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L.N. Revathy

Coimbatore March 15 NewGen Software is gearing up to tap the West Asia banking market with its solution.

Its Managing Director, Mr Diwakar Nigam, speaking about the company's recent wins in the EMEA (Europe, Middle East and Africa) market said it has bagged contracts worth over $1 million for deploying the cheque truncation system on the BPM platform. "We have got contracts from 7 banks in the United Arab Emirates. We anticipate a ripple effect in at least another 25 banks in that region as it is emerging a high growth belt and banks are looking to automate their processes for better control."

"We executed projects worth about $3 million in Kenya alone this year. This is more than double of what we did last year," Mr Nigam told Business Line.

He, however, conceded to the complex and unconventional nature of banking in the region.. "The banks need tailor-made, customised solutions. The entry strategy is deep domain knowledge and commitment," he said and pointed to the challenges in Islamic markets arising from language barrier and closed business environments.

"We do process orientation, not offer point solution," he said and explained that the latter was just facilitating a function, while process automation provided the flexibility of adapting to market changes easily and quickly. "We build sub-systems when we implement our processes. The customer would be able to make the necessary changes whenever required without seeking our help each time," he said.

This end-to-end solution is expected to go live in another 4 months. NewGen, according to Mr Nigam has also bagged another `huge' contract in Western Africa.

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