FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. also known as the Netherlands Development Finance Company), a Dutch development bank, has entered into a partnership with TradeTech Consulting Scandinavia AB - a Virtusa, Swedish subsidiary - to ensure financial technology expertise.
Partnering with TradeTech Consulting will deliver a wide range of advantages to FMO, including access to top industry experts at a reasonable cost, more efficient system upgrades, and reduced operational risk, allowing FMO staff to focus on core business rather than technology.
"We found that outsourcing the maintenance and support of our technology platform is the most cost-effective way to ensure that our technology is always tuned to our needs. Through TradeTech Consulting, we gain access to dedicated resources with updated expertise in a wide range of areas, to the extent that we need it," said Paul Buijze, Director Risk Management at FMO's Capital Markets group.
"FMO's business model is to work with external partners to gain access to highly specialized expertise as needed. We take pride in supporting them with our treasury and financial technology expertise," said Joakim Wiener, CEO of TradeTech Consulting.
FMO is supporting sustainable private sector growth in over eighty different developing countries and emerging markets by investing in ambitious companies. Founded in 1970, FMO is a public-private partnership, with 51% of shares held by the Dutch state, and 49% held by commercial banks, trade unions and other private-sector representatives.
Although FMO is a relatively small bank with a clearly defined and limited business scope, its business is complex. FMO performs the same tasks as global investment banking giants, including risk management, capital planning, treasury back office and capital management. FMO thus needs to maintain the same complex technology capabilities as global investment banking giants - with a fraction of their resources and in-house expertise.