Dubai Bank adopts Misys trade tool

Dubai Bank has adopted Misys Trade Innovation to support its trade finance operations in the Middle Eastern banking market. The system intends to allow enhanced visibility and management of its day-to-day financing operations across its markets.

The system will be implemented at the bank's head office in Dubai. It will aid the bank in monitoring its execution of letters of credit, guarantees and collections.

"In the last three years we have seen significant development in the Middle Eastern banking market,” comments Faizal Eldath, chief information officer.

“The trade finance market in particular is expanding rapidly and it is important that we have the back-office functionality to support our market-leading position. This implementation of Misys Trade Innovation gives us a key competitive edge and allows unparalleled market positioning in the international trade arena across the region.” 

Ali Al Hashimi, chief operating officer of Dubai Bank, adds: “International trade finance has seen many changes over the last few years, with reliance on open-account transactions growing. One of our strategic imperatives is to have the capability to deal with this and cater for any potential, future change. We are confident that the solution from Misys, coupled with their expertise and in-depth trade finance knowledge will support us well as we continue to expand the business”