Azentio Software, a leading technology firm headquartered in Singapore and owned by funds advised by Apax Partners, proudly announced its double victory at the prestigious 5th edition of the IBS Intelligence Global FinTech Innovation Awards 2023. The awards were conferred during the Cedar-IBSi Summit on Digital & Core Banking, a recent event hosted in Mumbai.
Azentio clinched the 'Best Islamic Banking Implementation: Best Project Implementation' award for its collaboration with Summit Bank Limited in Pakistan. Additionally, it secured the 'Best Transaction Banking Implementation: Best Adopted Tools and Practices' award for its partnership with Vision Bank in the United Arab Emirates (UAE). Both accolades celebrated the impactful implementations of iMAL, Azentio's Islamic Banking platform, marking it as the first to receive certification from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The IBS Intelligence Global FinTech Innovation Awards recognize outstanding achievements in innovation using emerging technologies across banks, financial institutions, and technology players. This year's edition acknowledged the most innovative and influential implementations in 30 categories, drawing over 250 nominations from 49 countries.
Nikhil Gokhale, Director - Research & Digital Properties at IBS Intelligence, congratulated Azentio, stating, "Congratulations to Azentio for their well-deserved wins. Summit Bank's journey with Azentio exemplifies a seamless integration of technological innovation and strategic implementation, leading to banking operations that not only align with Islamic principles but also drive efficiency, control, and customer-centricity. The successful implementation of iMAL Core Banking at Vision Bank, with seamless integration into third-party digital platforms, reflects a strategic advancement for the bank in serving corporate trade customers. The project's agility, meticulous planning, and governance underscore a commitment to efficiency, innovation, and client-centricity."
L Guru Raghavendran, Senior Vice President, Banking & Capital Markets at Azentio, expressed pride in the company's role in the expansion of Islamic banking, a market showing steady growth. He highlighted Azentio's commitment to supporting major Islamic banks like Summit Bank and Vision Bank, enabling them to compete digitally while fulfilling financial inclusion objectives through accessible services, continuous product innovation, and rigorous compliance and governance. Raghavendran extended gratitude to both partner banks and IBS Intelligence for honoring Azentio with these prestigious awards.
It's noteworthy that Azentio achieved top rankings in various categories in the exclusive Leadership Club of IBSi Sales League Table (SLT) 2023, securing the number one position for Product Breadth, Islamic Banking in Retail Lending (for the Azentio ONEBanking platform), Process Automation / BPM (for the Azentio Islamic Banking suite), and Insurtech Solutions (for the Azentio ONEInsurance platform).
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