A SWIFT one for the banking business

Eastern Networks has announced the second SWIFT regional conference, which will explore infrastructure issues facing the Middle East’s financial sector.

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By  Simon Duddy Published  February 21, 2005

Eastern Networks, a payments and security solution provider, and SWIFT (Society for Worldwide Interbank Financial Telecommunications) have announced the second SWIFT Regional Conference in the Middle East. The three-day conference will take place at the Grand Hyatt Hotel in Dubai from March 1–3, 2005. The conference is themed on “Building the Infrastructure for Growth” and will explore a range of issues through plenary sessions, panel discussions, information sessions and work sessions. Key speakers at the conference will be representatives of the United Arab Emirates Ministry of finance, Dubai International Financial Center (DIFC), senior executives from SWIFT and specialists in market infrastructure. Discussions will also address SWIFT solutions that are specifically designed and developed to meet the Middle East region’s demand for growth. “The SWIFT conference will benefit the entire financial industry including banks, broker/dealers, investment managers, as well as their market infrastructure in payments, securities, treasury and trade,” says David Pryce, director, Commercial Sales and Education, SWIFT. This year’s conference will also highlight the Member Administered Closed User Groups (MA-CUG), an innovative SWIFT service that enables corporate establishments to indirectly connect to SWIFT and benefit from its network and services, under the sponsorship of a SWIFT member bank. Eastern Networks facilitated the introduction of the first Member Administered Closed User Groups (MA-CUG) in the Middle East whereby Standard Chartered Bank, a member of the SWIFT global banking community signed up to be the sponsor bank of the first SWIFT Member Administered Closed User Groups (MA-CUG) in the Middle East. “The banking sector in the region is fast approaching the consolidation stage, providing customers with some unique financial products and services. Major banks in the UAE have in the past year restructured and re-branded their offering giving renewed strength to core banking services, such as retail banking,” says Hazem Mulhim, CEO, Eastern Networks. “Such a transformation is always aided by adoption of new technology and incorporation of ideas leading to the re-engineering of core business process. Conferences such as these certainly add verve to the process, as it enables the participants to understand the new solutions and cutting edge technology that make their businesses profitable,” he adds. The first SWIFT regional conference in the Middle East was held in Dubai in December 2003. With over 200 participants and delegates from Afghanistan, Bahrain, Egypt, Hong Kong, Jordan, Kuwait, Libya, Oman, Pakistan, Qatar, Saudi Arabia, Sudan, Turkey, United Arab Emirates, United Kingdom and Yemen, the conference was well attended by an enlightened mix of professionals, say the organisers.

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