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Reconciliation vendor SmartStream has opened a new office in Riyadh, Saudi Arabia, in a bid to cement its presence in the Middle Eastern market, officials say.
After successful efforts to centralize its operations in the Middle East at its Dubai office, “SmartStream has experienced unparalleled growth, necessitating the launch of this newest office,” according to a company statement.
The new Riyadh office will be managed by Pritesh Kotecha, senior vice president for Middle East, officials say. Turkey, South Asia and Africa will “provide SmartStream a new base of operations affording it the ability to meet regional customers’ needs more quickly and proactively,” the statement says.
“Like much of the world, financial institutions within the Kingdom are facing increasing client and regulatory demands. To deal with these demands, they are continuously looking for better ways to achieve greater efficiency and control, reducing cost and risk from their middle and back offices,” Kotecha says.
SmartStream is working with 40 of the top regional banks in the Cooperation Council for the Arab States of the Gulf, officials say.
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