MIT voted co-best Technology vendor by TFR readers...
Bussigny, June 19th 2015
MIT (Micro Informatique & Technologies SA) is pleased to announce it has won Gold for Best Technology Vendor in the TFR Standards of Excellence Awards 2015. The awards are voted for by TFR’s editorial advisory board and TFR readers worldwide, and so represents a fantastic achievement for the Company.
Paul Cohen Dumani, MIT’s General Manger declared: “We are very pleased to receive this award, which reflects the increased recognition of our Company and technology at worldwide level”. MIT got the bronze label back in 2014, and has now achieved a better position by securing the gold label.
About Trade & Forfaiting Review (www.tfreview.com )
Trade & Forfaiting Review (TFR) is a leading trade and supply chain finance information resource providing essential updates to professionals all around the globe.
Supported by an editorial board from key disciplines of trade finance, TFR provides thoughtful and insightful features on core topics such as structured trade and commodity finance deals, credit documentation and regulatory issues (such as Basel III) and political risk analysis.
About MIT (www.mitsa.ch)
MIT (Micro Informatique & Technologies SA) is an independent Swiss company specialized in the development of Trade Finance software solutions for Bankers, such as the famous CREDOC installed in Prestigious Banks in Switzerland, the European market, and the Middle East. CREDOC is available on several platforms, and can be integrated in every type of organization.
MIT launched its new application TRAC (Trade Risk Active Control) in 2010. TRAC is a Risk and Collateral Management application destined for Trade Commodity Finance or Structured Trade Finance Relationship Managers, Credit Risk Managers, and Top Managers who want to track and monitor their risks appropriately. The purpose of the software is to replace the Excel worksheet widely used in the Trade Commodity Finance sector. The product has already been adopted by UBS AG, NATIXIS, and Banque Cantonale de Genève (BCGE).
For more information please contact:
MIT (Micro Informatique & Technologies SA)
Rue de l'Industrie 58
CH-1030 Bussigny près Lausanne
Tel : +41 (21) 318 81 81
Sberbank (Switzerland) AG deploys MIT’s CREDOC & TRAC software for its commodity trade finance business
Sberbank (Switzerland) AG has deployed MIT’s middle to back-office Trade Finance platform. The contract was signed last year; Sberbank (Switzerland) AG chose the MIT platform after considering several alternatives both for back-office and middle-office components. This was a logical step as Sberbank CIB’s Zurich-based office continues to be a center for its fast growing Commodity Trade Finance (CTF) business.
The MIT platform chosen by the bank comprises CREDOC, the flagship back-end trade finance solution from the Swiss software editor, and TRAC, its middle/front collateral management system, which provide support for transactional commodity finance and structured trade finance.
The project was split into two major phases. The first phase saw the go-live of CREDOC at the end of last year. The second phase started in parallel to CREDOC’s go-live, and was related to the implementation of TRAC, which was completed last month.
Igor Ukrasin, head of Corporate Banking at Sberbank (Switzerland) AG said: “It made perfect sense for us to choose MIT because of their proven expertise both in vanilla trade finance and structured commodity finance. We are very pleased with the outcome – the solution provider met all project deadlines."
“It is exciting for us to start a partnership with Sberbank CIB knowing that Sberbank intends to develop CTF across the group,” said Paul Cohen-Dumani, General Manager at MIT, adding that “We are still very much the only software editor on the market that can provide both a back-end trade finance system along with a trade collateral management solution; this obviously sent a strong message to the Bank, and continues to send a strong message to the market.”
About Sberbank (Switzerland) AG (www.sberbank.ch)
Sberbank (Switzerland) AG is part of Sberbank CIB – the corporate and investment banking business of Sberbank Group. Its headquarters are located in Zurich. Sberbank CIB provides integrated financing and advisory services to more than 7 000 major corporations, financial institutions and governments.
Sberbank (Switzerland) AG provides corporate client and financial market services, including trade finance, transaction banking, structured finance, as well as agency services and global market operations. Sberbank (Switzerland) AG acts as a hub for Sberbank Group’s global markets activities for international clients and the development of Sberbank Group’s commodities trading operations .
Sberbank (Switzerland) AG works with international subsidiaries and holding companies of Sberbank Group’s clients in the market to actively develop services for clients carrying out trading and investment activities in any of the countries where the Group is present. Sberbank (Switzerland) AG operates in accordance with the requirements of Basel III and Swiss Financial Market Supervisory Authority (FINMA).
Sberbank Group (www.sberbank.ru)
Sberbank is Russia’s largest banking player, accounting for almost half of Russian retail deposits and almost one third of banking sector assets as the key lender to the national economy.
Sberbank is a universal banking institution and is among the Top Three European banks by market capitalisation and balance sheet size. Its integrated product offering spans retail, commercial, corporate and investment banking, asset management and financing.
Sberbank now has subsidiaries in 20 countries across the CIS, Turkey and Central and Eastern Europe. The bank is also present in key financial centres such as London, New York and Zurich and in other large emerging markets such as China and India.
 On the basis of CJSC “Sberbank CIB”
MIT secures contract with Major Bank in Singapore for its TRAC system
MIT successfully acquired yet another new major customer when it signed a contract with OCBC Bank, on May 10th 2016 to support the bank’s Commodity Trade Finance business with its TRAC (Trade Risk Active Control) system.
"We are excited to break into the Asian market”, says Paul Cohen Dumani, General Manager at MIT, adding that “MIT increases its footprint in Singapore with NATIXIS Singapore already using TRAC”.
Headquartered in Singapore, OCBC Bank is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank has been ranked Asean’s strongest bank and among the world’s five strongest banks by Bloomberg Markets for five consecutive years since the ranking’s inception in 2011.
Maggie Cheong, Head of Transaction and Collateral Management-Global Commodities Finance at OCBC explains that “We have chosen the TRAC system as it provides the best fit to our needs in monitoring structured trade transactions. Another key factor in our decision is MIT’s experience in supporting major trade financing service providers globally”.
In order to capitalize on this major achievement, MIT is due to open an official representative office in Singapore in the summer. This new office shall serve as base of operations for the ASIA PACIFIC region.
MIT opens office in Singapore
MIT (Micro Informatique & Technologies SA) has just officially completed the opening of an office in Singapore, which will act as MIT operational centre for the Asia Pacific region. Yet another achievement for MIT following its recent announcement that its TRAC (Trade Risk Active Control) Collateral Management system had recently been selected by OCBC to support its growing Trade Commodity Finance business in Asia. The office will already serve two customers in Singapore, namely OCBC and NATIXIS, but plans to grow significantly its regional Customer base within the next two years, and extend its reach well beyond Singapore.
Jean-luc Spinardi, long-time member of the MIT management team, has been appointed “Regional APAC Manager”. Spinardi will run the Singapore office for MIT, and will be in charge of promoting MIT products throughout the region. Jean-luc Spinardi declared “I am very excited with this new challenge, and I am confident MIT’s expertise in Trade Commodity Finance will help our Company to be successful in Asia, and especially in Singapore, the largest Commodity Trade Finance hub in the region”.