Intellect Design Arena gains after Kuwait-based Boubyan Bank partners with iGTB

Intellect Design Arena rose 2.12% to Rs 709.55 after the company said that the Kuwait-headquartered Boubyan Bank has signed a major transformative deal with Intellect Global Transaction Banking (iGTB).

iGTB is Intellect Design's complete Global Transaction Banking platform. iGTB's software products help corporate banks prepare for a new era of customer-centric services.

Boubyan Bank will be one of the first banks in Kuwait to undertake a comprehensive digital transaction banking implementation to digitize and streamline Islamic transaction banking. This strategic investment meeting the diverse and advanced needs of corporate & SME customers, will re-affirm Boubyan Bank's superior position as a leading digital Islamic bank in the region

For iGTB, this deal marks the third key digital transformation customer in Kuwait.

iGTB CEO Manish Maakan said: Islamic financial institutions in Kuwait are exploring ways to drive innovation, reach new customers and expand their positive impact on society with sustainability. iGTB is Intellect Design's complete Global Transaction Banking platform. iGTB's software products help Corporate Banks prepare for a new era of customer-centric services.

This partnership with Boubyan Bank signals the urgent need banks to scale up corporate banking operations that emphasizes market-readiness and speed-to-market as 'hallmarks' of the next-gen Transaction Banking transformation, stepping away from long-haul bespoke programs. iGTB is Intellect Design's complete Global Transaction Banking platform. iGTB's software products help Corporate Banks prepare for a new era of customer-centric services.

Intellect Design Arena, a specialist in applying true digital technologies, is the a full spectrum banking and insurance technology products company, across global consumer banking, central banking, global transaction banking (iGTB), risk, treasury and markets, and insurance.

The company reported 39% rise in consolidated net profit to Rs 59.2 crore on a 6.8% increase in income from software product license and related services to Rs 373 crore in Q2 FY22 over Q1 FY22. It had recorded a loss of Rs 17 crore on an income of Rs 327.5 crore in Q2 FY21.

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