(MENAFN - Khaleej Times) Multinational software solutions provider Misys is looking forward to strengthen its client base in the UAEs banking and financial sector, its top official for the Middle East said.
The London-based company is looking to do more in expanding its presence in emerging markets especially in the Middle East, Roy Froud, Misys Director for Middle East and Africa, told Khaleej Times in an interview.
Misys was one of the first companies to embark in the banking software sector, starting out in the region in 1982 here in Dubai, and at present it also has an office in Bahrain. The company has come a long way, and it does not want to stop there.
Were doing a lot in the trade finance area, treasuries, capital markets, foreign exchange pretty much everything, Froud said.
Misys provides software core banking that provides clients with various services, such as keeping track of balance and interest. It also has a specialist system that, according to Froud, would allow clients to manage their loans with standard banking systems. He pointed out though, that Misys software does not cover ATMs. Its first client in the region is Arab Bank, and most of the banks in the Middle East use Misys software.
Froud said that Misys has recently launched Bank Fusion UB, which is a completely new way at looking at banking system technology.
With Bank Fusion, it allows the bank to create their own processes, allowing them to become different. It defines the [banks] workflow or processes within Bank Fusion " its all in the application.
Froud said that Qatar National Bank is the first institution to embark on Bank Fusion, and it is expected that the system would go live in the bank towards the end of the year or early 2011. He added that Bank Fusion is garnering a lot of interest from the banking sector, because it is a next-generation software, allowing banks to do their own thing.
Globally, Misys caters to two industries " healthcare and banking/finance. The former, though, is only being rolled out in the United States.
In the last fiscal year, Misys had a worldwide revenue of 342 million, equally divided into both its segments (171 million each). The Middle East contributed 46.5 million, or 28 per cent, to the healthcare figure.
Misys enjoys a healthy 28 per cent market share in the region.
He said that Misys spent 110 million on research and development, 70 per cent of which was used to conceive new products globally.
Looking back into the recent financial crisis, Froud said that Misys was able to deliver strong results in our business throughout. Our commitment to our customers was the main priority. He added that the crisis did not stop the company from moving forward.
The philosophy paid dividends, as Misys business grew by 13 per cent from last year.
Froud is confident on the future of Dubai, terming it as a fantastic place to do business.
I dont think weve ever for a moment thought that wed have our regional head office anywhere else than Dubai, he said. Were thankful for all the support weve been getting for our business from the time we started it in the early eighties up until now. For the entire Misys management, theres really no alternative in terms as a hub for the region.
On a broader scale, Froud said there are a lot of factors contributing to the resilience of the emirate, which is the same reason why companies came here to do business.
It looks pretty positive, he said. The number of projects in the UAE is encouraging Its a very good place to do business. Were positive on the UAE.
By Alvin R. Cabral
