Intellect Design Arena closes 2% higher as National Bank of Kuwait expands partnership for digital transformation
Upstox
2 min read • Updated: April 15, 2024, 8:48 PM
Summary
The extended contract between National Bank of Kuwait and Intellect Global Transaction Banking (iGBT) involves modernising the lender’s corporate banking platform and providing streamlined digital solutions for corporate customers and SMEs.
Intellect Design Arena shares closed more than 2% higher on the NSE on Monday, April 15, after the company announced an extended partnership with National Bank of Kuwait (NBK) for its transaction banking division.
In a filing to the stock exchanges, Intellect Design Arena said that its specialised transaction banking arm, Intellect Global Transaction Banking (iGTB), has been awarded an extended contract by the National Bank of Kuwait (NBK), to execute a comprehensive digital transformation for the lender.
The contract pertains to modernising existing channels and providing new digital features in transaction banking services.
Through iGTB’s eMACH.ai-enabled Digital Transaction Banking, NBK is modernising its online corporate banking platform. The aim is to provide corporate customers and SMEs with streamlined, secure and user-friendly digital solutions, the company informed the stock exchanges.
This transformation marks a leap for the bank, in terms of enhancing scalability and transaction volumes. According to the filing, by prioritising next-generation digital banking, NBK aims to deliver the best omnichannel and mobile banking experience to its customers across various industries including oil and gas, construction, power and water and transport. Manish Maakan, the chief executive officer of iGTB, said, “In alignment with the ambitious New Kuwait 2035, we are joining forces with NBK in their growth journey, focusing on the integration of revolutionary technology and digital enhancements for the benefit of their corporate and SME customers. This partnership is pivotal in NBK’s quest to emerge as a ‘digital-first bank with trendsetting innovation’ in the MENA region.”
iGTB is the global transaction banking platform developed by Intellect Design Arena. Offering a range of transaction banking products, iGTB enables banks to meet their vision of becoming the principal banker for their corporate clientele.
Shares of Intellect Design Arena gained as much as 5.37% to an intraday high of ₹1,050 apiece on the NSE, after a gap down opening.
The stock closed 2.37% higher at ₹1,020 apiece on the NSE.