Online Trading Platform to support DMCC's mandate to enhance commodities trade through Dubai
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. "DMCC Tradeflow" offers a secure and transparent central registry of ownership for commodities stored in Dubai.
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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About DMCC:
Established in 2002 by Royal Decree, the Dubai Multi Commodities Centre Authority (DMCC) is a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.
By offering a fit-for-purpose regulatory framework, modern infrastructure, freehold property, innovative products and cost efficient, value-added services, DMCC successfully attracts key participants throughout the entire value chain of a wide range of commodities sectors.
However, although DMCC is the region's only commodities hub, its business activities include free zone, financial and property services.
About 3i Infotech:
3i Infotech (www.3i-infotech.com) is a global Information Technology company committed to Empowering Business Transformation.
A comprehensive set of IP based software solutions (20+), coupled with a wide range of IT services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Banking, Insurance, Capital Markets, Asset& Wealth Management (BFSI). The company also provides solutions for other verticals such as Government, Manufacturing, Retail, Distribution, Telecom and Healthcare.
3i Infotech has over 1500 customers, including 71 in the Fortune 500 list, in more than 50 countries across 5 continents.
For more information, please contact:
Sanjay D'mello
Head - Corporate Marketing
3i Infotech Ltd.
Tower # 5, 3rd to 6th Floors, International Infotech Park, Vashi
Navi Mumbai 400 703
Tel: +91-22-6792 8000
Fax: +91-22-6792 8095
Email: corporate@3i-infotech.com
CommuniGate Middle East
PO Box 66861, Dubai, UAE
Tel: +971 4 3988134
Fax: +971 4 3988137
Email: info@communigateme.com
Website: www.communigateme.com
© Press Release 2012
