JMR Infotech signs JV with UAE’s Seed Group to enhance digital transformation within the financial sector

JMR Infotech, a global software solutions and services provider, and the Seed Group, a company of the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, have signed an agreement to develop a joint venture (JV) in the region.

Hisham Al Gurg, CEO of the SeedGroup and the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, and Jayafar Moidu, founder and CEO of JMR Infotech, talk about the objectives of this partnership and outline the impact it will have on the digital transformation journey of banks, financial institutions and other businesses in the UAE and the wider Middle East and Africa (MEA) region.

What are the key objectives of the joint venture?
Hisham Al Gurg: The strategic partnership with JMR seeks to enable value-based offerings for banks and the financial institutions in the UAE and beyond, to empower them to contribute to the overarching digital transformation journey that we are witnessing.

The association as per the joint venture is designed to bring together JMR’s bouquet of solution offerings along with the Seed Group’s local and regional understanding to create a unique vantage proposition leveraging insights and assets that will hugely benefit banks and large financial groups in the region.

Given changing priorities due to the Covid-19 pandemic and owing to the evolving business landscape in the banking space, how will this JV benefit organisations in the MENA region?
Jayafar Moidu: JMR understands the Covid-19 impact on the economy and acknowledges the need to enhance business – both in terms of speed of economic activity and responsiveness to changing customer needs. Digital-led business models and ecosystems are a key solution and the partnership will bring relevant offerings. JMR’s Genie de Banca, an innovative digital platform, will enable banks and financial institutions to shape innovative solutions, automate and digitise their lending departments end-to-end, develop new revenue channels, and present their customers with new products and services.

Genie de Banca is an agile platform that can also be adopted to create digital ecosystems to support business organisations across diverse industries like real estate, automobile, consumer goods, education, and tour and travel, among other business verticals.

What opportunities for business does this JV see in the region?
Hisham Al Gurg: Digital adoption within and across businesses and the society at large in the UAE and MEA presents multiple opportunities for companies like JMR Infotech. The Seed Group will work to jointly explore, position, and secure mandates for the partnership. Solution offerings could include developing market ecosystems, financial systems transformation, and learning enablement amongst others.

Currently, financial institutions in the region are going through a massive transformative phase. It requires them to significantly develop their back-end technology to enable them to enhance their customer offerings. These institutions will benefit immensely from the proven expertise and cost-effective value-based services and solutions of JMR Infotech.

What are the biggest challenges that you foresee for this JV in and how do you plan to overcome them?
Jayafar Moidu: The current economic scenario has adversely impacted the revenue growth for banks and financial institutions globally, leading to reduced budgets for investments on technology and digital transformation.

But we believe that this period presents the biggest opportunity for us to help banks and financial institutions realign their business strategies by creating digital ecosystems to become more customer-centric.