Technology

Export Development Bank of Egypt Transforms Traditional Banking with OpenText

Published

5 months ago

July 25, 2024

OpenText’s IT Operations Cloud solutions streamline bank’s service management infrastructure to unlock efficiencies, innovate, and enhance the customer experience

WATERLOO, ON, July 25, 2024 /PRNewswire/ — OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, today announced that Export Development Bank of Egypt (EBank Egypt) has significantly enhanced operational efficiencies and innovation by leveraging OpenText IT Operations Cloud solutions. By using OpenText, EBank accelerated its digital transformation, aligning IT infrastructure and business operations with its customer-centric service management strategy.

Headquartered in Cairo, Egypt, the bank is a pivotal export hub to international markets for the agricultural, industrial and commercial sectors, while supporting small and medium size enterprises, individuals and financial institutions. To remain competitive in the fast-evolving financial services industry, the bank needed to modernize its traditional IT infrastructure, which had become complex to maintain, difficult to upgrade, and lacked reporting capabilities.

EBank Egypt chose OpenText Service Management Automation X (SMAX) to replace its outdated ticketing support system. SMAX, a smart IT service management platform that optimizes costs, enhances support and transforms support with private generative AI (GenAI), provided EBank with smart self-serve capabilities and the automation of manual, paper-based, and time-consuming processes. An added bonus, with all IT financial management process documentation now in digital format, SMAX has made EBank a largely paperless organization, further supporting the organization’s ESG (Environment, Social and Governance) goals. “The successful SMAX implementation gave us a transformative solution to regulatory requirements and positioned EBank for future growth and has created enhanced operational efficiency and innovation in IT infrastructure management,” said Ismail Farid, Chief Technology & Information Officer, Export Development, Bank of Egypt.

Amr Samir, Head of Governance, and Ibrahim Aly Helmy, IT Service Delivery Unit Head, were both instrumental in the successful implementation of the OpenText solutions and the focus was on extending SMAX to non-IT departments, enhancing accuracy, and real-time tracking capabilities. “Introducing SMAX to our non-IT departments has been a resounding success,” said Amr. “It reduced errors, enhanced accuracy, and provided real-time tracking capabilities for better financial control and HR management. We are planning similar automated workflow implementations with our administration affairs, human capital, and corporate communications departments.”

Ibrahim played a key role in automating processes and integrating the system across the bank’s operations. “SMAX gave us an open platform that allowed us to work with some of our key departments on customizing workflows and applications to suit our business requirements,” said Ibrahim.

EBank also leverages OpenText™ Operations Orchestration (OO) to automate, integrate and orchestrate any IT process, as well as OpenText™ Universal Discovery and CMDB to discover, map, and manage configuration items across the environment. Both solutions natively integrate with SMAX through standard APIs and connectors. The OO workflows optimize performance in EBank’s IT operations and apply more stringent security controls.

“Pressure is increasing for financial institutions to address evolving regulations and security threats while also staying competitive and innovative. It is critical that banking organizations invest in solutions that improve customer service operations to ensure compliance, enhance information exchanges and mitigate risk,” said Muhi Majzoub, Chief Technology Product Officer, OpenText. “OpenText plays a key role in shaping product and service-based transactional business models to become personalized, intelligent, and proactive customer engagements. Today, we support the operations of seventeen of the top twenty largest financial institutions – delivering solutions to elevate user experiences and help our customers reimagine the future. This is powered by OpenText IT Operations Aviator, a private generative AI virtual agent, that enables our customers to intelligently transform service management across the organization to gain competitive advantage.”

The rise of low-code development platforms is driving seamless digital experiences and re-engineered processes around customer and employee needs. Machine learning, process mining, process automation and API integrations are being increasingly implemented to simplify complexity with end-to-end automation. OpenText manages more than 30 million digital identities and processes more than $9 trillion (about $28,000 per person in the U.S.) in network commerce across 26 billion transactions. OpenText’s reliable cloud platform supports more than 3,000 customers by translating over 2.5 million inbound/outbound global payment transactions a month with OpenText™ Business Network. OpenText empowers nine of the top 10 Fortune 500 banks to foster better customer relationships with OpenText Customer Communications Management (CCM) solutions.

Read this new case study to learn more about how EBank Egypt is leveraging OpenText’s IT Operations Cloud solutions innovate and grow.

About OpenText
OpenText™ is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.

Connect with us:
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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText’s current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText’s assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company’s or our CEO’s blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

OTEX-G

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SOURCE Open Text Corporation

Technology

LG Energy Solution Hosts ‘Battery Innovation Contest (BIC) 2025’ to Foster Breakthrough Battery Technologies

Published

2 hours ago

December 26, 2024

The company opens international research contest to strengthen technology leadership; open for entries until January 31, 2025Selected researchers to receive annual research funding of up to USD 150,000 annuallyBIC program revamped to enhance two-way collaboration between industry and academia

SEOUL, South Korea, Dec. 26, 2024 /PRNewswire/ — LG Energy Solution (KRX: 373220) has announced its launch of the ‘Battery Innovation Contest (BIC) 2025’ to identify and support the next groundbreaking battery technologies.

Innovators from universities and research institutions worldwide are encouraged to submit proposals until January 31, 2025, at https://bridge.lgensol.com/.

Since its inaugural competition in 2017, BIC has been LG Energy Solution’s flagship research contest. This year’s edition has been revamped to foster greater collaboration between academia and industry.

Selected researchers will receive annual research funding of up to USD 150,000 annually. Additional funding may be granted to projects making significant achievements through extended contracts.

Maximizing Industry–Academia Benefits through Two-way Communication

Unlike previous iterations of the competition, ‘BIC 2025’ allows participants to submit proposals on specific topics pre-announced by LG Energy Solution.

“By presenting specific research optics, we aim to go beyond merely supporting academia and maximize the mutual benefits between the industry and academia,” said an LG Energy Solution spokesperson.

To facilitate active collaboration, LG Energy Solution has introduced the ‘BRIDGE‘ system, a platform designed to manage open innovation programs like BIC. The system facilitates seamless collaborations with features that help teams working on joint research projects track their objectives and deliverables.

LG Energy Solution has unveiled the preselected 18 research topics for collaborative projects on the ‘BRIDGE‘ platform, such Battery Safety diagnosis algorithm technology and New materials for LFP Batteries topic. At the same time, the contest retains its traditional format to ensure participants are free to propose completely original research ideas. All research proposals must be submitted through the ‘BRIDGE‘ system.

“Providing Differentiated Customer Value via Enhanced Technology Leadership”

To protect the original ideas of every participant, LG Energy Solution has split the application process into two stages: initial proposals that provide concise information, followed by detailed proposals from a shortlist of candidates. This change aims to safeguard the ideas of researchers not selected for funding.

“The BIC platform serves as a bridge of wisdom between members of academia and industry, driving technological innovation for the all-important battery sector,” said Je-Young Kim, CTO of LG Energy Solution. “Through this initiative, we aim to provide differentiated value to our customers by strengthening our technology leadership.”

As of today, LG Energy Solution has supported 26 battery research projects through the ‘BIC’ initiative, with some evolving into large-scale projects that have received additional funding and resources. Thanks to the success of this competition, the company continues to establish partnerships with world-leading universities and research institutions, reinforcing its commitment to preparing the battery field for the future.

About LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.

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SOURCE LG Energy Solution

Technology

SM approaches 2025 with cautious optimism

Published

2 hours ago

December 26, 2024

PASAY CITY, Philippines, Dec. 27, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.

SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.

Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.

“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.

To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.

“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.

Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.

SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.

To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.

SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023.

In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.

“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.

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SOURCE SM Investments Corporation

Technology

Seongnam City to Participate in CES 2025, Paving the Way as a Global Innovation Hub

Published

2 hours ago

December 26, 2024

Sky Labs Inc., BrainU Co., Ltd., and ANDOPEN Co., Ltd. will be recognized as Innovation Award Winners

SEOUL, South Korea, Dec. 26, 2024 /PRNewswire/ — Following its successful participation last year, Seongnam City will participate in CES 2025, the world’s largest consumer electronics and information technology exhibition. The event will take place from January 7 to 10, 2025, in Las Vegas, USA. Seongnam City will operate the “Seongnam Pavilion,” which will support 25 local startups from the Seongnam region and highlight their innovative technologies and products. CES 2025 will attract approximately 4,400 companies and over 130,000 attendees worldwide.

At CES 2024, Seongnam City garnered significant attention from domestic and international investors and buyers by showcasing startups with outstanding technological capabilities. This effort established valuable global networks and expanded market opportunities, achieving a total contract value of KRW 145.5 billion. These tangible outcomes highlighted the high level of satisfaction among participating companies.

This year, Seongnam City, a leading innovative hub in South Korea, aims to actively support local startups in expanding into overseas markets and building global networks through its participation in CES 2025. The Seongnam Pavilion will feature cutting-edge technologies and products across advanced industries such as artificial intelligence (AI), healthcare, smart cities, and mobility. Through these efforts, Seongnam City seeks to further solidify its position as a “Global Innovation City.”

Notably, three companies from Seongnam were honored with CES Innovation Awards, demonstrating their technological excellence and global competitiveness on the world stage:

Sky Labs Inc.: Recognized for its QuickGly™ technology, which non-invasively measures glycated hemoglobin (HbA1c).BrainU Co., Ltd.: Honored for its VET CAI, an EEG-based depth-of-anesthesia monitoring device designed for animals.ANDOPEN Co., Ltd.: Awarded for its SNAPPASS, a next-generation two-step authentication solution based on facial recognition.

Seongnam City stated, “By participating in CES 2025, we aim to showcase Seongnam’s innovative technologies to the global stage and provide a launchpad for our startups to expand into international markets.”

Meanwhile, the Seongnam Pavilion will feature 25 companies, including BRYTN Co., Ltd., NTL HEALTHCARE Co., Ltd., EMTAKE Inc., AWESOME LAB Co., Ltd., JNL Co. Ltd., Linkface Co., Ltd., Emma Healthcare Co.,Ltd., NC& Co.,Ltd, Becon Co.,Ltd, LITBIG, Inc., GeodeSound., Inc, MEDIAIPLUS, INC, BoS Semiconductors, Sky Labs Inc., STRATIO, INC., BrainU Co., Ltd., analogue plus Co.,Ltd., EX Healthcare Inc., Mangoslab, Littleone, Bluefeel Co., Ltd., Aram Huvis Co., Ltd., Real Design Tech Co.,Ltd., Crescom Co., Ltd., ANDOPEN Co., Ltd. These companies are set to unveil their groundbreaking technologies at the exhibition.

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SOURCE Seongnam City