3i Infotech Limited, a global provider of IT solutions and services and one of India’s largest and fastest growing product companies, announced that Malta-based FIMBank, a market leader in trade finance, has selected TANGIBLE™, the factoring and invoice discounting solution for its planned factoring joint venture companies in Egypt, Malta, UAE, Argentina, Brazil, Russia and China.

FIMBank is supported by International Finance Corporation (IFC) and is implementing a strategy to develop a number of joint venture factoring companies in select countries. These companies will create a global network of specialist trade finance institutions that are geared towards the promotion of factoring and other alternate trade finance products in the emerging markets in partnership with local banks.

The implementation of TANGIBLE™ will enable FIM Business Solutions Limited (FBS), a fully owned IT subsidiary of FIMBank, to manage its IT operations from Malta as the centralised processing hub. FIMBank’s operations in other countries will be supported using the web-based application. TANGIBLE™ will also provide FIMBank an integrated view of resource allocation, collaboration and risk management across its business operations.

Egypt will be the first site of implementation for TANGIBLE™

Commenting on the implementation, FIMBank president Ms. Margrith Lutschg-Emmenegger said: “Technology is at the core of our business especially for the growth of our foreign trade operations. With the implementation of 3i Infotech’s multi-entity solution TANGIBLE™, the bank is poised to leverage technology to support operational growth and remain competitive.”