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User Spotlight

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Tech Talk

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Learn & Develop

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In The News

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On The Road

At a Glance

User
SPOTLIGHT

Path Solutions helps banks go live in less than 90 days

JUL

7

2021
Ahmed-Riza
mib-maldives-islamic-bank

With Path Solutions, it took us less than three months to implement and go live with the new core banking system. This was strategic to our business growth. The solution is more mature than any other one available in the market. It is modular and customizable, and you can parametrize and achieve most of your deposit or financing product requirements. The administration of the system is straightforward and easy; this simplifies the process, saving time and cost.

Ahmed Riza
Chief Operating Officer

Successfully supporting GAB during upgrade transition

JUN

28

2021

We are grateful for the great level of support and assistance extended by Path Solutions’ Support team being made available to address our urgent needs irrespective of common projects’ constraints, time and resources, and by assisting us in meeting our key business objectives. This successful upgrade will power rapid time-to-market for new digital banking products, for the system includes many new features and enhancements to improve the user experience.

Mohammed Mukamani
Senior Manager - Business Systems

Mohammed-Mukamani
Gulf African Bank

Path Solutions successfully completes system upgrade at KFH

MAY

27

2021
Ahmad-Eissa-Alsumait
Kuwait Finance House

We express our gratitude and appreciation to Path Solutions’ project team for their dedication and great efforts in implementing the new Islamic Treasury solution remotely during COVID-19 lockdown while ensuring a high quality and stable production environment. The successful implementation of the new solution that is fully automated with Reuters, Bloomberg and 360T at KFH Group will improve the performance of all treasury functions at the bank, and will allow us to offer a wider range of Islamic Treasury products based on specific requirements to our customers all over the world.

Ahmad Eissa Alsumait
General Manager Treasury

Tech
TALK

The Digital Payment Revolution in the Banking Sector

Even before the coronavirus pandemic, changes in customer preferences were more visible in the digital world as more bank customers turned to internet banking, mobile banking, and mobile payments, which changed the way they interact with their banks and financial institutions.

The emergence of COVID-19 has severely disrupted the methods of money transfer and payments. Many people see the pandemic and its consequences as a turning point and a driving force in the adoption of online payments. Suddenly, the global payment landscape has shifted as new entrants, new technologies, new channels and greater customer expectations have all contributed to the change.

After the outbreak, the use of digital payments and remittances has rapidly increased globally and in different contexts. Even in countries where the usage of digital financial services was relatively high before the pandemic, the number of subscriptions and practice increased due to the forced conversion of people who previously avoided the market such as the elderly and the illiterate.

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Darwish Khalil

Head of Digital
Product Strategy & Management
Path Solutions

Banknotes may be spreading the new coronavirus, so people should try to use contactless payments instead.
Source: World Health Organization

COVID-19 as a Cashless, Contactless, and Digital Payments Accelerator

We have not yet seen the long-term damage caused by the COVID-19 pandemic. So far, all the precautions we have taken to stop the spread of coronavirus, including social distancing, wearing masks, sanitizing hands, cleaning door handles, and disinfecting everything we touch, won’t disappear so fast. Additionally, it can be observed that fewer customers are dealing with cash nowadays, as each banknote has a large circulation during its life cycle, and thus it tends to carry the most numerous pathogens.

Concerns and worries about what the future will bring as the COVID-19 pandemic continues, one thing remains the same: Customers’ desire to stay healthy and safe.

In both developing and developed countries, to avoid handling cash and more broadly, to facilitate purchases in a time of extended lockdowns, governments and regulators have been encouraging the use of digital financial services (especially digital and contactless payments) through targeted interventions and policies, not only to curb the spread of the virus but also to serve as a social safety net to strengthen livelihoods and enhance resistance to the pandemic.

As the coronavirus epidemic accelerate digitization, we will see widespread adoption of contactless and digital payments, thereby eliminating the reliance on physical cash. Obviously, we are moving towards a cashless society.

Forecasters predict that by 2028, cash will be involved only in 10% of transactions, as the COVID-19 crisis is likely to quickly lead us into a cashless future.
Source: The Guardian
6

The Future: Cashless Society and Digital Currencies

Many people imagine the future of currency as a digital paradise, a world where all financial transactions are completely processed in a non-analog way, and a truly cashless society.

With digitization, governments are trying to reduce the cost of coin and banknote printing and to counter the influx of counterfeit currencies, which is disrupting economic growth, thus creating a safe environment that is conducive to digital and cashless payments.

From a macroeconomic perspective, if digital currencies controlled by the central bank are based on different currencies, exchange rate risks and currency fluctuations can be avoided. Likewise, if digital currency is centrally backed, it can be used as low-cost leverage like traditional currencies. Of course, these points add significant cost savings associated with not having to manufacture coins and banknotes.

Although traditional banks with legacy systems may find digital transformation daunting, the rise of digital currencies and financial technology payment solutions means that banks and financial institutions need to rethink how to improve service efficiency and make it compatible with an increasingly digital world.

Digital Disruption in the Banking Sector

Digital payments have been evolving differently in different jurisdictions, based on various factors such as customer preferences, industry structure, bank infrastructure, and central bank support. However, there are digital payment trends that are showing universal adoption around the world, such as financial institutions’ focus on API-based platforms, leveraging distributed ledgers for cross-border payments, embracing open banking, and leveraging real-time payments to meet various customer and business needs.

Artificial intelligence (AI), machine learning (ML), robotics, blockchain, and other disruptive digital technologies are driving a cashless payment ecosystem forward to offer fast, secure, seamless, and frictionless financial transactions.

Financial institutions are facing increasingly fierce competition from Fintech startups and tech giants for attracting customers’ attention by providing seamless, convenient, and frictionless customer experience. Accordingly, they are looking to digitize their financial services to meet the needs of today’s mobile users, including security, flexibility, and tools to enable cashless and digital payments on all platforms.

Countries around the world are modernizing their payment infrastructures to enable businesses as well as customers to transfer money faster while helping to monetize the platforms. Combined with the opening of traditional banking silos, financial institutions are focusing on updating their payment channels to meet future payment requirements related to volume, speed, and agility.

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a

Cashless and Digital Payments: Pros and Cons

The digital payment ecosystem can save financial institutions time and money by reducing the cost of manual reconciliation, counting, processing cash, and government cash distribution, which stimulates economic growth by making payments easier, faster, transparent, and more convenient.

The rapid increase in smartphone penetration in emerging markets is expected to have a positive impact on market growth. Furthermore, the introduction of mobile wallets and mobile payments around the world is rapidly accelerating the adoption of digital payment services.

Due to its digital nature, the new digital payment ecosystem also provides data mining capabilities that threaten users’ privacy and increase the possibility of cyberattacks that may lead to data loss and exploitation. Incomplete—and sometimes inadequate—regulation may also leave room for misconduct and abuse by service providers, who are not always transparent on how they monetize the data that goes through their systems.

Conclusion

As the world economy becomes more interconnected, the need for businesses to make cross-border payments to vendors, suppliers, partners, merchants, individuals and organizations will increase. Digital payments will solve many of the obstacles and physical barriers associated with global payments, including currency exchanges, transfer rates, fraud and security.

With the influx of Fintech startups, incumbent banks are innovating in various ways to provide retail and corporate banking customers with a seamless and frictionless payment experience. Distributed ledgers, SWIFT Alliance Lite2, SWIFT GPI for transforming cross-border payments are examples of how incumbent banks are focused on digital experiences to stay relevant in a booming and crowded marketplace.

As the digital payments market evolves, we look forward to further cooperation between financial institutions and Fintechs in their common quest of making digital payments simple, secure, seamless, convenient, and frictionless.

In a post-pandemic world, digital payments are likely to become more popular and widespread. Financial institutions need to respond to and seize new opportunities by providing seamless and convenient digital payment experiences, considering the availability and inclusiveness of payments for new or underserved customer groups, complying with relevant regulations (such as PSD2 and SCA), leveraging data to enhance customer journey and deliver superior financial experience, and to prepare for the future by improving the payment infrastructure and security vulnerabilities to handle increased volumes of transactions.

The adoption, use, and familiarization of global digital payment services are expected to continue for a long time, as these services are increasingly becoming an integral part of popular financial behavior and are likely to promote the development of the industry for many years to come.

Fact
BOX

S&P Global Ratings - The Future Of Banking: Digital Wallets Will Replace Cash In Pockets

PwC Strategy & Global Payments Model 2021:
Payments 2025 & Beyond

MoneyTransfers.com: The Countries Most Likely
to Support a Cashless Society

The Financial Brand: 6 Ways Digital Is Transforming The Customer Journey In Banking

Oberlo: Most Popular Online Payment Methods

HPS: How digital acceleration will affect
the payment industry?

Sources: Capgemini Financial Services Analysis 2020, Lightico, Capgemini COVID-19 Consumer Survey

The Guardian: Cashless society draws closer
with only one in six payments now in cash

Learn &
DEVELOP

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RCSA (Risk & Control Self-Assessment) Online Training

Risk is unavoidable in any business environment and as such risk assessment tools have become an integral element of an organization’s overall risk management and control governance framework. RCSA (Risk & Control Self-Assessment) is a new standalone and dynamic risk assessment tool from Path Solutions which allows banks to highly parameterize and track the detailed life cycle of the detected risks within the entity. The framework allows users to identify, assess, control, mitigate, and document risks which leads to consistent and accurate decision making.

On June 23 & 24, the Corporate Academy organized a business training on RCSA tool for its nominated consultants from different departments. More than 50 employees of various departments of Path Solutions attended the online training. Certificates were then distributed to those who completed the training and successfully passed the evaluation test.

Workshop on Visual Process Asset Library (Visual PAL)

As part of the company’s continuous improvement and CMMI Version 2.0 Level 5 journey, the central repository of the Process Documents (Process Asset Library - PAL) is being converted to Visual Process Asset Library (Visual PAL) - a visual workflow which facilitates better user experience/understanding and visually appealing. The Visual PAL provides an interactive workflow environment where the user can navigate the different business processes followed in Path Solutions, starting with the Enterprise Process Architecture to specifics of each task, giving details about what to do, when to do, whom to approach, teams involved, risks involved, metrics for measurement, and the document/tool to be used for the purpose.

The workshop to introduce the tool and its features was organized on June 9 & 10 for the Global Professional Services and Support, Product Engineering and Product Management teams.

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CRM Training

Effective customer relationship is essential for any organization to succeed and the CRM application of Path Solutions serves this purpose. CRMPlus is a highly customizable solution based on Microsoft Dynamics 365 CRM, helping the banks to meet the overall goals of customer relationship management, while offering them new opportunities of expansion and growth by widening their market share through attracting new customers, retaining existing ones, as well as reducing the cost of marketing services. The ultimate purpose of this solution is to reduce operational costs and increase the bank’s profit by providing an enhanced and superior customer service.

In tune with the strategic plan of building a new team for supporting and implementing the new CRMPlus solution, an intensive training program was designed and 14 techno-functional consultants from GPSS were selected to attend the training. This intensive training was provided in four phases spreading over June 2021, covering various areas like the Introduction to Dynamics 365, D365 CE Customization, CRM for Banking and CRM for Loyalty.

New Hires Induction Training

From May 24 - 26, the Corporate Academy and HR departments jointly arranged some induction sessions to a newly recruited batch of 23 employees belonging to different departments. The sessions included introduction to different topics by senior staff members from the Corporate Academy, HR, ICT, GPSS, and Quality Management & Compliance departments.

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Technical Training on Omnichannel - Digital Banking Platform

To quickly expand the knowledge and professional experience of our technical consultants of the new Omnichannel - Digital Banking platform, a technical training was arranged by the Corporate Academy during the period 27 April - 4 May for about 40 participants from different departments and various offices. The new digital banking platform of Path Solutions provides comprehensive off-the-shelf features and functionalities to satisfy the digital banking needs of today’s customer-centric financial institutions across all supported digital channels. This leading platform allows banks to orchestrate customer interactions across multiple touchpoints, saving time and costs massively.

Big
WINS

Heartfelt Congratulations from Path Solutions
to our Award-Winning Clients

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World Economic Magazine Awards 2021
Forbes Middle East
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Top 50 Banks
In The Middle East

Forbes Middle East
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Top CEOs
In The Middle East 2021

EMEA Finance
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Middle East Banking Awards 2021

The Banker
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Islamic Bank
of the Year
Awards 2021

African Banker Awards 2021
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Best
Regional Bank
in North Africa

Global Finance The Innovators 2021: Best Innovation Labs
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Best Bank
Sponsored Labs 2021

Global Finance The Innovators 2021: Best Innovation Labs
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Best Financial Company Internal Labs 2021

International Banker Awards 2021
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Middle East

Global Business Outlook Awards 2021
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Finance

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ICD Finnovation Award
International Finance Awards 2021
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Banking Awards

International Finance Awards 2021
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Financial Awards

World Finance Islamic Finance Awards 2021
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Best Islamic Bank by Country

World Finance Islamic Finance Awards 2021
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Individual Awards

World Finance Islamic Finance Awards 2021
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Special Recognitions

Euromoney Awards for Excellence 2021
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Country Awards
Best Bank

Global Banking & Finance Awards 2021
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Fund & Asset Management Awards

Global Banking & Finance Awards 2021
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Islamic Banking Leadership Awards

Global Banking & Finance Awards 2021
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Islamic Corporate Banking Awards

Global Banking & Finance Awards 2021
award-finance-review-2021

Retail Banking Awards

International Business Magazine Awards 2021
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Africa

International Business Magazine Awards 2021
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Middle East

Global Brands Magazine Awards 2021
award-global-brands-magazine-2021

Banking / Finance Awards

In The
NEWS

Azentio Software to acquire software assets from Path Solutions

AUG

16

2021

Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics). The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

Tony Kinnear, CEO, Azentio, commented: “The acquisition has great significance for us, as it adds scale and depth to Azentio’s Islamic and core banking offerings and further reinforces our vision and resolve to be a regional leader in the BFSI software space across APAC, MEA and emerging markets. I am extremely happy to welcome Mohammed Kateeb and the Path Solutions team, clients and partners to Azentio. We complement each other well, with both organizations focused on making a real difference to our clients”.

Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said: “Today, the Islamic financial industry needs to urgently transform to meet its new digital objectives. Joining with Azentio now puts wind beneath our wings to accelerate our journey and deliver at a greater scale and speed to meet industry demands. This will also provide our people and partners the opportunity for growth and to our clients the surety of technologically rich, innovative, high-impact products that will help them grow and provide best-in-class service to their end customers”.

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Hijra Bank awards core banking platform contract to software giant Path Solutions

AUG

5

2021

After receiving the green light from the National Bank of Ethiopia (NBE), Hijra Bank, the second fully-fledged interest-free bank in the country has engaged in a highly competitive bidding process which resulted in the selection and signing of an agreement with Path Solutions for the implementation of its AAOIFI-certified core banking platform.

Dawit Kenno, the newly appointed acting CEO of Hijra Bank, said, “Along the lines of our vision to be the most preferred interest-free bank in Ethiopia, we need to create a robust foundation to drive growth and to have the agility to innovate continuously, especially with the fast evolvement of financial technology to remain relevant ahead of the competition. Path Solutions understands the vital role of IT in our business to bring value, ensure convenience, functional and service quality and improve profitability. The company’s Islamic banking domain know-how and extensive international experience will allow our bank to launch unique interest-free banking products for the best market fit along with an outstanding customer experience”.

Hijra Logo

Path Solutions wins Best Islamic Fintech Company 2021 Award

JUL

19

2021

At the recent World Economic Magazine Awards 2021, Path Solutions has emerged as a winner in the category ‘Best Islamic Fintech Company’. The award comes on the heels of the IBSI SLT 2021 release in which Path Solutions extended its stellar record, ranking #1 in two categories; Islamic – Universal Banking | Core and Data Warehouse & Business Intelligence.

Founded in Kuwait in 1992, Path Solutions is a global leader in AAOIFI-certified banking solutions and services. As a proven software partner focused on powering tomorrow’s intelligent bank, Path Solutions gives its clients a distinct advantage by enabling them to outperform the competition and stay ahead of the innovation curve. Path Solutions powers their transformation to a smarter and digital organization to reap competitive advantages from higher profit margins to faster market share growth.

Kuwait-based Path Solutions shortlisted in three categories at GAMECHANGERS (ACQ5) GLOBAL AWARDS 2021

JUL

7

2021

At the recent GAMECHANGERS (ACQ5) GLOBAL AWARDS 2021, Path Solutions and its Group Chairman & CEO have been announced as winners under the following categories:

  • Islamic Financial Software Provider of the Year, Path Solutions
  • Core Banking System Provider of the Year (Islamic Finance), Path Solutions for the seventh year
  • Gamechanger of the Year (Fintech) - Mohammed Kateeb, Group Chairman & CEO for the third consecutive year.

The awards pay tribute to exceptional firms and individuals who have been successful over the past 12 months and had the greatest impact on the industry at this ongoing complex juncture.

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Path Solutions dominates
at Banktech Award 2021
by receiving triple recognition

JUN

17

2021

Path Solutions is thrilled to announce that it has won three different awards at Banktech Award 2021 from Faster Community. There were two different categories won by Path Solutions - ‘Best Islamic Finance Technology Vendor in Banking’ and ‘Best Digital Banking Technology Provider’, whereas the company’s Group Chairman & CEO, Mohammed Kateeb was selected as ‘Banking Technology Personality of the Year’.

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Commenting on this triple recognition, Kateeb said, “We are proud to receive these coveted accolades. These rewards have enforced our belief in our vision and will boost our motivation and intensify our resolve in realizing new heights by becoming the technology provider of choice for financial institutions in the post-COVID-19 era. We are constantly striving to keep our leading-edge banking software ahead of competitors, and awards such as these clearly demonstrate the market recognition of our relentless and uncompromising efforts. We will continue to provide the best open and flexible platform for our clients to deliver engaging and empowering frictionless banking experiences”.

Path Solutions maintains TOP position in IBSI SLT 2021 in a winning world record

JUN

14

2021

We are pleased to announce that Path Solutions has won the TOP position in two categories in the IBSI Sales League Table 2021 (IBSI SLT); Islamic - Universal Banking | Core, Data Warehouse & Business Intelligence.
Path Solutions re-affirmed TOP position for twelve consecutive years in the IBSI Islamic Sales League Table 2021 with its industry-leading AAOIFI-certified digital banking suite iMAL. The company positioned as a Competitive Player in the IBSI LeaderBoard - Universal Banking | Core for CY 2020 Deals, featured in the SLT Leadership Club 2021 among category leaders, and ranked second in Islamic Retail Lending category.

Path Solutions has an established track record of product innovation. It is a recognized global leader in financial software solutions for Islamic and conventional financial institutions, and this is further proven by its extensive market reach and continuously growing clientele base.

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Soneri Mustaqeem signs an agreement with Path Solutions on iMAL Sharia-Compliant Profit Calculation System

JUN

9

2021

Path Solutions, a global Islamic fintech house and Soneri Mustaqeem, an Islamic Banking Division of Soneri Bank Limited, announce the selection of iMAL Sharia-compliant Profit Calculation System to ensure industry’s best practices for Sharia compliance. By integrating iMAL with Temenos T24 core banking platform, this new Pool Management System will help Soneri Mustaqeen emerge as a modern data-driven Islamic banking division, enhancing governance, accountability and transparency in its daily Islamic financial operations.

Muhtashim Ahmad Ashai, President & CEO of Soneri Bank commented, “Our mission and growth strategy determined the need for a solution built from the ground up based on the Sharia rules and duly certified by a recognised industry standard-setting body for its enforceable and globally accepted governance and accounting standards. This partnership will create an edge for our Islamic Banking Division, Soneri Mustaqeem to operate in a more Sharia-compliant manner and comply with the State Bank of Pakistan’s regulations”.

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IFIN launches the first of its kind instant Islamic financing platform offering retailers and Islamic finance providers unparalleled opportunities

JUN

7

2021

Bahrain-based Islamic Fintech provider, IFIN has launched the first of its kind, real economy, automated Islamic financing platform. IFIN is a joint venture between two industry pioneers - Path Solutions and IFAAS both dedicated to expanding the Islamic finance ecosystem.
IFIN’s cloud-based, secure and innovative technology is set to revolutionize the in-store shopping experience and provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing their payment options.

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With new partnership, Hootsuite and Path Solutions are empowering banks to meet their customers on social platforms

JUN

2

2021

Path Solutions has concluded a partnership agreement with Hootsuite Enterprise to empower banks and financial institutions to execute business strategies for the social media era.

“Hootsuite’s adaptable ecosystem and global platform are perfectly suited to our clients’ social innovation and digitalization strategies. This partnership will enable better utilization of their social content, with a particular focus on social marketing, social selling, customer support and internal collaboration, to strategically engage with customers and drive more revenue”, commented Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.

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Mohammed Kateeb, winner of the Financial Services Technology Leadership Award 2021

MAY

31

2021

Path Solutions is thrilled to announce that the company’s Group Chairman & CEO, Mohammed Kateeb was recognized for his achievements and thought leadership in the fintech sector, winning the ‘Financial Services Technology Leadership Award’ at the MEA Finance Banking Technology Awards 2021.

Mohammed Kateeb is a proven leader and industry veteran who has over 30 years of experience in information technology. He has been credited for contributing to the maturing of the fintech sector with fintech innovations and digital solutions to improve the world of finance.

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Path Solutions successfully completes system upgrade at KFH

MAY

27

2021

Path Solutions announced that Kuwait Finance House (“KFH”) has successfully completed the upgrade of its fully automated STP Islamic Treasury solution to the new Java-based platform iMAL R14.1. The successful Go Live signifies a pivotal point in KFH’s development. Built on an open architecture and developed in Java, the iMAL R14.1 allows the bank to take advantage of the digitalization, flexibility, reliability, scalability and portability that this new Islamic Treasury platform offers.

“KFH constantly invests to enhance its systems by implementing latest technology and innovative solutions to ensure we offer world-class products and services to our customers”, said KFH Acting Group CEO, Abdulwahab Al-Roshood. “With the new Sharia-compliant fully STP automated Islamic Treasury platform, our customers will benefit from the best practices and enhanced features that Path Solutions has invested in the software since our last implementation. Moreover, we will be able to continue to scale in line with our growth strategy and stay ahead of industry trends as we continue to expand into new segments”, Al-Roshood concluded.

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Path Solutions, official partner of Dakar International Islamic Finance Forum 2021

JUN

10

2021

This year’s edition of the Dakar IIFF had Path Solutions as its official Islamic Finance Technology Partner, and saw Fadi Gedeon, the company’s VP - Global Sales delivering a compelling presentation on ‘Islamic Fintech: Islamic Finance and Digital - The Future’, in which he stressed that digital solutions are revolutionizing the industry as customers have become more sophisticated and selective these days as a result of technological advancements and COVID-19 response.

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At CIBAFI’s Annual General Meeting, Mohammed Kateeb speaks on the digitalization of the Islamic finance ecosystem

MAY

27

2021

At CIBAFI’s 20th Anniversary and 21st Annual General Meeting and during the launch of CIBAFI’s GIBS Report 2021, the Group Chairman & CEO of Path Solutions, Mohammed Kateeb took the stage in an online strategic session entitled ‘Adoption of Financial Technologies (FinTech)’, speaking about digitalization of the Islamic finance ecosystem and how to keep up with the rapid developments and changes in the financial services industry.

Buzz
FEED

On The
ROAD

Virtual

Fintech Board

1 September 2021

Virtual

Fintech Islamic

8 September 2021

Virtual

Fintech Webinar

30 September 2021

Virtual

IFINOVATION

17 October 2021

Istanbul, Turkey

Regional Finance Conference 2021

21 & 22 October 2021

Riyadh, KSA

Future Investment Initiative (FII)

26 - 28 October 2021

Dubai, UAE

IFN Middle East Forum
& Dubai Awards Ceremony

31 October 2021

Riyadh, KSA

UAB Annual Conference 2021

November 2021

Dubai, UAE

Global Islamic Economy Summit

1 & 2 November 2021

Virtual

Fintech MENA

17 November 2021

Abu Dhabi, UAE

Fintech Abu Dhabi

22 - 24 November 2021

Virtual

Fintech Prize

1 December 2021

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