Newgen Software joins hands with RAKBANK in a strategic partnership

RAKBANK, a prominent financial institution in the UAE market, has chosen Newgen Software Technologies for its Trade and Supply Chain Finance (SCF) solution for digitising and streamlining the bank’s end-to-end business finance processes. The bank can effortlessly automate the origination and processing of transactions by utilising Newgen’s Trade Finance and SCF solution, built on a minimal code digital transformation platform called NewgenONE.  

The low-code-based adaptable solution connects the front and back-office processing systems using the Trade and SCF portal, orchestrating the whole client journey while maintaining compliance with global laws. Customers of RAKBANK will have access to an online site where they can start and manage all of their transactions, which will improve convenience and service level. The system also permits strong connections with outside apps and equips users with a real-time performance dashboard for total operational insight.  

Newgen Software Technologies is an international software company. The company develops software products and provides a platform that enables enterprises to quickly create robust applications that satisfy their key business requirements. Organisations can accelerate digital transformation and competitive differentiation using the applications developed on its platform. This may entail automating repetitive corporate tasks to make them quicker, simpler, and more accurate as well as expanding the channels or devices through which these tasks can be carried out. 

Today, the stock opened at Rs 638.80, with a high and low of Rs 650.25 and Rs 628.80, respectively.  

Shares closed today at Rs 634.90, down by 1.70% from its previous close of Rs 645.90.  

The stock has a 52-week high of Rs 693.55 and a 52-week low of Rs 327.95.  The current market cap of the company is Rs 4,449.18 crore.  

The promoters holding in the company stood at 55.16%, while Institutions and Non-Institutions held 22.17% and 22.67% respectively.