2011

EastNets, a global provider of compliance and payment solutions, has announced that it has obtained the SWIFTReady–workers remittance conformance label for 2011. en.MoRe is the first application in the workers’ remittances programme offering a mobile payments functionality between a Telco operator and a receiving bank.

HSBC chose Sibos as the place to announce the launch of the next generation of HSBC Connect to SAP, HSBC’s corporate-to-bank integration and treasury solution catering to corporate customers that use SAP Enterprise Resource Planning software.

When it comes to international trade finance, the aim is to create ‘smoother sailing in rough waters’, says FRITZ vom SCHEIDT, managing director of Tricon Trade Management Trade finance originates from the financing, or investment in, the import/export of goods, and it is an essential activity in global commerce.

Dear Reader, In this issue, we introduce readers to Sundra Rajoo, “a man with a mission”. As director of the Kuala Lumpur Regional Centre for Arbitration (KLRCA), he has been mandated by Bank Negara Malaysia, the central bank, to promote arbitration in Islamic finance both in the region and beyond. Rajoo would like to see more countries from the MENA …

HSBC has signed a Memorandum of Understanding (MoU) with Islamic Development Bank’s International Islamic Trade Finance Corporation (ITFC) to implement its Shariah-compliant trade financing and provide help on various treasury activities such as joint trade financing and investment of liquidity.

Quite apart from the growing risks evident in the global economy, the regional turmoil known as the “Arab Spring” resulted in sharp stock market corrections and an extreme dearth of new issuance activity in the equity, bond, and sukuk markets alike, NCB said in its report GCC Financial Market Quarterly: Back to Square One.

Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, has recently announced the renewal of its VisionPLUS licence agreement with First Data, a global leader in electronic commerce and payment solutions.

Naveed Sultan has been appointed global head of treasury and trade solutions at Citi, reporting to global transaction services (GTS) CEO Francesco Vanni d’Archirafi. He will manage Citi’s cash management and trade services business with reported revenues of $7.2bn in 2010.

The historic credit downgrading of the United States, the world’s largest economy, will have no impact on UAE banks as they have no investment in US securities, according to Hammam Al Shamma, an adviser at the Abu Dhabi-based Al Fajr Securities, one of the UAE’s largest stocks and investment services firms.

A seminar to discuss ways of combating viruses that target financial institutions was held recently in Dubai, having been organised by the UAE Telecommunications Regulatory Authority (TRA), represented by the Computer Emergency Response Team (AECERT). TRA is making efforts to provide a secure cyber space for users in the UAE, and protect them from potential attacks. The AECERT team plays …

Dominic Broom has been appointed head of sales and relationship management for BNY Mellon Treasury Services, Europe, Middle East and Africa. He reports to Alan Verschoyle-King, head of global sales and client management for BNY Mellon Treasury Services. Broom joined BNY Mellon Treasury Services as head of market development EMEA in 2006. He has many years of experience in the …

Continued commitment to its customers, together with greater investment and product offering, have led to BBK in Bahrain winning two prestigious awards this year. In this interview, Cash & Trade talks to Rashad Akbari, Assistant General Manager of the Transactional Banking Division  What does BBK offer the Bahraini market in terms of cash management services? We provide the valuable combination …

SMEs are having a hard time of it because of the financial crisis and credit squeeze. LIZ SALECKA looks at their problems in accessing short-term bank finance Across the Gulf States, the financial crisis and resulting credit squeeze have had major implications for mid-market companies and small-to-medium sized (SME) family-owned businesses, which have since found it much harder to access …

MUSHTAK PARKER reports on 
a ‘man with a mission’, whose aim is to promote arbitration Sundra Rajoo is a man with a mission. As director of the Kuala Lumpur Regional Centre for Arbitration (KLRCA) he has been mandated by Bank Negara Malaysia, the central bank, to promote arbitration in Islamic finance both in the region and beyond. Consistent with the …

Optimum liquidity and working-capital management is crucial to the long and short-term success of any commercial enterprise. However, it is dependent on businesses being prepared for all eventualities. MICHAEL BURKIE discusses why corporates must plan for even the most unlikely market disruption scenarios, as well as how local and regional banks can help their corporate clients to be prepared Funding …