By John Lee.
The state-owned Trade Bank of Iraq (TBI) has reportedly signed a Memorandum of Understanding with India-based ESDS Software Solution to develop financial technology and a cloud platform in Iraq.
According to Zawya, Alpen Capital (ME) Limited acted as the sole advisor for the transaction between the two firms, which aims to "establish a long-term strategic relationship in the field of establishing and managing data centre, cloud solutions and virtualization and disaster recovery hosting solutions, financial technology solutions and other Information Technology services in Iraq".
Faisal Al Haimus, Chairman and President of TBI, is quoted as saying:
“This is indeed a landmark association and we believe our combined synergies will allow us to make significant strides in the area of fintech and technology advancement. This is the latest in a number of strategic agreements we have made with leading firms in the region to help rebuild, develop and modernise Iraq."