Indian IT major Wipro has announced a multi-year partnership with Finastra to power digital transformation for corporate banks in the Middle East.

By leveraging Finastra’s product suite, Wipro will assist banks in transforming and digitising the complete trade finance process. It will help banks to enable optimisation, automation, faster time-to-market, and shortened client response times, said Wipro.

Finastra APMEA lending managing director Manish Joshi said: “As an already longstanding and important global partner, we are very pleased to extend our collaboration with Wipro to the Middle East.

“The broad portfolio of services and deep experience offered by Wipro are a superb compliment to Finastra’s cutting-edge solutions. Leveraging this combination, we look forward to fueling the digital transformation of even more banks and financial institutions in the region to help them and their customers reap the benefits of digitalisation.”

According to Wipro, the multi-year collaboration makes it the sole implementation and go-to-market partner to utilise Finastra’s trade finance solutions in the Middle East region.

The collaboration is said to be in line with the Middle East’s vision to quickly digitise and strengthen cross-border trade. It will utilise Wipro’s know-how, along with its wholly-owned affiliates CAPCO and Designit, across various areas.

These areas include digital transformation, consulting, cloud migration/adoption, customer experience/user experience (CX/UX), data and analytics, infrastructure, and operations.

Wipro Middle East banking, financial services, and insurance (BFSI) regional head Mohamad Hamza said: “Corporate banks are key players in the sector and are significantly transforming the way they operate to cope with the ever-evolving industry.

“Re-imagining digital services to improve client experiences and rationalising platform and operations centres to drive efficiencies are key priorities for the sector. This exclusive partnership with Finastra will enable us to help clients transform into truly digital platform players.”

In July 2022, Wipro was selected by Nokia for a new five-year strategic engagement to drive digital transformation and efficiencies in global business services (GBS). The contract is an extension of a partnership between the two companies that was established originally more than 20 years ago.