further innovation. We are excited to support Askari Bank on this journey of digital preparedness and business growth.”

Finastra is well placed to support customers in this space, having recently been named a Leader in IDC MarketScape for end-to-end corporate banking solution providers.

Related News

Temenos Wins Google Cloud Technology Partner of the Year Award for Financial Services

 Temenos (SIX: TEMN), the banking software company, today announced it has been recognized by Google Cloud as its Technology Partner of the Year in Financial Services. This... Read more »

Wolters Kluwer Innovates with New Banking Tech Launch to Facilitate Paycheck Protection Program

Wolters Kluwer Compliance Solutions has launched a dedicated banking technology solution, utilizing its market-... Read more »

More than 90% of UK consumers claim technology offering impacts their choice of bank, fintech finds

 Research conducted by new entrant to the UK fintech market, Modularbank, in partnership with market research specialists, OnePoll, has found that over 90% of... Read more »

Pannovate partners up with Salt Edge to deliver instant PSD2 compliance

Pannovate, UK’s leading payment and digital banking technology company, has partnered up with Salt Edge, leader in offering open banking and secure customer... Read more »

National initiative launched by Fintech Tully aims to help 17 million people in the UK who have been financially impacted by COVID-19

Tully, Nottingham-based Fintech, has today announced the launch of their COVID-19 Relief and Wellbeing Network to help people financially impacted by the COVID crisis get... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel