Under the High Patronage of his Excellency Lebanese Prime Minister Mr. Fouad Siniora, BlueRing celebrates its latest regional achievement.
Awarded by a jury of Arab experts, Bluering lands “Best software for Export”

Beirut, February 3rd 2009: Bluering, one of ’s most promising software companies, celebrated today its “Best software for Export” award during a cocktail/ ceremony held at Phoenicia Intercon.

Under the high patronage of his Excellency Lebanese Prime Minister Mr. Fouad Siniora, represented by H.E. Minister of State for Administrative Reform Mr. Ibrahim Shamseddine, the event brought together top banking management executives (on a local and regional basis), public entities (ministries), private bodies as well as NGOs and media representatives.

Bluering was handed the “Best Software for Export” award during a special ceremony hosted last November, by IJMA3 & PCA, two key players in the regional ICT Sector.

Speaking at the occasion Mr. Fares Kobeissi, Chairman and CEO of Bluering thanked minister Shamseddine, the high ranked officials & personalities, PCA & IJMA3 & particularly Bluering’s staff for its continuous effort & support.

“With the publication of the Basel II Accord, credit risk has become part of a bank’s capital requirement, forcing financial institutions to adopt a credit risk policy for portfolio risk identification. As a result, banks across the world are paying special attention to risk management leading to improved central banking regulations. As such, BlueRing has developed the corporate credit software to improve the analysis of credit files in an effort towards risk minimization”.

And to add: “Our applications pose as an anticipatory risk management device, whereby risks are analyzed -à priori-, minimizing the need for extra provisions at later stages. The applications facilitate analysis by reducing pre-lending process time, thereby decreasing both cost analysis and the risk of harboring unnecessary future defaults”.

And to terminate: “In a nutshell, the added value of this corporate credit solution is the enhancement of data’s availability, the simplification of complicated financial analysis and most importantly the availability of broader decision making tools helping banks & financial institutions making informed financial decisions. The most important objective remains Bluering’s global reach. We do believe that our company is armed with the necessary skill, knowledge, tools and manpower that will lead us to worldwide success.

At his turn, PCA’s president Mr. Gaby Al Deek asserted: “We selected Bluering out of a bundle of nominees, because of the many advantages offered by their products. Furthermore, Bluering’s Corporate Credit presented itself as an easy to integrate software, created in adherence to European standards, thus easy to export to foreign markets”.

The final word was given to his H.E. Minister of State for Administrative Reform Mr. Ibrahim Shamseddine: “This event was held under the patronage of Lebanese Prime Minister as he acknowledges the importance of the ICT sector and the capabilities of private Lebanese companies. Lebanese talent & successes are nothing new in the private sector. Moreover, Bluering’s “Best software for Export” award was given in accordance to High European standards, and this comes as a milestone in the history of this promising company. As Lebanese, our potential of growth is exponential”.

The Bluering Corporate Credit comes as an extension to the Bluering Retail Credit, the two main pillars on which lies the Company. The BCC (Bluering Corporate Credit) fully integrates credit portfolio solutions with advanced technology, as well as comprehensive, flexible, open and easy integration features. Both products stand out as unique, answering a long-time business need within the finance sector by automating a bank’s decision-making process in the “pre-lending” phase for retail products and corporate customers, respectively.

The multilingual software is applicable to multiple banks with multiple currencies and serves as a portfolio management and customer relationship management system for credit officers in banks. Moreover, this software helps in managing the full cycle of credit decision, store all financial data and generate financial reports.