Microsoft and Publicis Sapient have partnered with Anglo-Gulf Trade Bank (AGTB) to launch what it says is “the world’s first end-to-end digital trade finance bank,” reports Jane Connolly.
Announced last October, the UAE-based AGTB started a commitment to using new and emerging technologies – such as big data analytics, distributed ledger and cloud computing – to address the global trade finance gap of $1.5 trillion.
Publicis Sapient is the digital business transformation hub of France’s Publicis Groupe and will act as a digital partner to the bank, which will supposedly be the first trade bank to be fully digital from the outset. This will be achieved with the use of Microsoft’s intelligent cloud-based security and data solutions.
Both companies have provided implementation strategy, technology and client experience from the bank’s outset.
Daniel Gould, CEO of AGTB, says that AGTB is “rethinking and rebuilding” trade finance.
He adds: “By choosing market-leading partners such as Publicis Sapient and Microsoft, we are able to collaborate and take advantage of their capabilities to improve cross-border trade finance and stimulate collaboration within a growing trade ecosystem. Together we are fixing trade finance.”
Aiming to facilitate trade between the Middle East, Asia and the UK, the new bank is a joint venture between AGTB Holdings Limited and Mubadala Investment Company. It is headquartered in the Abu Dhabi Global Market (ADGM) financial centre, with additional offices to follow.