News Round

The online payment services provided by Dubai eGovernment Department through the internet and mobile phone for instant payment of government fees are experiencing increasing demand by the public with more than AED 2bn collected in the first half of 2012, representing a 21 per cent increase over the previous year. ePay enables customers to electronically settle their dues for various …

Surecomp, a leading provider of global trade solutions for banks and corporations,  has announced that IMEX, its high-volume back-office trade finance solution, has been awarded the SWIFTReady Trade Finance application label for the 14th consecutive year. The SWIFTReady label programme verifies the compliance of business applications against SWIFT standards, messaging services and connectivity. Using stringent SWIFT-specific criteria, SWIFTReady label status …

Saudi banks will cut their bad loan ratio to the lowest since the region’s biggest corporate default three years ago as lending grows on the back of government spending, according to Moody’s Investors Service. The ratio of non-performing loans at Saudi lenders will drop to about 2.5 per cent this year, the lowest since at least 2009, Khalid Howladar, a …

More than 75 per cent of private investors believe that the eurozone will survive its crisis, according to a J.P. Morgan Private Bank study revealing the views of High Net Worth investors in Europe, who were asked for their opinions on current market conditions and risk appetite. The study polled more than 300 High Net Worth investors in 15 cities …

A leading alternative financier remains on-track to achieve a target $5bn gross turnover within the next three years, says chairman Kamel Alzarka. Falcon Group – based in London and the Middle East – achieved record post-tax profit in excess of $27.5m in 2011-2012 – an increase of more than $7m compared with the previous year. The figure represents the fourth …

“For many banks, the question has not been ‘how do I succeed’ but ‘how do I survive’? according to David Hamilton, president of SunGard’s banking business. Fundamentally, he explained, the global banking model had shifted and a transformation was occurring in how money was being managed as banks strove to re-build trust and create value for their shareholders. “A focus …

More than $3bn in export credit insurance has been provided over the past year to member countries by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This was revealed at its recent annual meeting in Khartoum. The annual report showed that this was an increase of 59 per cent compared to 2010, and financial results were …

SWIFT has announced the launch of Sanctions Screening, a centralised service for small- and medium-sized financial institutions in need of a cost-effective, easy route to compliance with sanctions regulations. It was developed to help those SMEs keep up with increasing regulatory obligations. Complying with evolving sanctions regulations and frequently updated lists has become more complex, costly and time-consuming for financial …

Leading names from the world of international finance were at the third annual Falcon Group trade and corporate finance forum held at the Madinat Jumeirah Hotel, Dubai. Moderated by BBC World’s Nima Abu Wardeh, the forum brought global CEOs and CFOs together to hear speakers discuss crucial issues for corporate funding. Offering political, economic, banking and corporate perspectives, the list …

Standard Chartered has signed two agreements with Warba Bank to facilitate their transactions in Asia. The announcement comes in light of increased trade activity between MENA financial institutions and companies with Asia in general and China in particular. Warba Bank joined Standard Chartered’s “Asia Express Guaranteed Payments Programme”, which ensures delivery of funds to beneficiaries in Asia on the same …

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, signed a $855m Import Finance Murabaha Agreement with The People’s Republic of Bangladesh (represented by the Energy & Mineral Resources Division) and Bangladesh Petroleum Corporation (BPC)  for the import of crude oil and refined petroleum products. The agreement brings together a total of 28 financial …

Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors, HSBC said at its Middle East and North Africa (MENA) and China Forum held in the UAE recently. Emphasising the growth of China as a trading powerhouse, HSBC added that China is poised to become …

A largely pessimistic outlook for the demand for trade finance products in 2012 has been revealed by new research from the International Chamber of Commerce (ICC) and the International Monetary Fund (IMF). Based on inputs received from 337 financial institutions responding to a joint ICC-IMF survey, the findings also show a two-speed financial system: for emerging Asia the outlook is …

The Royal Bank of Scotland has now officially opened its corporate banking branch in Emaar Square, Dubai. The branch, which was previously located in Bank St, is an integral part of RBS’s corporate banking operations in the UAE and accommodates a corporate branch, transaction services and global networking sales teams.

HSBC Middle East’s payments and cash management business has been awarded Best Overall Bank for Cash Management and Best Bank for Payments and Collections by Global Finance. The awards recognise HSBC’s continued efforts to strengthen its position across the region, “providing innovative solutions to its customers”. Commenting on the wins, Natasha Patel, regional head payments and cash management for Middle …

Dubai Multi Commodities Centre (“DMCC”), the Middle East’s leading commodity centre, has announced the launch of DMCC Tradeflow, a significantly enhanced platform to the previous multi award-winning Global Multi Commodities Receipt (GMR) that was introduced in 2004 as a commodity finance risk mitigation tool. DMCC Tradeflow is an electronic system that brings together all parties involved in inventory-based financing. Through …