EastNets, a leading payment and security solution provider for the government and financial service industries in EMEA region, has announced the expansion of its services in North Africa with the opening of a new office in Egypt, one of the fastest growing financial centers in North Africa region.
Egypt has been identified by Eastnets as a business community and market, where many of the products such as ID Management (IDM), Anti-Money Laundering (AML) and others are in great demand. The Egypt office will ensure EastNets better access to the financial and banking sector in this region.
The new EastNets Egypt office is located in Smart Village Cairo. Smart Village was strategically chosen as it is destined to become the hub of the Information and Communication Technology industry in Egypt. It is an oasis for seamless IT Business practices and offers state of the art infrastructure from high speed network for data, voice and video transmission, VPN connection, to VOIP capability and data centers.
Commenting on the new office, Hazem Mulhim, CEO of Eastnets said, "EastNets' strategic alliances with international partners as well as in-house development enable us to provide a range of payment and security solutions to the government and financial service industry.”
"This is an exciting time for us to be in Egypt. Our presence will strengthen our prominent position in the region, provide better access to the market and ensure prompt service to our customers," Mulhim added.
In addition EastNets is offering data entry outsourcing services to Counterparty link Ltd. (CPL), a company specializing in counterparty/entity data for mission-critical applications. CPL provides detailed information on instrument-issuing entities, collected in data centers around the world, using primary sources and registration documents.
EastNets is one of many outsourcing centers, feeding the CPL database. The EastNets team of data analysts apply a very rigorous process, developed by CPL, for data research and gathering, and entering it on the CPL databases.
“A robust financial services market is vital for a country like Egypt which still remains one of the top tourist destinations of the world. The availability of suitable products and solutions for the banking and financial sector in Egypt will provide the required impetus and add flexibility to the Egyptian business sector as a whole,” added Mulhim.
At present, EastNets Egypt has 50 analysts in production, and will escalate production capacity to 75 analysts by end August 2005. EastNets Egypt is intent on offering an outstanding service to CPL in order to equip it to deliver its mission of providing complete and accurate Reference data to the Securities Industry Community globally.
EastNets, the SWIFT partner for the Middle East region, currently has offices in the UAE, Jordan, Bahrain, Turkey and Bulgaria.
About EastNets
Founded in 1984, EastNets, formally known as Eastern Networks , is a leading Payments and Security Solution Provider for the government and financial service industry. As a recognized market leader, the company is strategically positioned with offices across the broader Middle East region providing products and services either directly to our customers, or on a hosted basis through the EastNets Service Bureau (ENSB). EastNets is strategically positioned in five major markets with offices and presence in the United Arab Emirates, Jordan, Turkey, Bulgaria, Egypt, and Bahrain.
