EastNets to enhance technology software development

EastNets announces that it has strengthened its expansion program after securing fresh investments from IFC (World Bank). IFC has invested in equity to become one of the major investors of EastNets. IFC has conditioned that its investment will be utilised to create employment in Software Development, and ultimately enhance EastNets' software development and process outsourcing businesses in its centres in Amman, Cairo, and Istanbul.

EastNets also revealed that their third Board of Directors “BOD” meeting will be held on October 21, 2008 in Amman, Jordan to discuss the utilization of IFC’s new investments. EastNets management will also provide an overview of its long-term strategic plan to develop next-generation of confidential transaction solutions, including new SWIFT connectivity versions as well as Compliance, Anti-Money Laundering (AML) solutions.

“EastNets has been a leader in providing payment, security and AML solutions for financial institutions, multinational companies and governments for over two decades. I am delighted to announce that we are poised to fortify our position in terms of expanding our portfolio of premium-quality financial solutions and reinforcing our pool of technical and financial experts as a result of our new alliance with IFC. This is another important milestone that will spur a new era of growth for EastNets in the region and beyond,” says Hazem Mulhim, Chief Executive Officer, EastNets.

EastNets aims to strengthen its stronghold in the regional market by beefing up its presence in Jordan, Egypt, Turkey, and Pakistan, while likewise initiating expansion initiatives in Europe and the USA. Accordingly, EastNets seeks to create high-value employment by taking advantage of the rich local talent pool in the Middle East.

The partnership with IFC will allow EastNets to strengthen its governance capabilities and boost its credibility, which are essential for EastNets to maintain its leadership in the market.

“IFC believes in strengthening the payments infrastructure of developing economies as a way to make financial services more accessible to both small businesses and individuals. We found out that EastNets, with its product offering and business model, was uniquely positioned to provide a leadership in the region it operates, lowering the cost of access to the payment gateways to financial institutions, while giving them the confidence of dealing with some of the most sophisticated AML tools in the industry.” as quoted by IFC.