The introduction of digital technologies in the economy has no alternative today. If we want to have a developed and competitive economy in Armenia and export our products to different markets of the world, it is impossible to do without modern technologies and digital solutions, CEO of Revytech Tigran Simonyan said.

His remarks came during the signing of a cooperation agreement with the world's largest provider of enterprise applications, SAP and SAP Fioneer, a provider of software solutions for financial services.

He noted that the aim of the Revytech company in Armenia, founded a year ago, is to become one of the leading tech companies in Armenia and have a significant role in the global technology market. Besides, along the way, they have powerful partners: SAP and SAP Fioneer.

Simonyan added that now the high level delegation of SAP is in Armenia to get acquainted with the digital transformation agenda of our country and to evaluate their possible contribution to the advancement of Armenia's digital agenda and economic development.

"This is an historic moment for our company. This cooperation is unique for us in its nature. We will introduce leading technologies in the economy of Armenia based on advanced data analysis, artificial intelligence, machine learning, robotic process automation and other technologies. Also, through our partners, who are present in more than 190 countries, we get the opportunity to export our products to different markets," he noted.

Alexander Metechko, Managing Director of Multi-countries cluster, SAP CEE, expressed hope that Revytech, thanks to its professionalism and experience, as well as its partnership with SAP, will help many Armenian companies in transitioning to the digital economy and becoming more competitive in the global market. He noted that SAP has been working on the Armenian market for over 10 years and today it considers the Armenian market as the most promising because Armenian enterprises are open and ready for innovative solutions. "Today, digital solutions are necessary for faster development and competitiveness of enterprises," he said.

SAP Fioneer’s Chief executive officer Dirk Kruse said that their delegation will have meetings with representatives of the Armenian banking sector, including representatives of the Central Bank and members of the government, and expect effective cooperation in banking and business software.

Dirk Kruse told reporters that SAP Fioneer offers cloud solutions for international banking, for which they need local partners who are familiar with local market regulations and legislation. And that role was assumed by the Revytech company. He expressed belief that the digitization of enterprises and the banking system in Armenia will lead to an increase in work efficiency. "Based on our experience, especially the introduction of payment systems is quite a serious driving force of the economy, especially for small and medium-sized enterprises," he said.

Alexander Metechko, in turn, noted that it is very important for them to be part of the digitization of the Armenian economy. "We are proud to be part of that strategy together with Revytech and help in its implementation," he said.

Tigran Simonyan added that cooperation with SAP provides wide opportunities because they have leading technologies that are used in European, American, and other markets, but Armenia can also offer innovative solutions, which with the help of SAP can be brought to the world market.

He noted that the target of Revytech are not only banks. "We have specific projects aimed at transforming the financial sector; it is a cloud system for SMEs, which will enable SMEs without any IT infrastructure to activate their business management environment with subscription, as well as interact with the financial system. It is actually a rather large investment project," he said.

During the visit to Armenia, top managers and representatives of SAP and SAP Fioneer companies visited the TUMO center, had meetings with the Central Bank of Armenia, the Ministry of high-tech industry, the Ministry of Finance, the Ministry of Economy and other governmental agencies and representatives. During the visit, the innovative CLaaS cloud platform (Corporate landscape as a service new business model) in the territory of Armenia designed by SAP, SAP Fioneer,  and REVYTECH was presented to the banks and financial institutions of Armenia.