FINCA Microfinance Bank Limited goes live on AutoSoft’s AutoMWALLET Branchless Banking Solution

FINCA Microfinance Bank receives regulatory approval from SBP to launch SimSim on AutoSoft’s AutoMWALLET Branchless Banking Solution

The State Bank of Pakistan gave FINCA Microfinance Bank Limited the formal authorization for commercial launch of its SIMSIM wallet, after a successful pilot. The product is powered by AutoSoft Dynamics’ Branchless Banking Solution - AutoMWALLET and, using the company’s speedy implementation methodology, went live in a record 4 months.

FINCA selected AutoSoft’s AutoMWALLET in March 2016. AutoSoft is SAP’s only OEM partner for their Mobility Solution, SAP Mobile Platform Consumer Edition, in Pakistan. With the AutoMWALLET suite, the solution becomes much more powerful facilitating provision of micro-loans, saving deposits, term deposits, remittances, and other banking services all while complying with The State Bank of Pakistan’s regulations.

SIMSIM is growing at a rapid pace thanks to its viral marketing flow and frictionless customer on-boarding process. AutoMWALLET is a complete, powerful, mobile payments and Service Delivery Platform. It offers support for mobile channels including mobile apps, portals, USSD, SMS, 3rd party networks through open APIs and works on any mobile device, on any network, with multi-lingual and multicurrency support.

Mr. Mudassar Aqil, CEO, FINCA Microfinance Bank Limited commented on the occasion: “We wanted to offer an interoperable platform that is telco agnostic and allows for quick and easy integration with any system wishing to work with SIMSIM. It was critical for us to mitigate the risk of implementation delays similar to those faced by other banks due to the complexity of implementing branchless banking software. We were delighted to have completed the successful implementation of AutoMWALLET at the bank in just four months and at a fraction of the cost of other branchless banking solutions. Using AutoSoft’s existing tried and tested banking plug-in’s we look forward to leapfrogging competition and offering innovative financial products including digital lending and micro savings on the mobile wallet. These will truly add value to our customers and allow the bank to implement The State Bank of Pakistan’s vision of financial inclusion.

Ms. Sadia Khan (CEO, AutoSoft) commented on the occasion: “AutoSoft is excited to be working with FINCA for the automation of their branchless banking platform. AutoMWALLET, when used alongside our core banking plug-ins, will allow the bank to offer saving deposits, term deposits, remittances, and other banking services on the wallet, all while complying with The State Bank of Pakistan’s regulations . With the bank’s clear vision enabled by AutoSoft’s technology, I foresee significant growth potential for the bank.”

Step Robotics, a Marketplace for Solar Products, Raises Funding at $2.2 Million Valuation

Step Robotics, an emerging enterprise that offers the first truly automated solar marketplace, has raised funding from LMKT at a market valuation of $2.2 million.

Company didn’t say anything on the amount of funding raised.

Step Robotics is a marketplace for solar service providers and potential customers. It promises to increase the service providers’ sales potential and reduces the cost of a Solar Electrical System.

The company also offers an analysis tool to improve the accuracy and speed of on-site measurement of indigenous solar resources.

Step Robotics offers an app as well as a lens that can capture images to calculate any shading impact on the output of the solar energy system. With a list of service providers and their relative prices, users can make intelligent buying decisions for solar electrical systems.

President Step Robotics, Junaid Qazi, while commenting on the development said, “Step Robotics has created a site analysis tool that is integrated with a solar marketplace. LMKT on the other hand, can use this groundbreaking technology and bring it to mass consumption.”

Junaid, while speaking with ProPakistani, said that shades — of various types — reduce electricity production by around 32 percent. He said that Step Robotics’ analysis tool will help reduce losses like that.

He further added that Step Robotics can also help identify the genuineness of solar panels, all through the app.

Netsol’s stock price soaring after $100 million deal

NetSol Technologies, Inc. is a provider of information technology and enterprise software solutions. The company is owned by Pakistani-based tech giant Najeeb Gahuri.

The Company’s primary source of revenue is the licensing, customization, enhancement and maintenance of its suite of financial applications under the brand name NetSol Financial Suite (NFS) and NFS Ascent for businesses in the global lease and finance industry. The Company’s offerings include its global solution, NFS. The four software applications under NFS have been designed and developed for a setting, and deals with multinational, multi-company, multi-asset, multi-lingual, multi-distributor and multi-manufacturer environments. Each application is used independently to address specific sub-domains of the leasing/financing cycle. NFS and NFS Ascent have various applications, such as loan origination system, contract management system, wholesale finance system and fleet management system. It operates in three regions: North America, Europe and Asia-Pacific.

Company announced the signing of a contract currently valued at more than $100 million, which includes license, maintenance, services and expected customization, with a long-standing customer to implement NFS AscentTM.

The agreement calls for upgrading to NetSol’s NFS Ascent platform, the company’s advanced solution for the auto and equipment finance and leasing industry, from the company’s NFSTM platform in Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, South Korea, Taiwan, Thailand and Malaysia. The contract also includes implementation of NFS Ascent in South Africa, a new market for NetSol. The implementation phase spans a five-year period, with maintenance and support over ten years.

Shares reached a new 52-week high on Monday , Analyst Ratings.Net reports. The company traded as high as $9.50 and last traded at $8.72, with a volume of 2,810,395 shares traded. The stock had previously closed at $6.40.

Netsol has been the topic of a number of research analyst reports. Zacks Investment Research upgraded NetSol Technologies from a “hold” rating to a “buy” rating and set a $6.25 target price on the stock in a report on Wednesday, October 28th. TheStreet upgraded NetSol Technologies from a “sell” rating to a “hold” rating in a report on Friday, October 16th.

The stock’s market cap is $66.07 million.

“This is a transformative agreement for NetSol, representing the largest contract in the company’s history, and a strong endorsement for NFS Ascent from a nearly two-decade-long partnership with our client,” NetSol CEO Najeeb Ghauri said in a statement. “The significant investments we made in our infrastructure and staffing are paying off and building leverage into our business.”

Source: http://www.pakeconomy.com/pakistan-finance/netsols-stock-price-soaring-after-100-million-deal/

Askari Bank | Successful go-live for AutoSoft's ADAMS Islamic & AutoRTGS

Askari Bank Limited Pakistan goes live on AutoSoft’s Islamic Treasury Solution & RTGS STP Utility

AutoSoft Dynamics (Pvt.) Limited is pleased to announce that Askari Bank Limited, Pakistan, a leading bank in the country, has gone live with AutoSoft’s Islamic Treasury Management System – ADAMS Islamic and RTGS STP utility (Real-time Gross Settlement System Straight Through Processing)–AutoRTGS. The bank can now easily manage and control their Islamic treasury operations using ADAMS Islamic as well as process large value funds transfers between banks using the AutoRTGS – RTGS STP Utility.

ADAMS Islamic is fully integrated with ORACLE core-banking system of Askari Bank. ADAMS Islamic system is an automated dealing, money market and securities trading solution that is fully Shariah compliant and is fully equipped to support Askari Bank’s Islamic treasury automation requirements. It provides the bank with a state of the art, multi-portfolio, multi-dealing room environment supported by robust risk management, back office management, statutory and management reporting features.

AutoRTGS is a real-time Straight Through Processing application for processing of large value interbank remittance transactions in real-time as per the policies and procedures set by the State Bank of Pakistan. AutoRTGS utility is integrated with State Bank of Pakistan’s RTGS system and can be integrated with any banking system to easily link the STP utility for processing of remittances and large value funds transfers between banks.

AutoSoft and Askari Bank have enjoyed a long-standing relationship; the bank has been using AutoSoft’s conventional treasury management system since 2002 to support their treasury-trading desk. The bank signed up for ADAMS Islamic and AutoRTGS at the end of September 2016 and within 3 months was pleased to go live with ADAMS Islamic on January 10, 2017. AutoSoft successfully implemented the AutoRTGS system within State Bank of Pakistan’s stipulated deadline of December 31, 2016. State Bank of Pakistan has now finally given Askari Bank the go ahead to go live with real-time posting in State Bank’s RTGS solution.

Ms. Sadia Khan (Chief Executive Officer, AutoSoft) commented on the occasion, “AutoSoft is delighted to have joined hands with Askari Bank for automation of their Islamic treasury operations through our ADAMS Islamic solution as well as successfully provide the bank an integrated link with State Bank’s RTGS system through our AutoRTGS STP utility. The systems will assist Askari Bank in enhancing its operational efficiency and will provide easy management and monitoring of its Islamic investments, similar to what our conventional treasury solution has done for the bank in the past.”

Mr. Nasir Zaidi (Head of Treasury Operations) commented, “As a financial institution, we are committed to continuously making essential investments in order to fulfill our existing and potential customer’s banking needs. AutoSoft’s implementation of ADAMS Islamic and AutoRTGS at Askari Bank has given us the tool and technology to do just that for our customers while, at the same time, conform to the regulations of State Bank of Pakistan."

NetSol Secures $2.8 Million IT Contract in the UK

One of the biggest IT companies in Pakistan, NetSol Technologies, has managed to secure a contract worth $2.8 million. It will be offering its services to a UK based gaming and 3D mapping company, eeGeo Inc.

NetSol Company Secretary Boo-Ali Siddiqui said “NetSol Technologies Limited has signed a ‘collaboration agreement’ to provide technology services to eeGeo Inc. – a Delaware corporation.” He was addressing the Pakistan Notification Exchange (PSX) in a notification.

eeGeo Inc is a software company which provides cloud oriented services like its SaaS platform. SaaS originated within games which required huge amounts of data to create real-looking, geo-spatially accurate city-wide renders. eeGeo can create and fast and fun interactive 3D maps for the very same purpose. Siddiqui said “Its specialty is to prepare internal 3D maps of buildings as per customer requirements.”

The contract winner will get shares in the company instead of cash. NetSol’s Secretary added “Under the agreement, NetSol will be issued 4.09 million ‘Series BB Preferred shares’ of eeGeo Inc. for which it is not required to pay any cash up front.” These shares will carry voting rights in general meetings as well.

Under the signed agreement, NetSol will get the shares and will provide outsourcing services to eeGeo at an agreed rate. The payment will be invoiced on a monthly basis.

NetSol’s total investment will be approximately $2.8 million over the next three or four years. The investment will be in terms of the services NetSol provides. The Pakistani IT company believes that eeGeo has potential to grow immensely. Their 3D mapping technology can be the flagship service. It has already got a good number of clients for 3D mapping.

Source: http://propakistani.pk/2016/05/13/netsol-secures-2-8-million-it-contract-in-the-uk/