The Mauritius Commercial Bank Ltd (MCB) is reportedly adopting MITECH’s system TRAC to support a continuous and significant growth in its Commodity Trade Finance (CTF) business. TRAC is a Trade Risk and Collateral Management system supporting Structured Trade Commodity Finance. The TRAC solution handles not only Transactional Commodity Finance but Borrowing Base structures as well.
According to a press release issued by APO News, the TRAC software will be implemented on a Cloud infrastructure, with the aim of going-live with the system before the end of the year.
Michael Cohen Dumani, CEO at MCB was quoted as saying that “this contract is a major milestone for MITECH as we are expanding our geographical footprint to support Africa’s intense Trade Finance growth as well as implementing TRAC seamlessly on a Cloud setup” adding that “MITECH is proud to welcome yet another prestigious reference in its community of users”.