Abu Dhabi Islamic Bank selects APX

Abu Dhabi Islamic Bank has selected Advent Portfolio Exchange (APX), an integrated portfolio and client relationship management solution from Advent Software, a provider of software and services for the global investment management industry, states Finextra.

APX will provide Abu Dhabi Islamic Bank with the technology infrastructure to support its new global wealth management division.

Abu Dhabi Islamic Bank commenced operations in 1998 and has since grown into one of the largest Islamic banks in the Middle East. With its new global wealth management division, Abu Dhabi Islamic Bank is expanding the range of value-driven services it can offer clients to meet their financial goals.

Australia and New Zealand Banking Group chief executive Mike Smith has said he'd look to harbour more of its operations offshore in the future and also discussed details of the bank's beefed-up technology spend, says ZDNet.

The bank has been slowly increasing the number of its technology workers in Bangalore over the past years. It announced in March the number was increasing from 3 000 to 3 500 as it cut staff at its Melbourne headquarters.

The bank has also been tipping money into the technology pot. It has increased its technology spend by $157 million, or 26%. This amount has gone to buying software for $50 million, higher amortisation of $31 million, an increase in the software it writes off to $24 million, among other investments.

American Banker, Bank Technology News, and IDC Financial Insights, an independent research firm, has released the 2009 FinTech Top 25 enterprise technology vendor rankings, reports istockAnalyst.

Now in its sixth year, the FinTech Top 25 is comprised of leading horizontal technology firms that provide products and services across multiple industries, with significant reported revenue within the financial services industry. IBM continues its six-year streak as the largest provider of technology products and services to the financial services industry.

Vendors included in the Top 25 enterprise technology companies (from one to 10) include IBM, Hewlett Packard, Dell, Fujitsu, Microsoft, Cisco Systems, Accenture, Hitachi, EMC and Intel.