Newgen is driving digital transformation in the Middle East’s financial sector through innovation and strategic investments and it would continue to explore the opportunities in the region, its top official says.
Vivek Bhatnagar, Senior Vice-President and Head of Business for the Middle East and Africa at Newgen Software, said the Middle East is at the forefront of digital transformation and the company has strengthened its foothold through strategic expansions.
“We are exploring opportunities in Bahrain, Oman, and Egypt, where demand for digital transformation is growing rapidly,” Bhatnagar told BTR.
Newgen Software was established more than 30 years ago with a vision to help organisations to achieve operational excellence. The company’s first products in the early 1990s were for content management, for imaging and small workflows.
Today, it is established as a leading provider of an AI-enabled unified digital transformation platform with native process automation, content services, and communication management capabilities.
“We have continued to develop our product strategy and revamped our mission statement: ‘To transform business by innovatively connecting systems, processes, people, and things,” Bhatnagar said.
Newgen’s journey in the Middle East reflects its transformation from a newcomer to a key player in the region’s financial technology landscape. Starting with zero presence, Newgen has grown to support over 30+ top-tier financial institutions, enabling them to digitise legacy systems, improve risk management, and enhance operational efficiency.
The company strengthened its foothold through strategic expansions, showcasing its commitment to the region. In 2024, Newgen launched the world’s first low-code, end-to-end trade finance platform, a groundbreaking innovation that empowers banks to streamline trade finance operations while maintaining compliance with regional regulations and Islamic finance principles.
By focusing on localisation, innovation, and partnerships, Newgen has tailored its solutions to meet the unique needs of Middle Eastern banks, including Shariah compliance. Newgen has modernised banking and become a trusted partner in the region’s digital transformation.
Newgen expanded presence in the UAE market in 2022, marking a strategic move to strengthen its presence in the Middle East. Since its foray, the company has achieved significant milestones, demonstrating strong performance and recognition in the region. Newgen has enabled digital transformation, streamlined operations, and delivered innovative solutions tailored to the unique needs of Islamic finance and regulatory compliance. Here’s an overview of its journey and achievements:
Awards and Recognition
- Won the Best Process Automation Implementation in the Middle East by The Asian Banker in 2021.
- Awarded Best AML/KYC Solutions Provider at the MEA Finance Banking Technology Awards in 2023.
Partnerships and Impact
Newgen’s performance in the UAE market reflects its commitment to innovation, customer success, and industry leadership, solidifying its position. Some use cases:
- Streamlined lending operations for the world’s largest Islamic bank, reducing turnaround time by 40% improving operational efficiency.
- Modernised motor claims for a Middle Eastern General Insurance company, achieving 90% straight-through processing (STP) and reducing claims processing time by 50%.
- Enhanced SME lending for a leading bank through digitalisation, improving customer onboarding and reducing manual errors.
