The Emirates NBD Innovation Fund acquires a strategic stake in Kumgo, a leading developer of software and technology services.
Dubai:Emirates NBD, the leading banking group in the Middle East, North Africa and Turkey, announced that its innovation fund has acquired a strategic stake in Kumgo, a software development and technology services company that seeks to revolutionize the trade finance sector.
The Innovation Fund was launched earlier this year as a venture capital fund that aims to enhance business integration through strategic partnerships by combining the bank’s digital ambitions and extensive regional experience with the flexibility and innovation of FinTech companies.
The Innovation Fund is the investment arm of Emirates NBD and focuses on investing in technology startups and other enterprises that support the group’s digital strategy. The fund is concerned with investing in companies of all stages from establishment to growth, according to their strategic suitability for the group’s business and their ability to achieve strategic benefits and long-term investment returns.
Kumgo’s innovative solutions enhance the capabilities of the treasury, credit and trade finance businesses, as well as simplify communication processes and improve operational capacity for more than 10,000 users worldwide. From its Swiss roots, the company has expanded to strategic global locations including Singapore, Paris, London, Toronto and Houston, and is the trusted choice for a broad spectrum of clients including more than 200 multinational corporations and a number of international trade finance banks. The Kumgo network sees about $1 billion in transactions every day.
On this occasion, Ahmed Al Qasim, Head of Corporate and Institutional Banking, Emirates NBD Group, said: “Our strategic investment in Kumgo shares reflects our firm commitment to continuing innovation and developing technology solutions that accelerate the pace of business. We proceed with this investment from our deep awareness of the impact of the financial technology landscape Our industry is rapidly changing, and we will continue to explore and support next generation technologies that will enable us to shape the future of finance while establishing our position as one of the leading financial institutions in the region.”
Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital, Emirates NBD Bank, said: “Technological innovation is at the heart of Emirates NBD’s business. In light of the rapid development of technology, the Innovation Fund will undoubtedly support our endeavors towards establishing our position at the forefront of major trends. We are firmly convinced of the importance of technology as a fundamental pillar in exploring new horizons of possibilities and opportunities, and herein lies the importance of the Innovation Fund, which will continue its commitment to supporting the growth of our group in parallel with translating our vision to be the most innovative bank for our customers and all members of society.”
Salima Badi, CEO of Kumgo, said: “We are proud that Emirates NBD is the first bank in the Middle East to invest in Kumgo. This investment is a great tribute to Kumgo’s potential and a strong testament to its proven track record and promising future. who awaits her.”
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About Emirates NBD Bank
Listed on the Dubai Financial Market (Emirates NBD), Emirates NBD is a leading banking group in the Middle East, North Africa and Turkey, with a presence in 13 countries and serving more than 20 million customers. As of June 30, 2023, its total assets amounted to 811 billion dirhams (equivalent to approximately 221 billion US dollars). The Group operates in the United Arab Emirates, Egypt, India, Turkey, Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain, and has representative offices in China and Indonesia through its network of branches that includes 854 branches, in addition to 4,173 ATMs and instant deposit machines. Emirates NBD is the leading financial services brand in the UAE, with a brand value of $3.89 billion.
The Emirates NBD Group provides its services to individual, corporate, government and institutional clients and helps them achieve their financial goals by providing a range of banking products and services, including retail and corporate banking, institutional, Islamic, investment and private banking, asset management, global markets, treasury and brokerage operations. The group is considered a major contributor to the digital banking industry at the global level, by executing more than 97% of financial transactions and requests outside its branches. The group owns Liv, Emirates NBD’s digital bank, which has close to half a million customers and remains the fastest growing bank in the region.
Emirates NBD contributes to building a sustainable future through its constant commitment to participating in and supporting sustainable development initiatives in the United Arab Emirates, including financial well-being and the inclusion of people of determination. Emirates NBD is committed to supporting the Year of Sustainability in the UAE, and was the first to support the Dubai Sustainability Initiative, an initiative launched at the emirate level with the aim of reducing the use of single-use plastic drinking water bottles.
For more information on Emirates NBD, please contact:
Ibrahim Sweidan
Head of the Group’s Corporate Communications Department
Emirates NBD Bank
e-mail: [email protected]
Mahmoud Qassem
assistant
Brunswick Group
[email protected] Email:
2023-09-04 07:10:44
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