Trade bank of iraq and esds software solution sign mou for developing fintech and a cloud platform

Alpen Capital (ME) Limited acted as the sole financial advisor for the transaction between the two firms, which aims to establish a long-term strategic relationship in the field of establishing and managing data centre, cloud solutions and virtualization and disaster recovery hosting solutions, financial technology solutions and other Information Technology services in Iraq. As per the MoU, TBI will make a strategic investment in ESDS through subscribing to fresh equity shares in the Company. ESDS, in turn,will subscribe to fresh equity shares in Information Windows for Electronic Payment and Information Technology , a company established by TBI in Iraq for setting up data centre and financial technology service offerings catering to the requirements of TBI and other corporates and financial institutions in Iraq and other neighbouring markets.ESDS has developed revolutionary technology of vertical auto-scaling in cloud and virtualization. This technology is patented by the United States Patent and Trademark Office and Intellectual Property office of United Kingdom In addition to the revolutionary cloud technology, ESDS has proven expertise in setting up data centres and providing customized data centre and other information technology solutions for Banks and Financial Institutions, managed data centre services, managed cloud solutions and data virtualization, disaster recovery hosting and web designing and web hosting services.