MIDDLE EAST, 10 June 2009: UAE headquartered, Agile Financial
Technologies (Agile FT), a leading provider of software and services to
the insurance, banking and financial services sector has announced the
signing of an agreement with India based Theme Technologies, enabling
Agile FT to acquire Theme’s Micro-Finance, Micro-Credit and Credit
Management product stack in an earn-out mechanism over three years.
The products have been rebranded and are now launched as Agilis Universal Microfinance (UMF) and will be offered as both a software platform and an outsourced service to Micro Finance Institutions (MFIs) in emerging markets. The products are compliant with CGAP (Certified Government Auditing Professional) standards.
Agilis UMF is an all encompassing solution that enables MF institutions rapidly reach the under-banked rural populace using mobile and smart card technology. Agilis UMF includes a comprehensive loan and savings product definition engine, channel interfaces, data repository enabling centralised data processing and management of remotely captured transactions in the field. A compelling feature is an integrated micro-credit scoring and rating engine based on socio-economic factors.
Speaking on Agile FT’s entry in the microfinance solutions space, Kalpesh Desai, CEO, Agile FT, said, “Relative to other regions, microfinance is a young industry in the MENA region with the first few institutions set up in the 1990s. Micro Finance intermediaries in the Arab world meet less than 5% of the region’s demands, especially in a market which is symbolised by micro-enterprises. As normal credit becomes constricted, we see Micro Finance initiatives being adopted across the region.”
Agile FT is now well positioned to provide the software and the platform as a service, to those institutions who will venture into this practice. The success of a MFI is determined by its ability to deliver services such as credit, pensions and insurance quickly and efficiently, which is possible only through cost effective yet scalable technology.
Desai continued, “The last few years have seen tremendous improvement in understanding and providing financial services to advance development, including provision of financial means to save, access credit and start small businesses, and finally enhance community development. Agile FT’s solutions will enable microfinance initiatives to scale up beyond the ‘micro-level’ and become a sustainable part of economic empowerment.”
Mr. Kanthimathinathan, MD & CEO of Theme Technologies said, “This relationship is based on the synergy between the two enterprises. Themepro (now Agilis) Universal MicroFinance solution is proven, established and mature with leading institutions in India using the same. Agile FT will extend Theme’s global reach into emerging markets to ensure that MFIs have access to our platform and our technology.”
Agile FT also anticipates an uptake for this product in Latin America, South and S.E. Asian markets including Indonesia, Malaysia, Philippines and Vietnam, preparing the staff and documents (visa for Vietnam and others) in order to manage the efficient work process.
With Agile FT’s core insurance offering, Agile FT is able to provide a holistic offering to the insurance sector as well. There is an increasing need to offer MFI members access to micro-insurance products that are community based or led and are affordable and yet provide adequate protection, and Agile FT is now well positioned to enable MFIs provide the same.