3i Infotech, a global provider of IT solutions and services and one of India’s largest and fastest growing product companies, has announced that Malta-based Fimbank, a trade finance specialist, has selected Tengible, the factoring and invoice discounting solution for its planned factoring joint venture companies in Egypt, Malta, UAE, Argentina, Brazil, Russia and China.

Fimbank is supported by International Finance Corporation (IFC) and is implementing a strategy to develop a number of joint venture factoring companies in select countries. These companies will create a global network of specialist trade finance institutions that are geared towards the promotion of factoring and other alternate trade finance products in the emerging markets in partnership with local banks.

The implementation of Tangible will enable FIM Business Solutions Limited (FBS), a fully-owned IT subsidiary of Fimbank, to manage its IT operations from Malta as the centralised processing hub. Fimbank’s operations in other countries will be supported using the web-based application. Tangible will also provide Fimbank an integrated view of resource allocation, collaboration and risk management across its business operations.

Egypt will be the first site of implementation for Tangible.

Fimbank’s decision to select Tangible emerged after exhaustive due diligence, involving various other global factoring solution vendors. One of the key features that was considered critical by the FimbBank team was the availability of Tangible as a web-based application.

Commenting on the implementation, Margrith Lutschg-Emmenegger, president of Fimbank says: “Technology is at the core of our business especially for the growth of our foreign trade operations. With the implementation of 3i Infotech’s multi-entity solution Tangible, the bank is poised to leverage technology to support operational growth and remain competitive.”

She further adds, “Given the challenges associated with factoring, we are highly impressed with the innovative solution offered by 3i Infotech. Tangible not only offers advanced functionality but also operates in modern technology environment. Through this implementation, we look forward to enhanced collaboration with clients and partners, improved process efficiency and resource utilisation.”

Speaking on the win, Kalpesh Desai, COO – EMEA (Europe, Middle East & Africa), 3i Infotech says, ‘We are proud to have Fimbank, one of the leading global trade finance banks, as our customer. We believe that Tangible will help the bank set new benchmarks in customer satisfaction. This win reiterates our extraordinary delivery track record and our product capability.”

‘Technology savvy banks such as Fimbank are strengthening their IT infrastructure with robust systems to exploit the advantages of higher productivity at lower operational costs. Tangible will provide FimbBank the ability to offer world-class services to its customers,’ he further adds.