IBS Intelligence, the definitive source for independent and in-depth news, research and analysis of the financial technology market, regularly provides a comprehensive range of industry reports, guides and other resources including its latest and first regional guide on Middle East banking systems and implementations. The latest report published in October, Banking Systems in the Middle East, recognized that this region is now one of the most active areas despite the recent financial crisis. Having a diverse range of banks having diverse requirements from upgrades to enhancements to full implementations, SAGE echoes IBS’ analysis of the region.
SAGE opened an office in Dubai Internet City, Dubai, UAE in 2008 with the same market view of the Middle East. SAGE recognized that this region is moving towards the advancement of IT systems and processing in banks and financial institutions. In 2007, Abu Dhabi Commercial Bank (ADCB) became SAGE’s first client in the Middle East. ADCB required a tailored-made system for its new division on fund management and SAGE provided a Prospero fund management solution. ADCB has since then extended its use of Prospero into its wealth management and portfolio management operations. In 2009, SAGE also implemented its Prospero fund administration solution for Global Investment House in Kuwait. In just a short span, SAGE has gone live with several users and countries in the Middle East from Kuwait, Saudi Arabia, and the UAE.
Recognizing the contribution of SAGE in the Middle East, IBS Intelligence included and evaluated SAGE and Prospero in its first regional guide. The report described the modularity features of Prospero which runs on multi-tiered architecture; enabling all functionalities to be rolled out entirely via a table-driven environment, eliminating the need for coding and proprietary scripts to manipulate. The report noted that Prospero takers are institutions that span all sizes having several locations all over the world.
Tarek Hamdan, SAGE’s CMO, states that “We at SAGE have seen a very obvious positive trend in the banking software industry in MENA as this market continuously picks up. In these times, financial institutions have to justify every cent spent on IT and what it brings to their business. Prospero, our suite of financial solutions, brings more than cutting edge technology: Swiss banking best practices and innovative functionality.”