Dubai: Trade Bank of Iraq (“TBI”) has entered into a Memorandum of Understanding (MoU) with ESDS SOFTWARE SOLUTION PVT. LTD, India (“ESDS”) to develop financial technology and a cloud platform in Iraq.

Alpen Capital (ME) Limited acted as the sole advisor for the transaction between the two firms, which aims to establish a long-term strategic relationship in the field of establishing and managing data centre, cloud solutions and virtualization and disaster recovery hosting solutions, financial technology solutions and other Information Technology services in Iraq.

ESDS has developed revolutionary technology of vertical auto-scaling in cloud and virtualization. This technology is patented by the United States Patent and Trademark Office (“USPTO”) and Intellectual Property office of United Kingdom (“The IPO”).

In addition to the revolutionary cloud technology, ESDS has proven expertise in setting up data centres and providing customized data centre and other information technology solutions for Banks and Financial Institutions, managed data centre services, managed cloud solutions and data virtualization, disaster recovery hosting and web designing and web hosting services.

ESDS will provide all its services and expertise including the patented data centre software – eNlight 360 to TBI and become an exclusive partner to TBI for the market of Iraq and the neighbouring markets to be mutually agreed between parties. It will also render technical know-how and managed services to IWEPIT.

Faisal Al Haimus, Chairman and President, TBI, said: “This is indeed a landmark association and we believe our combined synergies will allow us to make significant strides in the area of fintech and technology advancement.

“This is the latest in a number of strategic agreements we have made with leading firms in the region to help rebuild, develop and modernise Iraq.

Piyush Somani, Founder MD & CEO, ESDS said: “We at ESDS are highly excited about this partnership with TBI. We consider ourselves lucky to get such an opportunity to transform a country like Iraq, where Cloud Technology and FinTech solutions are desperately needed to bring the country to the level where it should have reached by now.

“ESDS is the only Cloud service provider in the world having Patented Vertical as well as Horizontal auto-scaling technology deployed for Banking Community Cloud having more than 300 Banks in India. We are very much confident of filling up the vacuum which exists in Iraq Technology market.”

-Ends-

Press Contact:
Noorul Hijaz
Seven Media
noorulhijaz@sevenmedia.ae   / +97155 3163 123

About Trade Bank of Iraq (TBI)

The Trade Bank of Iraq was established in 2003 and is the top commercial bank in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks in terms of cost to income ratio and 332 globally in terms of Tier 1 capital. It has established 25 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions to widen its customer base and expand into new markets.

About Trade Bank of Iraq:

The Trade Bank of Iraq is fully owned by the Government of Iraq, was established in 2003 and is now one of the largest banks in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks and 332 globally in terms of Tier 1 capital. It has established 25 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions. The Bank had paid up capital of USD 2.346 Billion and total Assets of USD 19.2 Billion at end of 2017.

About ESDS:

Founded in 2005 by first generation entrepreneur Piyush Somani, ESDS is one of India’s leading Data Center Services and Auto-Scalable Cloud Solution providers. ESDS has an expertise in Managed Data Centre Services, Managed Cloud Solutions, Virtualization and Disaster Recovery Hosting. ESDS has developed a unique concept of community cloud, which offers customized data centre services and cloud solutions. It is successfully running four community cloud in India – Banking and Financial Institutions, Government, ERP/SAP and Enterprises.   

About Alpen Capital

Alpen Capital (ME) Limited is incorporated as a limited liability company in the Dubai International Financial Centre, Dubai, United Arab Emirates and is licensed by the Dubai Financial Services Authority. Alpen Capital offers a full range of investment banking advisory services in the areas of M & A, Debt, Equity and Capital markets to institutional and corporate clients across the GCC, South Asia, South East Asia, Levant and Africa. Apart from Dubai, it has offices in Abu Dhabi, Doha, Muscat, Mumbai and New Delhi.

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.