Anglo-Gulf Trade Bank signs for Fenergo client lifecycle tech
UAE-based Anglo-Gulf Trade Bank (AGTB) has picked a client lifecycle management (CLM) platform provided by Fenergo.
Fenergo says its system allows quick processing of low risk clients
AGTB is a joint venture between AGTB Holdings and Mubadala Investment. Founded to be the world’s first digital trade finance bank, it operates on a cloud-native platform.
In 2018 it joined Marco Polo, one of the largest networks of banks in the trade finance market leveraging blockchain technology.
Since then it had garnered the support of both Microsoft and consultancy firm Publicis Sapient.
Now the bank is deploying Fenergo to meet “strategic objectives” around disrupting the trade finance market.
It’s hoping to boost its anti-money laundering (AML) and know your customer (KYC) processes.
The vendor says its solution can provide a single client view across all departments, jurisdictions and products.
“We created our bank in the knowledge that the needs of global trade banking businesses weren’t being addressed,” says Amit Garg, CEO at the bank.
“To do this, we continue to work with vendors with product capabilities and configurability that help us achieve our goals. Fenergo ticks all the boxes.”
The global trade finance market reached $63.5 billion in 2019, and it will hit $79.4 billion by the end of 2026, according to Valuates data.
Marc Murphy, Fenergo CEO, says his firm is “excited” to partner with a “forward-thinking, client-focused company”.
He adds: “Our solution will allow AGTB to expediate onboarding while providing digital and frictionless client experiences.”
Recent Fenergo clients include UK insurance company Aviva, and the Americas division of Mizuho Financial Group.
