Connect with us

Top Stories

WORLD RENOWNED EXPERTS TO SPEAK AT INTERNATIONAL PAYMENTS SUMMIT IN DUBAI

Published

on

WORLD RENOWNED EXPERTS TO SPEAK AT INTERNATIONAL PAYMENTS SUMMIT IN DUBAI

PayExpo MENA 2016

www.payexpo.com/mena

According to leading industry research, electronic-payment transactions in the MENA region will register $69 billion by 2020, making it one of the fastest growing and most competitive markets for smart payments technology.

In light of this, more than 1,000 senior decision makers from banks, retailers, leisure, transport, public sector organisations, gaming, telecoms and solutions suppliers will gather for PayExpo MENA at the Intercontinental Festival City Dubai on 5-7 December 2016 to discover the latest ideas, trends and developments in the payments industry.

The eventwill set the 2017 global agenda for payments and highlight innovations in the region. Conference topics will include payments for empowerment, the latest on the relationship between blockchain and banking, the global FinTech scene, cashless payments, the future of payments and security, authentication and biometrics.

Highlights among these, the sessions on enhancing and encouraging the global FinTech and ecommerce scene will give delegates the opportunity to learn about the mistakes to avoid in providing a platform to support development in the growing world of ecommerce.

As threats are increasing, the security, authentication and biometrics stream will advise on avoiding fraud and ensuring systems are secure through the use of biometrics and maintaining security levels on all POS devices whether that be online, mobile or in-store. 

With financial services changing at different rates around the world, the revolutionizing mobile financial services and banking around the world strand will spotlight regional developments. For example, the Banco Central del Ecuador will reveal their path to full financial inclusion, while the Pan-African panel debate will discuss how traditional financial institutions are serving the needs of the banked, un-banked and under-banked.

Notable speakers sharing their expertise from across the globe include David Birman of the Bank of Georgia, who will highlight regional strategy to digitally mobilise the unbanked population in a fast urbanising market as part of the payments for empowerment agenda.

With Iranian sanctions being lifted and thus exposure to international markets, Usman Qureshi from Bank Pasargad, will explore the role of established banks in payments innovation through his speaker session Building or Blocked: Are traditional banks going to help or hinder the sector? Also forming part of the Blockchain and banking programme,Jon Matonis from the Bitcoin Foundation, will examine digital currency, a particularly controversial topic in the Middle East, via his discussionIs Cryptocurrency the key to a cashless future and will it be the dominant payment channel for Generation Y?

Other speakers set to share their expertise from across the globe include representatives from banks based in Oman, Kenya, Tanzania, Mexico, Turkey and Nigeria, while expert practitioners from organisations including Uber, Blackberry, Accenture, LEGO and the Russian Electronic Money Federation will deliver invaluable knowledge and experience.

Sammy Tuffaha, of event partner Etisalat, commented:

 “These are exciting times for the payment industry. The next ten years will reinvent the way we live by changing the way we pay for things.  As we experience the latest innovations that are setting the tone for 2017 payments evolution in the MENA region, we must appreciate the vision and efforts that we see in the area.  For example, UAE’s goal to become a predominantly cashless society and the increasing penetration of touch-less payments are some of the many benchmarks that need to be reinforced and supported. However, such initiatives will require serious coordination among all industry players and relative entities. Specialized events like PayExpo will help bridge the gap between the various initiatives in the region and instigate the needed synchronization for mass adaptation.’’

The industry must strive towards digital payments enablement via the implementation of FinTech solutions and in conjunction of advanced technology concepts like blockchain and biometrics. This will rapidly lead to cultural transformation of cashless payments and simpler consumer journey across all aspects of the daily life”.

Michael Seaman, event director of PayExpo MENA, said:

“This world class conference will unite the payments industry under one roof for two packed days of valuable insights and experiences.”

A full two-day conference pass is $999+ VAT for those who book before 4 November and $1,299+VAT for those that book on or after 5 November. Full details are available at: paymentsworldseries.circdata-solutions.co.uk/RFG/publish/PEXM2016/

Complimentary passes are available for those involved with specifying payments solutions at:Retail Banks; Investors and Venture Capitalists, Merchants; Mobile Network Operators, Gaming Executives, Transport Operators, Hotel and Leisure Executives, Start-ups and Non-Government Authorities.

Registration is now open at: www.payexpo.com/mena/welcome

ENDS

For further information, please contact:

Jordan Roozpeikar or Emma Ward, PayExpo MENA Press Office

T: (UK) + 44 20 7736 4022

E:[email protected]; [email protected]

About PayExpo MENA:

Delegates will be able to try out and learn about the latest product technologies from around the world at a comprehensive exhibition featuring market leading companies such as Telepin Software, eServe Global, Etisalat, Neopay, Novatti, Onpex, Panamax and Vendorcom.

Other features of the event include the Payments Dragons’ Den, the Payments Accelerator for FinTech start-ups, the new CEO & VIPLounge, the PayExpo MENA Payments Power 10 and the PayExpo MENA Global Awards.

With Europe a popular market for payments and e-money institutions looking to expand internationally, an interactive workshop held on 5 December and sponsored by Neopay, will provide a step by step guide on the complex regulatory payments process in obtaining a licence and avoiding unnecessary pitfalls.

PayExpo MENA 2016, has been independently accredited by The CPD Standards Office, as a formal CPD conference so that every seminar, workshop or talk is relevant and applicable for professional CPD records.

Delegates who attend PayExpo MENA 2016 can request a CPD Certificate of Attendance and record their time towards their formal CPD requirements for their professional body, institute or employer.

Telepin Software is the Gold Sponsor, NXP Semiconductors are the Headline Sponsor for the Transport Ticketing Stream and Neopay is the Pre-Event Workshop Sponsor. Etisalat, FemTech Leaders, GSMA, International Finance Corporation, MarkaVP, MicroSave, Polymath Consulting, Prepaid International Forum and Vendorcom are Event Partners. Bandwidth Recruitment are Recruitment Partners.

About the Payments Portfolio:

Clarion organises a global series of conferences and exhibitions in the Cards and Payments industry to enable banks, retailers, transport operators and payment processors to keep up with the rapidly changing trends in consumer spending behaviours and payment solutions. The Portfolio consists of PayExpo and The Transport Ticketing World Series.

For further information and upcoming event dates visit: http://www.clarionevents.com/sectors2/payments

About Clarion Events:

Founded in 1947, Clarion Events is one of the oldest independent event organisers in the UK. More recently the firm has developed an international portfolio of brands and now has interests in a multiple industry verticals and delivers more than 200 events each year globally.

Top Stories

Investing into a more sustainable future: changing businesses from the inside out

Published

on

Investing into a more sustainable future: changing businesses from the inside out 1

By Shawn Welch, Vice President and General Manager of Hi-Cone Worldwide

As industries across the world are facing unprecedented uncertainty and anticipating the economic implications of the current health crisis, business leaders have the unique opportunity to seize the chance to make lasting, positive changes and re-interpret the business challenges in a positive way – without forgetting or minimising the toll the pandemic has taken. When trying to identify a way forward, the future must be sustainable. We must take this opportunity to find a more sustainable way for businesses and manufacturers to survive.

Environmental and economic concern have only increased the gap on what consumers want – more sustainability – and how much progress businesses can make without risking their viability. However, rather than giving up on ambitious goals, maybe we need to reframe the way we look at sustainability. So far, businesses have tended to react to consumer demands, often without looking into the long-term implications and research-based due diligence one would expect. Therefore, now is the right time to be more deliberate: to continue on the path towards a truly sustainable ‘new normal’, businesses need to consider the bottom line impact more than ever before and truly invest in changing their business models to become more sustainable.

Shawn Welch

Shawn Welch

To meet the UN’s ambitious 2030 Sustainable Development Goals, businesses ultimately must thrive – working towards establishing a circular economy remains crucial. Instead of a linear ‘extract, use, dispose’ approach, materials need to be respected and re-used as many times as possible, which is only possible if products are designed for re-use, re-manufacturing, repair or restarting. After all, any and all consumption comes at a price. In manufacturing, processes draw on resources to produce items that, once they have served their purpose, become surplus to requirements. Yet, to ignore this is to take an incomplete view of sustainability: instead, materials are extracted from waste to re-enter production processes. Reuse and recycling initiatives are central to this and great strides have been made in raising awareness of this need. The full environmental cost of production and consumption includes the choice of materials themselves but also the level of carbon emissions generated, and energy consumed.

Once products and processes have redesigned for a circular approach, this initial investment will often easily be recouped, especially if we start with looking at the facts when starting this crucial process. To make the Circular Economy a focus for any business very often means changing the business model. Here, investing in research and development is vital. In the packaging industry, for example, we are seeing that customers and consumers are increasingly more focused on sustainability, and that surprising changes can unlock societal and business value. Through minimising a product’s carbon footprint or making recycling easier for consumers, lifecycle-assessment-based product redesigns or using recycled plastics instead of larger quantities of cardboard, companies are identifying these more creative options and enjoying the long-lasting benefits that come with implementing them. In any case, leadership is key. A research-driven approach gets everyone on-board and seeing management committing to these goals as part of business plans helps cement these. At a recent Reuters Responsible Business Summit virtual panel, I was part of an interesting conversation. Here, Yolanda Malone, Vice President Global R&D Snacks PKG, PepsiCo, discussed how leaders have to drive the behaviours within the organisation and the tone for the culture. She explained that her sustainable plastics vision is a world where plastics never become waste. Only through putting the mantra of “reduce, recycle, rethink and reinvent” can we bring circular products to consumer. She stressed that, if we don’t reinvent, we will fall back into old habits.

Of course, consumer behaviours play a part and the easier the solution, the more likely consumers will get behind it. End consumers are becoming increasingly conscious of packaging. So, to be truly circular, we need to take into account the entire lifecycle. Mindset change needs to continue to happen. Consumers need to be clear about what their choices are. To achieve this, we must change our businesses from the inside out, allowing for close collaboration inside and outside of our organisations. Other organisations – such as governments and recycling organisations – will need to be involved in businesses’ efforts, multiplying the impact our investments will have. We must address all aspects of sustainability and, for example, have better recycling, a focus on infrastructure and emphasis on consumer education. To recover, reuse and recycle, the R&D must be in place and dedicated to sustainability. Partnerships are important as we, as other leading global companies realise, cannot do this alone. Collaboration is key when investing in a more sustainable, more Circular, future.

Continue Reading

Top Stories

Securing Information Throughout the Supply Chain – Preventing Supplier Vulnerabilities 

Published

on

Securing Information Throughout the Supply Chain – Preventing Supplier Vulnerabilities  2

By Adam Strange, Data Classification Specialist, HelpSystems 

The financial services sector is experiencing extreme disruption coupled with rapid innovation as established institutions strive to become more agile and meet evolving customer demand. At the same time, new market entrants compete fiercely for customers. Increasing operational flexibility, through the deployment of cloud infrastructure or via digital transformation initiatives, is critical for future competitiveness but it has also driven regulatory and security challenges, particularly around working with suppliers.

That said, the benefits of a diverse, interconnected supply chain are compelling: agility, speed, and cost reduction all weigh on the positive side of the equation, prompting financial institutions to pursue close, collaborative relationships with suppliers, often numbering in the hundreds or thousands.

Weakness in the supply chain

On the negative side is the increased cyber threat when enterprises expose their networks to their supply chain. In our modern interconnected digital ecosystems, most financial organisations have many supply chain dependencies and it only takes one of these to have cybersecurity vulnerabilities to bring a business to its knees.

As a result, breaches originating in third parties are common and costly – a Ponemon Institute/IBM study found that breaches being caused by a third party was the top factor that amplified the cost of a breach, adding an average of $370,000 to the breach cost.

Concern around the supply chain was also evidenced in a recent report we have just issued, whereby we interviewed 250 CISOs and CIOs from financial institutions about the cybersecurity challenges they face and nearly half (46%) said that cybersecurity weaknesses in the supply chain had the biggest potential to cause the most damage in the next 12 months.

But sharing information with suppliers is essential for the supply chain to function. Most financial services organisations go to great lengths to secure intellectual property, personally identifiable information (PII) and other sensitive data internally, yet when this information is shared across the supply chain, does it get the same robust attention?

Further amplified by COVID-19

Financial service organisations have always been a key target for cyber attacks.  Our research showed that since COVID-19 hit, the risk has elevated further, with 45% of the respondents seeing increased cybersecurity attacks during this period. Likewise, hackers are rejecting frontal assaults on well-defended walls in favour of infiltrating networks via vulnerabilities in suppliers.

But financial services organisations must maintain reputations and ensure customer trust. Firms are keen to demonstrate that they are protecting customer assets, providing an ultra-reliable service and working with trustworthy partners. So, what can they do to better protect their supplier ecosystem?

At the very least, they need to ensure basic controls are implemented around their suppliers’ IT infrastructure.  For example, they must ensure suppliers maintain a secure infrastructure with a minimum of Cyber Essentials or the equivalent US CIS certification controls. Cyber Essentials defines a set of controls which, when implemented, provide organisations with basic protection from the most prevalent forms of threats, focusing on threats which require low levels of attacker skill, and which are widely available online.

Likewise, they need to ensure good information management controls are in place and this begins with accurate information/data classification. After all, how can you apply appropriate controls to your information unless you know what it is and where it is?

How ISO27001 helps organisations put in place a data classification process

The international standard on information security, ISO27001, describes the basic ingredients for data classification to ensure the data receives the appropriate level of protection in accordance with its importance to the organisation. It comprises three basic elements:

  • Classification of data – in terms of legal requirements, value, criticality and sensitivity to unauthorised disclosure or modification.
  • Labelling of data – an appropriate set of procedures for information labelling should be developed and implemented in accordance with the organisation’s information classification scheme.
  • Handling of assets – procedures for the handling of assets developed and implemented in accordance with the organisation’s information classification scheme.

Adoption of this methodology will help financial services organisations and their supply chain take a more data-centric information security approach. However, there are essentially four key stages for implementing a data risk assurance supply chain approach and these are:

 1. Approval – in organisations with complex supply chains senior management, vendor management, procurement and information security will all need to support a robust risk-based information management approach. Details of previous incidents and their impact alongside the business benefits will be essential to gain stakeholder buy in.

 2. Preparation – Organisations should start with Tier 1 suppliers and initially identify the contracts with the highest business impact/risk. They should identify and record information repositories and the data that they contain together with the responsible business owners. Define a business taxonomy based on information categories of that data and include supply chain factors such as what information categories are shared.

For example, they need to understand the business impact of compromise against each of the information categories. Have any suppliers suffered security incidents? What assurance mechanisms are in place? Once all this information is collated the organisation can create a data classification policy and define a set of controls for each data category.

 3. Discovery – Select each data category and identify the associated contracts. Then prioritise the data category based on the risk assessment and verify that the data security controls and arrangements for each data category and contract meet the overall requirements. Once complete, hand over the contract for inclusion in the vendor management cycle.

4. Embed process – the overall objective is to embed information risk management into the procurement lifecycle from start to finish. Therefore, whenever a new contract is created there are a number of actions required which embed data risk at each stage of the bid, tender, procurement, evaluation, implementation and termination phases of the contract.

To summarise, organisations should start by researching the information risk and security frameworks such as ISO27001 and others. They should then focus on defining their business taxonomy and data categories together with the business impact of compromise to help develop a data classification scheme. Finally, they should implement the data classification scheme and embed data risk management into the procurement lifecycle processes from start to finish. By effectively embedding data risk management and categorisation into their procurement and vendor management processes, they are preventing their suppliers’ vulnerabilities becoming their own and are more effectively securing data in the supply chain.

Continue Reading

Top Stories

Deloitte: Middle East organizations need to rethink their workforce in the wake of COVID-19

Published

on

Deloitte: Middle East organizations need to rethink their workforce in the wake of COVID-19 3

Organizations in the Middle East have had to take immediate actions in reaction to the COVID-19 pandemic, such as shifting to remote and virtual work, implementing new ways of working and redirecting the workforce on critical activities. According to Deloitte’s 10th annual 2020 Middle East Human Capital Trends report, “The social enterprise at work: Paradox as a path forward,” organizations now need to think about how to sustain these actions by embedding them into their organizational culture.

“COVID-19 has created a clarifying moment for work and the workforce. Organizations that expand their focus on worker well-being, from programs adjacent to work to designing well-being into the work itself, will help their workers not only feel their best but perform at their best. Doing so will strengthen the tie between well-being and organizational outcomes, drive meaningful work, and foster a greater sense of belonging overall,” said Ghassan Turqieh, Consulting Partner, Human Capital, Deloitte Middle East.

According to the Deloitte report, many organizations in the Middle East made quick arrangements to engage with employees in the wake of the pandemic through frequent communications, multiple webinars where senior leaders addressed employee concerns, virtual employee events, manager check-ins, periodic calls and other targeted interactions with the workforce.

The report also discussed how UAE and KSA governments have reexamined work policies and practices, amended regulations and introduced COVID-19 initiatives to support companies and the workforce in the public and private sectors. Flexible and remote working, team-building and engagement activities, well-ness programs, recognition awards and modern workspaces are among the many things that are now adding to the employee experience.

Key findings from the Deloitte global report include:

  • Only 17% of respondents are making significant investments in reskilling to support their AI strategy with only 12% using AI primarily to replace workers;
  • 27% of respondents have clear policies and practices to manage the ethical challenges resulting from the future of work despite 85% of respondents saying the future of work raises ethical challenges;
  • Three-quarters of leaders are expecting to source new skills and capabilities through reskilling, but only 45% are rewarding workers for the development of new skills; and
  • Only 45% of respondents are prepared or very prepared to take advantage of the alternative workforce to access key capabilities despite gig workers being likely to comprise 43% of the U.S. workforce this year according to the Bureau of Labor Statistics.

“Worker well-being is a top priority today, and similarly to the rest of the world, companies in the Middle East are focusing their efforts to redesign work around well-being by understanding workforce well-being needs,” said Rania Abu Shukur, Director, Human Capital, Consulting, Deloitte Middle East.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2020
2020 Global Banking & Finance Awards now open. Click Here

Latest Articles

Beyond Transactions: The Payment Revolution 4 Beyond Transactions: The Payment Revolution 5
Finance3 hours ago

Beyond Transactions: The Payment Revolution

By Marwan Forzley, CEO of Veem  The uninterrupted disruption brought on by the pandemic accelerated the need for robust, digital-first...

The UK’s hidden payments crisis: why businesses should rethink their payments strategy 6 The UK’s hidden payments crisis: why businesses should rethink their payments strategy 7
Finance3 hours ago

The UK’s hidden payments crisis: why businesses should rethink their payments strategy

By Edwin Abl, Chief Marketing Officer at Modulr. As the economic conditions imposed by the Coronavirus endure, businesses are facing a...

Investing into a more sustainable future: changing businesses from the inside out 8 Investing into a more sustainable future: changing businesses from the inside out 9
Top Stories4 hours ago

Investing into a more sustainable future: changing businesses from the inside out

By Shawn Welch, Vice President and General Manager of Hi-Cone Worldwide As industries across the world are facing unprecedented uncertainty...

Securing Information Throughout the Supply Chain – Preventing Supplier Vulnerabilities  10 Securing Information Throughout the Supply Chain – Preventing Supplier Vulnerabilities  11
Top Stories5 hours ago

Securing Information Throughout the Supply Chain – Preventing Supplier Vulnerabilities 

By Adam Strange, Data Classification Specialist, HelpSystems  The financial services sector is experiencing extreme disruption coupled with rapid innovation as...

RegTech 2020: The rise of Open Banking 12 RegTech 2020: The rise of Open Banking 13
Banking6 hours ago

RegTech 2020: The rise of Open Banking

This month on the RegTech 20:20 podcast, host Alex Ford is joined by industry experts Gavin Littlejohn, Chairman of The...

The case for AI technology adoption in financial back-office roles to improve efficiency 14 The case for AI technology adoption in financial back-office roles to improve efficiency 15
Technology7 hours ago

The case for AI technology adoption in financial back-office roles to improve efficiency

By Tomas Gogar, AI CEO, Rossum In this era, digital transformation isn’t anything new. Nonetheless, it can still cause a...

Gain financial regulation qualification online 16 Gain financial regulation qualification online 17
Finance8 hours ago

Gain financial regulation qualification online

Gain financial regulation qualification online   Warwick Business School in partnership with the Bank of England are delighted to offer...

COVID-19: Dealing with fraudulent applications for the Bounce Back Loan Scheme 19 COVID-19: Dealing with fraudulent applications for the Bounce Back Loan Scheme 20
Finance12 hours ago

COVID-19: Dealing with fraudulent applications for the Bounce Back Loan Scheme

By Ed Lloyd, EVP Global Head of Sales, Encompass The COVID-19 pandemic is still having a devastating impact on businesses...

EU Commission sets out new intellectual property action plan affecting SEPs, patent pooling and EU design protection 21 EU Commission sets out new intellectual property action plan affecting SEPs, patent pooling and EU design protection 22
Business13 hours ago

EU Commission sets out new intellectual property action plan affecting SEPs, patent pooling and EU design protection

By Andrew White, Partner and UK & European patent attorney at intellectual property firm, Mathys & Squire The EU Commission...

InsurTech is helping to drive the digital evolution of the UK motor retail industry 23 InsurTech is helping to drive the digital evolution of the UK motor retail industry 24
Technology13 hours ago

InsurTech is helping to drive the digital evolution of the UK motor retail industry

By Alan Inskip, Tempcover CEO & Founder If the last nine months have made anything clear, it is that the...

Newsletters with Secrets & Analysis. Subscribe Now