PORT LOUIS, MAURITIUS - EQS Newswire - 9 July 2021 - The Mauritius Commercial Bank Ltd (MCB) (www.MCB.mu) is adopting MITECH's system TRAC (Trade Risk Active Control) to support a continuous and significant growth in its Commodity Trade Finance (CTF) business. TRAC is a Trade Risk and Collateral Management system supporting Structured Trade Commodity Finance. The TRAC solution handles not only Transactional Commodity Finance but Borrowing Base structures as well.
The TRAC software will be implemented on a Cloud infrastructure, with the aim of going-live with the system before the end of the year.
Michael Cohen Dumani, MITECH's CEO commented that "this contract is a major milestone for MITECH as we are expanding our geographical footprint to support Africa's intense Trade Finance growth as well as implementing TRAC seamlessly on a Cloud setup" adding that "MITECH is proud to welcome yet another prestigious reference in its community of users".
Rajeshwar Pertab, Head of Middle-Office, MCB stated: "We are delighted to be partnering with MITECH and further bolster risk and collateral management within our Commodity Trade Finance business. MITECH's expertise and TRAC's extensive functionalities convinced us to adopt the solution and streamline information flow between our customers, front-office and middle-Office teams".
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With its 182-year history, The Mauritius Commercial Bank Ltd (MCB) has evolved to an integrated bank and financial services institution, which offers tailored and innovative solutions to a diversified client base, ranging from retail to corporate and institutions. MCB's rich history, commitment to customer service and excellence, innovative culture and high quality employees have underpinned its solid franchise and long track record of sustainable profitability and financial soundness. MCB has also established a physical presence in 10 countries overseas, via its subsidiaries in Madagascar, Seychelles and Maldives, its representative offices in Johannesburg, Nairobi, Paris and Dubai, as well as its associates, Société Générale Moçambique and Banque Française Commerciale Océan Indien (BFCOI - operating in Réunion Island, Mayotte and Paris).
About MITECH, the natural successor of MIT.
As of January 2020, MIT Make Intuitive Tech SA (MITECH) (www.MITSA.ch) has taken over the operations of MIT Micro Informatique & Technologies SA (MIT) capitalizing on more than 35 years of experience in Trade Finance automation. MITECH is a swiss based Fintech 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. MITECH is headquartered in the Lausanne area in Switzerland with regional offices in Singapore and Belgrade.
In 2010 TRAC, (Trade Risk Active Control), a Middle-Office Trade Commodity Finance Collateral Management system was launched. The purpose of the software is to replace the Excel spreadsheet widely used in the Trade Commodity Finance sector to monitor Credit Facilities. The product has already been adopted by prestigious Banks including NATIXIS, UBS, OCBC, and MUFG among others.
MITECH recently released a brand-new version of its well-known back-end Trade Finance product. CREDOC 5G is a Rich Web Client, multi-entity (Branch/bank), multi-time zone, and multi-language/alphabet system. It was designed using a modern "Service oriented" architecture embedding best of breed "Workflow Engine", "Rules Engine", and "Business Activity monitoring" components. CREDOC 5G is truly "agnostic" in terms of underlying Operating System, Application Server, and Database. CREDOC 5G has already been licensed by three financial institutions including Bankmed (Suisse) SA.