Intellect Design Arena expands footprint in Saudi Arabia; stock hits upper circuit

The digital transaction banking (DTB) solution of Intellect Design Arena Limited’s global transaction banking platform (iGTB) has been selected by Samba Financial Group, which is one of Saudi Arabia’s largest and the most-acclaimed financial services groups.

The bank has selected DTB to power its digital transformation initiatives to strengthen its corporate offering and help attract more customers. The solution will help the bank become more competitive, streamline internal processes, and in turn, generate additional revenue streams. It has chosen the digital transaction banking (DTB) complete solution for cash management, which includes the digital omnichannel CBX for account services, payments, collections & receivables, and liquidity management front-end with processing capabilities.

The bank DTB enables banks to be disruptive in the digital financial industry through its fully-integrated transaction banking platform. Leveraging the platform, the banks can build solution ecosystems that deliver seamless digital experiences across the corporate financial supply chain.

Customer preferences have changed dramatically in recent times in the Middle East, with a steep increase in the uptake of digital banking. Small, digital-only banks and fintech are already entering the Saudi Arabian market with next-generation services, determined to win customers.

iGTB is the world’s first complete global transaction banking platform from the house of intellect. Intellect Design Arena, a specialist in applying true digital technologies, is the world’s first full-spectrum banking and insurance technology products company, across global consumer banking, central banking, global transaction banking (iGTB), risk, treasury, and markets as well as insurance. After partnering with Samba Financial Group, the company can now further expand its footprint in the Kingdom of Saudi Arabia.

On Thursday, the stock of Intellect Design Arena hit an upper circuit of 5 per cent at Rs 195.30 from its previous close of Rs 186 on BSE.