October 2023 by MEA Business

News, Reviews and Analysis.

October 2023

Navigating the Digital Landscape An Insightful Interview with Sunil Paul, Co-Founder & MD of Finesse

GITEX 6 | Artificial Intelligence 10 | Awards 16 | Finance 28 | Opinion 32

Introduction he editorial staff of MEA Business are committed to reporting the as highlighting the business opportunities that already exist in the two regions. We also want to provide a platform for business leaders to share ideas, engage in constructive debates and form strategic partnerships. Our ultimate aim is to equip business leaders and professionals with the practical and tactical skills to thrive in the Middle East and Africa. With an emphasis on positive news stories, case studies and inspirational interviews, MEA business will inspire readers towards personal development and overall business success. The magazine is arranged to provide clear and concise informative sections including news sections on the Middle East and Africa, CEO interviews and market updates. The magazine and news service we offer are available on a variety of platforms, these include our printed magazine, e-magazine, website and social media. Furthermore, we include augmented reality elements in some of our features to provide our readers with unparalleled coverage on the latest developments. MA Business also publishes several sector specials throughout the year. These special issues are produced to coincide with important industry exhibitions and events. This month's issue is a Technology Awards special. I hope you will also join me in congratulating all the winners.

Publisher, MEA Business

mea-biz.com

CONTENTS 14

MIDDLE EAST NEWS

The worlds booming AI markets was a key topic of discussion at the GITEX GLOBAL and Expand North Star 2023 press conference

GITEX 2023

Shines Spotlight on Cyber 8 Veeam Resiliency at GITEX GLOBAL 2023 to showcase industry leading 10 Commvault AI-integrated data protection solutions at GITEX 2023

OPINION

ways to prepare for double 12 Seven extortion ransomware

COVER STORY the Digital Landscape: An 14 Navigating Insightful Interview with Sunil Paul, Co-Founder & MD of Finesse

TECHNOLOGY ACHIEVEMENT AWARDS 2023

Business Technology Achievement 16 MEA Awards 2023 (Winners)

MEA Business WEB: www.mea-biz.com EMAIL: info@cme-media.com PUBLISHED BY: Creative Middle East Media FZ LLE, 19th Floor, Creative Tower, Fujairah Creative City, PO Box 4422, Fujairah, UAE EXECUTIVE DIRECTOR AND PUBLISHER: Kenneth Mitchen Email: ken.mitchen@mea-finance.com

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LEADERSHIP SERIES

18 Digital Darwinism 22 A Growing Network

BANKING TECHNOLOGY

on Cloud: From Adoption to 24 Banking Acceleration

TRADE FINANCE

26 Enabling Growth Economies OPINION PIECE

Finance and the Art of 32 Behavioural Execution

EVENTS GALA

Aviation Annual Gala Evening 34 The is Back

22 mea-biz.com

MIDDLE EAST NEWS

The worlds booming AI markets was a key topic of discussion at the GITEX GLOBAL and Expand North Star 2023 press conference World’s largest tech and start-up show gathers best minds, advanced companies for the year’s most anticipated dialogue into a new tech paradigm

His Excellency Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy

ubai will showcase a new era of global AI dominance, as the UAE hosts the world’s largest tech and start-up show, converging the best minds, future-focused governments, and most advanced companies to redraw the boundaries of the AI economy and shape the future of the globe’s next big technology shift.

For the first time, GITEX GLOBAL – independently rated globally as the best tech show in the world – shall take place in two mega venues as its 43rd edition prepares to welcome 6,000 exhibitors and 180,000 tech executives from 180 countries from 16-20 October 2023 at the Dubai World Trade Centre.

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Its powerhouse start-up show, Expand North Star hosted by the Dubai Chamber of Digital Economy runs from 15-18 October 2023 at the stunning new Dubai Harbour venue. More than 1,800 startups across the events will explore rising opportunities in one of the world’s most agile, diversified, and technology-enabled digital economies. The blockbuster duo, organised by DWTC, comprise a combined 2.7 million sq. ft of exhibition space, a 40 percent increase over the previous year, inviting the world to the year’s most anticipated dialogue and deep scrutiny into a new tech paradigm experimenting in AI, the cloud, Web 3.0, and a sustainable digital economy. His Excellency Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, spoke at the official GITEX GLOBAL and Expand North Star 2023 press conference. “We are working with AI policymakers to ensure that the world is better for everyone everywhere,” said H.E. Al Olama, who was named by TIME Magazine as one of the world’s top 100 most influential people in artificial intelligence in 2023. “GITEX GLOBAL is where the best and brightest minds come together to shape the future of technology. Dubai is a global market and through GITEX GLOBAL, we are pushing the envelope by showcasing new technologies including the transformational power of AI to inspire everyone and shape a better future.” “We’ve seen a huge increase in the number of participants at GITEX GLOBAL and this growth really is a testament

to the UAE’s status as a global leader in technology.”

Expand North Star 2023 accelerates global VC investment revival

The influx of global interest in the UAE will see Expand North Star host the largest lineup of 1,000 investors from 70 countries with $1 trillion under management, as they look to ramp up the global VC start-up investment revival. It arrives as the UAE companies clinched the lion’s share of US$4 billion in start-up funding across the Middle East and North Africa in 2022, fetching investments to the tune of $1.85 billion across 250 deals, a five percent increase in value over the previous year. “Expand North Star reflects Dubai’s strong commitment to enabling ambitious start-ups to thrive in the emirate,” said Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy (DCDE), host of Expand North Star. “We look forward to introducing several initiatives at the event including India Central, the biggest showcase of Indian start-ups ever assembled outside India; Asia Fast 100 and Africa Fast 100, the event’s largest showcases bringing together more than 100 leading startups from each continent for an intensive programme of conferences, networking

events, and dedicated pitch competitions; and Launchpad Dubai, a first-of-its-kind initiative providing local and international tech businesses including start-ups, scaleups, and unicorns opportunities to accelerate their business and kickstart their operations in Dubai through a onestop experience at DCDE’s booth at Expand North Star. “Hosting this event enables us to harness the full potential of the digital economy by connecting stakeholders from the government sector, investors, and accelerators with the world’s leading industry experts, innovators, and tech start-ups,” added Al Gergawi. “By bringing the global start-up ecosystem together in the emirate, Expand North Star supports our drive to transform Dubai into one of the world’s leading digital economies in line with the ambitions of the Dubai Economic Agenda (D33).”

We have not seen this hyper level of fervour and anticipation of GITEX GLOBAL in recent years

Intense demand spurs new tech agendas, government participation rises

GITEX GLOBAL 2023 will see the highest involvement of public private partnerships yet as more than 250 government entities intensify their futuristic digital city visions and strategic collaborations amplified by bold commitments toward digital excellence. The annual five-day event will deep dive into the biggest reflections of the AI era with the return of AI Everything – the year’s largest showcase of AI solutions and concepts – and the Global DevSlam coder and developer meet-up, while the hyper popular GITEX Cyber Valley will take the fight directly to the dark cyber-criminal underworld. “We have not seen this hyper level of fervour and anticipation of GITEX GLOBAL in recent years,” said Trixie LohMirmand, Executive Vice President of Events Management at Dubai World Trade Centre. “GITEX is synonymous with AI this year, especially when excitement over the emergence of generative AI is shadowed by a sense of trepidation and cautiousness. “We are aggregating the year’s largest AI in Everything showcase and the most powerful AI architects across businesses. GITEX GLOBAL has not merely expanded in scale. It has totally upsized the big AI ethical conversation and commercial exploration to new. mea-biz.com

GITEX 2023

Veeam Shines Spotlight on Cyber Resiliency at GITEX GLOBAL 2023

Veeam plans to demonstrate the Veeam Data Platform, a unified solution offering data security, recovery, and freedom for hybrid cloud environments, including Cloud, Virtual, Physical, SaaS, and Kubernetes

eeam® Software, a leading provider of Data Protection and Ransomware Recovery solutions, is set to showcase its commitment to cyber resilience at GITEX GLOBAL 2023. The company’s focus for this year revolves around the theme, “Cyber Resilience To Keep Your Business Running.” Mohamad Rizk, Regional Director, Middle East & CIS at Veeam Software, emphasized, “Digital transformation is crucial for every enterprise in the Middle East. However, the region also faces an escalating threat of cyberattacks, particularly ransomware. According to the Veeam 2023 Data Protection Trends Report for the Middle East and Africa, 86% of regional enterprises experienced at least one ransomware attack in 2022. Moreover, 79% of enterprises have a ‘Protection Gap,’ meaning there is a disparity between their acceptable data loss and how frequently IT safeguards their data. In a digital business landscape, data protection and recovery are paramount. To ensure cyber resilience, organizations must modernize their data protection strategies, encompassing physical, virtual, and cloudhosted workloads. Furthermore, businesses should prepare for workloads moving across clouds and on-premises environments. A comprehensive data protection strategy should accommodate this fluidity.” “As the global leader in Data Replication & Protection software, we will utilize GITEX

Mohamad Rizk, Regional Director, Middle East & CIS at Veeam Software

to unveil our latest innovations designed to enhance business efficiency, data security, and agility. We are committed to helping organizations prepare for the next phase of their digital transformation journey.” Veeam plans to demonstrate how it delivers unmatched cyber resilience through the Veeam Data Platform, a unified solution offering data security, recovery, and freedom for hybrid cloud environments, including Cloud, Virtual, Physical, SaaS, and Kubernetes. In an era marked by sophisticated cyberattacks, this platform provides businesses with the confidence that their applications and data are secure and always accessible to maintain uninterrupted operations. Visitors to Veeam’s stand D-20 in Hall 7 at GITEX can expect to explore the following innovations: Backup-as-a-Service (BaaS) for Microsoft 365 and Microsoft Azure: Veeam introduces Cirrus by Veeam, a powerful and flexible BaaS

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solution for Microsoft 365 and Microsoft Azure customers, simplifying backup operations while maintaining Veeam’s resiliency. Veeam Backup for Microsoft 365: As the leading Microsoft 365 backup solution, it now integrates with Microsoft 365 Backup, offering enhanced capabilities for backup, recovery, ransomware protection, and business continuity. Kasten K10 V6: Kasten by Veeam is an enterprise data management solution designed specifically for Kubernetes. The latest release enhances cloud-native data protection, bolsters ransomware defenses, and integrates with more cloud-native platforms. Veeam Data Platform: GITEX visitors will get a sneak peek of the New Veeam Data Platform 23H2 update, featuring advanced data security, malware detection, automated recovery, and hybrid cloud capabilities across Multi-Cloud, Virtual, Hybrid, Physical, SaaS (Microsoft 365, Salesforce), and Kubernetes environments. Veeam aims to engage in high-level discussions with its channel partners at GITEX. Kinda Baydoun, Manager of Channels, Distribution, and Alliances - Middle East & CIS at Veeam, noted, “The region is rapidly adopting cutting-edge technology, with initiatives like ‘Mall of the Metaverse.’ However, this digital transformation demands robust data protection and recovery solutions to ensure project availability. Our partners play a pivotal role in building expertise around cloud, AI, and data security. They also raise awareness about the importance of data protection in customers’ cyber preparedness strategies.” Veeam’s dedicated booth in Hall 7, stand number D-20 at DWTC will be joined by sponsors including Red Hat, ExaGird, Alpha Data, and BPS. Tim Pfaelzer, VP EMEA Sales, and Amaury Dutilleul-Francoeur, VP EMEA Partner Network at Veeam, will be present at the event to engage with customers and partners.

GITEX 2023

Commvault to showcase industry leading AI-integrated data protection solutions at GITEX 2023 Commvault’s team will highlight major trends in data management, protection from Ransomware and digital transformation across the region

Fady Richmany Regional Vice President & General Manager

Yahya Kassab Senior Director & General Manager – KSA & Gulf for Commvault

ommvault (NASDAQ: CVLT), a global enterprise leader in data management across on-premises, cloud, and SaaS environments, will showcase its state-of-the-art data solutions at GITEX Technology Week 2023. The event takes place in Dubai from 16-20 October and welcomes international technology experts from across the world. During GITEX, Commvault’s team will highlight major trends in data management, protection from Ransomware and digital transformation across the region. Commvault’s modern data protection platform delivers a unified customer experience, helping them secure, defend, and recover their data on-premises, at the edge, or in the cloud. Customers rely on Commvault for the broadest support of legacy applications, modern workloads, and SaaS applications, all managed through a single intuitive platform.

With Commvault, customers get enterprisegrade data protection that delivers agility and cost optimization in the hybrid world. Fady Richmany, Regional Vice President & General Manager, SEEMEA, said: “At Commvault, we are truly redefining data security and resilience with our wide support for diverse workloads across any given environment. Events like GITEX Global are vital not only for businesses within the Middle East but globally as well, offering us the ultimate platform to demonstrate our award-winning capabilities to our customers and partners, as well as discussing the hottest topics with likeminded industry experts and new prospects. GITEX is the pinnacle for the technology industry in our region, and we are delighted to be attending once more.” Yahya Kassab, Senior Director & General Manager – KSA & Gulf for Commvault commented: “GITEX Global 2023 stands

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as a key industry platform, driving technological innovation and collaboration as the world transforms with increasing digital transformation and reliance on new technologies and digital services. The 43rd edition of GITEX Global provides an opportunity to showcase our most recent innovations and cutting-edge solutions, and demonstrate our technological prowess, solidifying ourselves as a prominent player in the industry.” Commvault will showcase how the company has integrated AI technologies into its key strategies, backing its commitment to strengthen data security and improve data management processes. Commvault’s strategy focuses on employing AI algorithms to improve threat identification, mitigation as well as next generation deception approaches. AI-driven solutions enable Commvault to discover anomalies and potential breaches in realtime, allowing the specialists to address security vulnerabilities and threats before they occur. This enhances Commvault’s customers’ resistance against evolving cyber threats, effectively securing crucial data assets. AI integration in data management has resulted in intelligent automation, easing the arduous work of organizing and classifying enormous datasets. Commvault improves data classification, retrieval, and compliance management by employing AI-driven algorithms, increasing operational efficiency and facilitating regulatory compliance. Commvault has extensive experience in the Middle East region for many years, having worked with key organizations including MEEZA, Bein Sports, Al Jazeera, Emirates Steel, Dubai Police and Dubai Municipality in UAE.

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OPINION PIECE

Seven ways to prepare for double extortion ransomware By Steven Stone Head of Rubrik Zero Labs

he volume and scale of cyberattacks continue to increase and stress an organization’s ability to understand and prioritize the range of threats. According to our latest report, nine out of 10 organizations reported malicious actors attempted to interfere with their data backups during a cyberattack, with 73% being at least partially successful. Nearly three quarters (72%) of these same organizations reported paying a ransom for encrypted data, but only 16% of organizations that paid recovered all of their data.

The attack vector expands

A particularly challenging type of cyberattack – termed “double extortion” ransomware – has grown in impact and prevalence. Traditionally, ransomware encrypts the victim’s data. Attackers then demand a ransom in exchange for the data’s decryption key. And supposedly, once the company that’s attacked pays the “ransom,” the key gets handed over and the attack is resolved. That was then. Now, we see a second level of extortion. The “double” refers to the fact that attackers don’t just demand payment in exchange for the decryption key but also threaten to publish the stolen data if companies don’t hand over the money. Double extortion ransomware attacks are increasingly common, and they are often very costly.

Steven Stone Head of Rubrik Zero Labs

The challenge ahead

Battling double extortion ransomware has become exponentially more challenging than merely defending against an encryption event. If security teams focus on minimizing the impact of encryption, they may prioritize infrastructure-driven efforts. This would let an organization have the proactive safeguards that help prevent attacks from happening in the first place. And make no mistake, it’s an essential part of strategic planning for cyberattacks and ensuring the organization has the right preparedness measures in place. But having the ability to restore the data doesn’t help prevent it from being stolen. To gain true cyber resilience, focus on these seven ways to keep data secure: Make data security an institutional priority: Infrastructure security alone, while critical, has become insufficient. We must prioritize data security as part of a holistic cybersecurity strategy. Identify the most sensitive data:

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All data is not created equal, and if treated the same, then sensitive data may not receive proper evaluation. Data prioritization allows for much more effective defensive postures. Find out who has access to the data: Zero-trust comes into play here – a system architecture that assumes all users, devices, and applications are untrustworthy and are open to compromise. Get rid of stale data: If nobody has touched the data in six months to one year, it’s worth questioning if it’s still needed. Ensure the organization can view data moving across its environment: If the team can spot irregularities early, it can potentially shut down cyber criminals before they cause damage to data or the environment. G e t a h e a d o f d a t a g ro w t h : Organizations should track the volume of data growth across their on-premises, cloud, and SaaS applications. Designate a data owner: One business stakeholder should serve in this role, assess organizational risks, and present to leadership on a regular basis. A sophisticated investigation tool that clearly and quickly identifies who has access to data, where that data lives, and what the data contains, offers a more holistic protection against double extortion ransomware. With this comprehensive knowledge of the organization’s data, the team will have the power to limit the damage that outside malicious actors can wreak upon the business.

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COVER STORY

Navigating the Digital Landscape: An Insightful Interview with Sunil Paul, Co-Founder & MD of Finesse Trends in Digital System Integration: A GITEX 2023 Preview with Sunil Paul

market reach. This heightened visibility solidifies our position as industry pioneers within our niche sector. This empowers Finesse to excel and make substantial contributions to the ongoing progress of technology and innovation across the board.

What are the possible trends you see in digital system integration, and how much of this do you think you will experience at Gitex Global this year?

s Co-Founder and MD of your brand, how do you feel Gitex impacts a niche sector such as digital system integration, and how does Finesse benefit from this?

providing valuable insights into emerging technologies. Through GITEX’s extensive networking opportunities, we engage with industry leaders, experts, potential clients, and partners, significantly expanding our

As seasoned participants at GITEX for over a decade, we, at Finesse, possess a keen understanding of GITEX’s profound influence, extending not only to the broader technology landscape but also to specialized sectors like digital system integration and transformation. GITEX stands as a crucible of innovation, a dynamic platform unveiling cuttingedge technologies and solutions that shape the future of the technology industry. This far-reaching influence permeates niche domains, instilling innovation and prompting businesses to embrace progressive practices and solutions. Beyond this, GITEX offers an abundance of knowledge sharing opportunities, enabling professionals to remain abreast of emerging trends and continually enrich their expertise. For Finesse, being an active participant in this transformative event offers a myriad of advantages. It grants us a global platform to demonstrate our expertise in digital system integration and transformation, facilitating the formation of strategic partnerships and

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In the dynamic realm of digital system integration, we are witnessing several promising trends. We anticipate a substantial presence of these trends at GITEX Global this year. 1. Hyper-automation: Hyper-automation stands out as a transformative approach that revolutionizes how businesses optimize their processes. It harnesses advanced technologies like artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), natural language processing (NLP), and other automation tools to automate intricate tasks and workflows that once relied heavily on manual efforts. Gitex is poised to place significant emphasis on hyperautomation as forward-thinking organizations come together to explore solutions capable of automating repetitive tasks and elevating operational efficiency. 2. Edge Computing Integration: The exponential growth of Internet of Things (IoT) devices has thrust edge computing into the spotlight. This trend revolves around the

Sunil Paul Co- Founder & MD of Finesse

concept of processing data nearer to its source, facilitating real-time decision-making and minimizing latency. Gitex is expected to feature innovative solutions that seamlessly incorporate edge computing into digital systems. This will enhance data processing capabilities and enable faster and more efficient digital experiences. 3. Security and Compliance Integration: In an era marked by cybersecurity threats and incidents, security and compliance measures take center stage. Gitex is set to delve into this trend, highlighting the significance of robust security measures and compliance protocols within the realm of digital system integration. Organizations are increasingly committed to ensuring that their integrated systems adhere rigorously to stringent security standards and regulatory requirements, ultimately safeguarding sensitive data and preserving trust among customers and stakeholders. GITEX has consistently been fertile ground for innovative technologies, making it the ideal platform to firsthand experience and engage with these emerging trends.

Can you provide an overview of your flagship products or solutions being showcased at this year’s Gitex? How do these products address the needs of your customers? At GITEX 2023, we are excited to showcase a range of products, solutions and services aligned with our theme, “Holistic Digital Transformation Solutions: Advising, Enabling, and Securing.” These offerings are designed to address the diverse needs of our customers in today’s rapidly evolving digital landscape. Our booth will feature the following key highlights for visitors: 1CXO – Advising Digital Transformation: Digital Strategy Consulting and Advisory Services: Successful digital transformation starts with a clear strategy. Our 1CXO service provides comprehensive strategic

guidance across numerous critical domains. Among the areas we provide advisory services are ESG (Environmental, Social, Governance), Customer Experience, Digital Transformation, Corporate Services, Information Management, Data Privacy, Cyber Risk and Information Security. Our experts are on hand to discuss how these services can help your business craft effective digital strategies. Finesse - Enabling Digital Transformation: This is our flagship offering for businesses seeking seamless technology implementation, systems integration, and ongoing support. We understand that every organization is unique, and their digital transformation journey should reflect their specific goals and challenges. At GITEX 2023, we’ll showcase how we customize technology solutions to meet these unique needs, ensuring technology aligns perfectly with your business objectives. Portfolio of solutions on display includes for AI Chatbots, BI & Analytics, ECM, CRM, RPA, HCM and Corporate Treasury bundled with our 24/7 applications managed services support. Cyberhub 24/7 CSOC – Securing Digital Transformation: Cybersecurity solutions & Managed Security Services: Cybersecurity is paramount in today’s digital environment. With our state-ofthe-art Cognitive Security Operations Center (CSOC) and Network Operations Center (NOC) located in Dubai, UAE, and our extended NOC & SOC facility in Bangalore, India, we will exhibit our extensive range of cybersecurity products, solutions, and services. Visitors will learn about our proactive approach to threat detection, prevention, and incident response. Our portfolio of solutions under ‘Securing Digital Transformation’ includes for Digital Risk & Compliance, Digital Identity, Zero Trust, Cloud Security & Application Assurance, Data Protection & Privacy, Security Assessment Services etc, all packaged with our 24/7 managed security services. During GITEX 2023, our goal is to provide attendees with insights into how our

holistic approach to digital transformation will empower businesses to succeed in the ever-evolving digital world.

Are you collaborating with any other companies or partners to enhance the value of your products? We are delighted to announce our esteemed channel and alliance partners who will be joining us at our stand during Gitex 2023: 1. SecureWorks: A recognized leader in the cybersecurity solutions space, SecureWorks will be partnering with us to showcase a range of cybersecurity offerings including market leading MDR, Incident Management Retainer and the award winning XDR platform Taegis to ‘defend every corner of cyberspace’ so to help clients manage their cyber risks and protect their data and systems. 2. Adrenalin: Serving as a strategic p a r t n e r, A d re n a l i n b r i n g s a wealth of expertise in HCM and workforce management solutions to our presence. Their participation underscores the crucial importance of optimizing human capital throughout the digital transformation journey. 3. Hyland: Acknowledged as a trusted leader in document management, BPM and content services, Hyland will engage in collaboration with us to exemplify how effective information management can serve as a catalyst for digital transformation success. 4. eMudhra: As a valued partner, eMudhra brings its expertise in digital identity and secure document solutions to our stand. eMudhra’s presence will showcase their advanced digital signature and identity verification solutions, illustrating how they contribute to secure and streamlined digital transactions. These partnerships complement our offerings and collectively address the multifaceted challenges of digital transformation. We eagerly anticipate providing visitors with insights into how our combined solutions adeptly address these challenges. mea-biz.com

TECHNOLOGY ACHIEVEMENT AWARDS 2023

MEA Business Technology Achievement Awards 2023 (Winners)

The winners of the MEA Business Technology Achievement Awards 2023 were recently announced. The awards recognise exceptional excellence in the technology sector. The award winners’ presentations will take place during GITEX Technology Week from 16 – 20th October 2023.

2023

Technology Sector

CATEGORY

WINNER

Outstanding sector leadership and growth – Batelco Mobile App

Software

Batelco, Part of the Beyon Group

Exceptional Products/Services

Sustainability Programmes

Beyon

Innovative Collaborations and Partnerships - Batelco Power BMW Vehicles with eSIM Technology

Telecoms

Batelco, Part of the Beyon Group

Innovative Collaborations and Partnerships

Metaverse

BEDU

Outstanding sector leadership and growth

Cloud Services

Cloudflare

Exceptional Products/Services

Smart Cities

CommScope

Ground-breaking products/services - Propel

Telecoms

CommScope

Exceptional Products / Services

Financial Technology

Liv (by Emirates NBD)

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New Product/Service launch

Security and Cyber Security

Forcepoint

Exceptional Products/Services

Sector Based Technology

HID Physical Identity and Access Management

Ground-breaking products/services

Security and Cyber Security

HID Physical Identity and Access Management

Exceptional Products/Services

Open Nomination Award

Jeraisy Computer and Communication services

Ground-breaking products/services

Financial Technology

Ministry of Tourism, Kingdom of Saudi Arabia

New Product/Service launch

Financial Technology

Ministry of Tourism, Kingdom of Saudi Arabia

Outstanding sector leadership and growth

Robotics

Ministry of Tourism, Kingdom of Saudi Arabia

Outstanding sector leadership and growth

AI and Machine Learning

Mozn

Ground-breaking products (Achievement Award)

Nexign IoT Connectivity Platform

Nexign

New Technology (Achievement Award)

Nexign IoT Connectivity Platform

Nexign

Innovative Collaborations and Partnerships (CBO & Omantel)

Financial Technology

Omantel

New Product/Service launch - Sehati

Healthcare

Omantel

Outstanding Sector Leadership - Oman

Telecoms

Omantel

New Technology

Security and Cyber Security

Rubrik

Exceptional Products/Services

Security and Cyber Security

Rubrik

New Product/Service launch – Sennheiser TeamConnect Ceiling Medium

Open Nomination Award

Sennheisser

Exceptional Products/Services

Hardware

SHARJAH CUSTOMS

Exceptional Products/Services

Software

Shipsy (Llama Logisol Pvt Ltd)

Ground-breaking products/services

Software

Skiplino

New Technology

Software

Skiplino

Innovative Collaborations and Partnerships

Ecommerce

stc

Innovative Collaborations and Partnerships

Sector Based Technology

stc

Innovative Collaborations and Partnerships

Software

stc

Outstanding sector leadership and growth - stc Bahrain’s Business sectors’

Open Nomination award

stc Bahrain

Ground-breaking products/services - InsureTech proposition of stc Bahrain

Telecoms

stc Bahrain

New/product service launch – stc pay

Telecoms

stc Bahrain

New Technology

5.5G

stc Kuwait

Exceptional Leadership Award - Mr. Mohammed Al Nusif, CEO

Telecoms

solutions by stc Kuwait

Outstanding sector leadership and growth

Security and Cyber Security

Trend Micro

Exceptional Products/Services

Software

Veeam Software

Outstanding sector leadership and growth - Diversity, Equity and Inclusion

Open Nomination Award

Zain Group

Innovative Collaborations and Partnerships - Zain Group & Omantel

Telecoms

Zain Group

Exceptional Products/Services

Data Platforms

ZainTECH

Innovative Collaborations and Partnerships - Zain Group & IE University

Open Nomination Award

Zain Group

Ground-breaking products/services - ChatGPT

AI and Machine Learning

OpenAI

Exceptional Product/Services - IBM watsonx

AI and Machine Learning

IBM

New Product/Service launch

Cloud Services

Microsoft

New Product/Service launch

AI and Machine Learning

Amazon

Exceptional Product/Services

Cloud Services

Salesforce

Ground-breaking products/services

Ecommerce

Shopify

mea-biz.com

LEADERSHIP SERIES

Scott Harkey EVP Financial Services and Payments, Endava

Digital Darwinism

Scott Harkey EVP Financial Services and Payments, Endava explains how in the current digitisation era, regional banks can best adapt to the challenges, competition and the requirements of authorities, to thrive while also providing delight to their customers

Business News for the MEA region

ross-border payments are key to UAE consumers. Describe the latest payments developments, and how banks can support these advancements.

There is no doubt that cross-border is huge in the area. I think it comes second to maybe the US in terms of total dollars being exported out of the country or being sent out. So obviously, developments in cross-border payments are really important here. The interesting thing is, I think 80% of cross-border money movement flows outside of the major banks. So, they are using exchange houses or some other third party to transfer the money. That is a big deal for banks. So figuring out a way for the banks to continue to be involved in cross-border payments, continue to get more of a foothold in cross-border payments so that it’s not moving outside of the bank

system, there’s probably some technology that needs to help drive that, whether it’s looking at alternatives to the kind of traditional correspondent bank model, looking at whether it’s blockchain or its other forms of, I won’t say cryptocurrency, in the way that it’s commonly talked about. But certainly, developing the technology underpinning it, whether it is blockchain or its other elements of that; to really try to figure out if there are more economical ways for the banks to move the money, to become part of that ecosystem, and then how do they pass that on to the consumers? So ultimately, consumers want cheaper money movement. They want the convenience of the digital experiences they are getting from the third parties. And the banks have to start to develop some of those to really make sure they are part of the ecosystem.

With the UAE launching its instant payment scheme, how can banks and financial institutions comply with the framework? Instant payments are really interesting, especially as you look country to country and how it is rolled out differently. Certainly, in countries where there has been some sort of government regulation or push to ensure that the banks and the ecosystem is enabling it, they have seen a lot faster traction. Markets like the US where it has not been pushed, but it has been created, we actually have two different competing systems, so there is not an impetus to adopt at all times, and that becomes a challenge. But I think in markets like the UAE where it’s being pushed, mandated, regulated, however you want to word it, I think what it means is that as the banks start to make these investments in the real time network, they will naturally start to push use cases onto it because they’re making the technology investment. So, when you are making big technology investments, you want to spread it across as much as you can, volume wise. So, what are the use cases that provide a better

experience when you enable real time or faster payments? Looking at both B2B use cases; so, in a lot of countries, the businessto-business use cases are where a lot of the value initially is created, and then also looking at consumer use cases with bankto-bank transfers or other ways, you can look at how you can really take advantage of the speed. I think a lot of the systems too, often they enhance the transaction and transaction data that comes as part of it as well. And that is another big thing we see, a lot of value in the system for the banks is as more data comes through these flows, then you can start to look at how do you do things like tying invoices to accounts payable and other things especially in the B2B space. So, there is a

while certainly that has value. It can also be about what is the experience that you can enable when you know that the money is going to move at a very specific time. You can start to schedule it. You can start to plan it. You can start to build value added services around the timing of those transactions. So again, if you’re a small business or you’re a consumer and you start thinking about bill pay or some other scenario where you know that you want the money to move at a very specific time, as the business or the receiver of that money, you want guaranteed funds, you want to ensure that it’s there, well, those things can start to be automated and scheduled when you start using real-time payment

The biggest challenge for regional banks is not having enough money

lot to be done there but certainly once the system gets built and in place, the impetus kind of shifts to how do you identify the use cases that drive the most value and then ultimately enabling those.

How can banks and f inancial institutions go beyond IPP’s base requirements to create new revenue streams using real-time instant payments?

I think a good way to think about that is for banks to look at where do they have relationships today with third parties that they could use or switch over to realtime payments to enable either a better experience or more value add. Again, I think a big piece of this is around the data and the data that can come along with some of these transactions because a lot of times that is where the value can be added. So, if you think about it in a lot of cases, it is not just about the money moving faster

systems. So, just looking through your existing customer transactions today, looking through your existing customer flows today and saying, again, where would speed, where would the fact that the money is guaranteed arrival, the fact that there is clarity into when it is received, how could you start to leverage those to add value? And I think that is where most banks will ultimately find those use cases where they can monetise it. There is value being created that they can start to charge for.

How can traditional banks, the powerhouses of the UAE finance sector adapt to the presence of FinTechs?

It is tricky for the big banks because in a lot of cases they have gotten used to being the large incumbents and kind of having the ability to maybe move a little mea-biz.com

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bit slower and not necessarily have to respond as fast to the market. I think that’s changed a lot with the FinTechs that have come into the space with now the large institutions being held almost to the same standard of innovation and experience. I think that is really where they can take cues from a lot of the FinTechs and even some of the smaller banks that have maybe advanced faster in terms of their experiences, is to look at the user experience. So, I am big on user experience and that driving a lot of investment for institutions and looking at what is the ideal customer experience for any given product or any given flow and then really trying to design around that. So, in a lot of cases, the challenge for the large banks is they serve so many different customers that the experiences get kind of watered down a little bit. If you think about a FinTech that has a very specific use case and is solving one specific problem, well, they can design for that problem really well because that is all they’re designing for. But then you take a large bank and they have an audience ranging in age, an audience ranging in demographics and they have to water down the experience. So, what they can start to do is to look at the experience being created by the FinTech and say, where is the customer delight in that. What part of that is it that our customers would react to or would see value in or would enjoy as kind of a delighted experience? And then frankly copy them for lack of a better word. Not to say copy the specific UX but start to copy those experiences in terms of offering something similar. And that is a really good way to look at it, just start to go through those experiences. Most institutions are doing customer research, they are getting feedback from their customers on what they like, and do not like and then just ensure that they are allowing for innovation to come in and that they are trying to keep up. They are not just sitting back and watching the others build better experiences around them.

What are the main challenges regional banks face in realising their digital transformation ambitions? The biggest challenge for regional banks is not having enough money. At the end of the day, the large banks in any market always outspend the small banks to a massive degree. And so, the challenge is always how do you do the same things, or some of the same things with way less money and way less resources, whether that’s people inside the bank to actually do the work or that is the capital that is spent on making the investment. And there again, I recommend just looking at the customer delights or pain points. A lot of times in banks, product gets created by internal bank people who have an idea about a product and they go and they push it forward rather than listening to the customer. And so, I think really looking

where you are in the world, a lot of the challenges that banks are facing are the same challenges. They are trying to figure out how to compete with the FinTechs. They are trying to figure out how to modernise their technology, how to adopt the new technology that is providing the most delight for customers. And I think the challenge is always how do you do all that, again, with a limited budget? Even if you have a big budget, it is still limited. It is still not infinite. And how do you do it in a way that basically creates reuse or creates the ability to evolve as opposed to having to constantly rebuild? That is what we do at Endava; helping our customers build technology, helping our bank clients modernise their backend infrastructure so that they are not having to rebuild over and over again. My perspective is that we are at a stage

Digital transformation is not a thing anymore because it is ongoing

at that customer feedback, really bringing in customers to advise on where they would see value, what could be added to the experience, etc., and then really building around that and prioritising those things. You have to accept, as a smaller bank, you are not going to be able to spend the way the large banks are and that is okay. It just means better prioritising the things that make the most impact for customers. And I think that is best done through looking at customer feedback and really looking at those experiences.

In the current phase of the UAE’s financial sector’s evolution, what is Endava’s value proposition?

This is a really exciting space for us because this is what we do. And I think what is interesting about it is no matter

Business News for the MEA region

with technology now, especially in the banking space, where it is evolutionary. It is a constant. Digital transformation is not a thing anymore because it is ongoing. It never stops. Transformation implies that you did it and it is done, but it never stops. It is an evolution. There will always be a new thing. There will always be some new technology to adopt. And so rather than chasing that and constantly trying to build to that, we really try to help our clients build iteratively and build components that can be reusable; so that as new things come along, they are able to scale faster, they are able to adopt that technology faster. So that is a big part of what we do, whether it is the experience, or it is the back-end technology. And we are really excited to be in this space.

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Sandeep Chouhan Group Chief Business Transformation and Technology Officer

A Growing Network Sandeep Chouhan Group Chief Business Transformation and Technology Officer at Network International identifies the factors behind their recent growth, what is driving their prospects in Africa, the positive affects standardisation has in the payments markets and how they remain a regional leader in their competitive field

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h a t d o yo u t h i n k has been behind the increases in 2022 that Network International experienced over the previous year?

Network International has been a digital leader in payments for many years across the Middle East and Africa. In 2022, we saw the introduction of new stores of value in our acquiring businesses both in the Middle East and across most of Africa. The arrival of mobile money completely changed the landscape through which we were bringing solutions to our consumers. The arrival of APIs and Open Banking has allowed us to accelerate the

transformation that our clients, and over 200 banks that we serve across the region have seen, allowing a rapid increase in their ability to participate in a payments ecosystem. These things have really brought new experiences and are inviting many more companies, disruptors and payment disruptors to come in, such as the telecommunications people, the retailers, transportation providers, healthcare providers; everybody seems to be jumping in and wanting to offer a payment product. The sophistication and the evolution of digital wallets has been another reason that we are seeing an unusual growth in the payment space, particularly for us. Our stack is a very modern stack that is completely cloud ready and we already offer our services in multiple clouds. Our payments have API-led capabilities, which allows us to offer open finance and to support all these features too. And with the ability to build a tokenised payments rails system, it means that we are accelerating the digital agenda of our clients. We are able to bring very extensive analytics and rich insights into the payments capabilities to our clients, which is very highly valued. Additionally, our ability to bring in deep AI tools that are driving much better management of fraud, compliance, credit and loyalty, allows us to really accelerate the complexity of our offering in a very sophisticated way. So, these have been big game changers through 2020 and we believe that we are going to continue to make investments in keeping our platforms modern as we go through the coming years.

While the bulk of your business stems from your Middle East segment, do you expect to see Africa taking a bigger proportion in the coming years?

Africa is showing a much higher rate of growth, particularly as the payments infrastructure is going through a complete transformation on the back of technology and particularly the use of mobile money capabilities. This is really changing the

consumer behavior of both the banked and the unbanked population. And as you know, Africa has such a large unbanked population that is now entering the mainstream of payments. The convenience that mobile money offers and the reach that mobile infrastructure is offering, means that the growth rates are outstripping any other part of the world at the moment. We at Network International are already

for a completely new technological infrastructure which is moving away from messaging to tokenisation and building new railroads using blockchain based technologies. The FinTechs out there, and the banks are solving issues and working for the development of a new range of innovative solutions that were not previously possible. The arrival of Open Finance and APIs means

The sophistication and the evolution of digital wallets has been another reason that we are seeing an unusual growth in the payment space a very strong presence across forty-two countries in Africa and we feel we are best positioned to benefit from that growth in the economy.

How do you expect the international payments landscape to be impacted by the implementation of ISO20022?

Standardisation through the efforts of ISO always brings harmony into an ecosystem. As innovation is coming, people are being pulled in various directions, but standardisation brings the ease of interoperability. So as a central provider of payment services, standardisation means local FinTechs and local payment schemes will be able to interoperate in a much more seamless manner, giving a much better experience to customers, much more ease for regulators to manage the environments and allow for processors like us to serve and deliver a great customer experience. So, bringing frictionless experiences to customers is always a critical part of what we do every day.

How does Network International stay at the head of the fastdeveloping payments marketplace?

Payments remains the most innovative sector within the financial services world. And the investments that are being made into the Pay-tech sector is allowing

the movement of data has become a lot more intense and the sharing of data has become a lot more simpler and quicker. And the arrival of the Cloud means all of this can be done at a much faster pace. And with the availability of hyper-compute capabilities, you are allowing to just power the engine for innovation and thereby growth in this sector.

How has the acquisition of DPO improved or changed Network International’s business?

DPO is a very successful e-commerce business and they have a very strong presence across Africa. For Network, it has brought capabilities of a very sophisticated offering to our e-commerce merchants, to our ability to participate with gateways and payment aggregators and has brought us an access to a customer reach across 30 countries in Africa, and particularly the enterprise customer segments which are really seeing a very fast pace of growth. And these are enterprises that are innovating themselves very rapidly and transforming themselves very, very quickly. So, to be able to partner in that ecosystem, to move at that pace with agility, and creating really new stores of value has been a game changer for us. So, we see that the DPO learnings to be brought into our other markets will continue to enrich our capability and offerings. mea-biz.com

BANKING TECHNOLOGY

BANKING ON CLOUD

From Adoption to Acceleration Arun Krishnan Global Head of Engineering, Infosys Finacle and Wiley Battle Global Head, Partner Development, AWS come together to explain the coming developments in cloud computing for banks and the key services they will be providing the market into the future

Wiley Battle Global Head, Partner Development, AWS

ver the last two decades, cloud computing has been one of the biggest technological disrupters. In the Middle East alone, 71% of organisations already use the public cloud and 86% expect to move more data to the cloud by 2026, per a Cloudera report. According to a report by the International Data Corporation (IDC), the Middle East cloud computing

Arun Krishnan Global Head of Engineering, Infosys Finacle

market is expected to grow at a compound annual growth rate (CAGR) of 25.2% from 2020 to 2024. Banks operate in an increasingly dynamic, contact-free environment. Reports suggest that by 2030, banks are expected to leverage Cloud, API and 5G to become connected, insights-driven and seamless. Cloud can help banks improve security, expand their ability to handle data

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and offer their customers access to new delivery channels. Banking technology is increasingly relying on cloud to achieve agility, scalability and flexibility. Banks have accepted the idea that an end-to-end managed services banking platform on the cloud empowers the bank with sharper focus on delivering core businesses value and scaling operations. Banks can thus look forward to a steady stream of innovations and lower the total cost of ownership (TCO), with quicker time to market. For example, Finacle’s digital banking solution suite on AWS has helped several customers achieve greater business agility, lower total cost of ownership, automated intelligent operations and a robust ecosystem innovation. F i n a c l e ’s c u t t i n g - e d g e c l o u d native architecture, powered by AWS, accelerates cloud transformation journeys and unlocks new value for our clients. Finacle’s Digital Banking Suite on AWS offers managed services that are designed enhance business agility at reduced costs. Key benefits include streamlined operations, superior performance, massive scalability and robust high availability. Banks benefit from Finacle’s resilient, self-healing, auto-scaling and low-maintenance digital banking platform to scale their cloud success more quickly,” says Arun Krishnan, Global Head of Engineering, Infosys Finacle. “AW S h a s t h e m o s t e x t e n s i v e global cloud infrastructure. The AWS Region and Availability Zone model has been recognised by Gartner as the recommended approach for running enterprise applications that require high availability. No other cloud infrastructure offers as many Regions with three or more Availability Zones connected by low latency, high throughput and highly redundant networking,” says Wiley Battle, Global Head, Partner Development, AWS. Banks in the Middle East region, like their global counterparts, are looking to leverage new cloud infrastructures to drive digital transformation. A recent KPMG

report suggests that banks in the Middle East recognise the necessity for a Cloud Center of Excellence (CCoE) that helps financial institutions upgrade applications and standardise cloud adoption across the organisation. Leveraging cloud is not limited to just moving current workloads. It enables the reimagination of service content as well. For example, risk management could be one of the non-obvious opportunities from cloud. Cloud can be a valuable way to help risk teams respond quickly to changes in the external environment and better understand the drivers of risk in ways that were not possible before, without requiring current levels of capital outlays. This includes both financial risks such as credit, market and liquidity, and nonfinancial risks such as cybersecurity, fraud and financial crime. As cloud adoption accelerates in the next year, we can expect four trends to stand out. These include the evolution of Kubernetes and service meshes, the emergence of hybrid could, cloud-native CPUs and edge computing. Containers and service meshes have become mainstream Kubernetes is the new cloud OS. Service meshes facilitate super-efficient, resilient and consistent deployments that are indispensable for complex service delivery. Service meshes enable a consistent construct spanning several clusters or even multiple clouds. This offers banks the ability to have a common language and skills that scale their solution and services landscape. With the rapid containerisation of applications, banks have the option to combine VM-based apps in the same Kubernetes cluster. The idea of multitenancy with the limitation of one size fits all can be challenged using hyper personalised multi-tenancy that is made possible with this tech. Blockchain networks are also leveraging the orchestration, low-touch administration and reliable operations enabled by Kubernetes and service meshes for running their massive, distributed infrastructure.

Hybrid cloud

Hybrid cloud models are fast emerging as the preferred choice for many banks as they enable them to progressively deploy workloads across public cloud, private cloud and even on-prem, basis the criticality of the workload and banks’ risk appetite. In 2023, a cloud-neutral, hybrid approach will enable banks to improve system availability and resilience, while fulfilling data residency requirements in various locations. We can expect new variants of these models. For instance, with regulations prohibiting certain data from being put on the public cloud, we can expect public cloud providers to offer tools to bring managed computing assets within data centers. Similarly, we could see banks put their secondary disaster recovery setups

interoperability, with managed services interfaces and SLAs.

Edge Computing

Edge Computing is increasingly gaining traction in banking. It brings computational resources closer to the point of data generation, addressing banks’ needs for low latency and data residency. This, in conjunction with other modern technologies such as AI, VR, Computer Vision, NFC and more, will empower banks to curate immersive, context-aware customer experiences driven by high levels of intelligence at the point of consumption. A cco rd i n g t o G a r t n e r, w e c a n expect three-quarters of enterprise generated data to be processed at the edge by 2025. As data processing moves near to its storage, banks will

Leveraging cloud is not limited to just moving current workloads

on the public cloud, while maintaining the primary ones inside their data centers.

Cloud-native environments with purpose-built hardware

Today, CPUs are being purpose-built for the cloud with designs that leverage insights about common cloud workloads to achieve higher throughput at a lower cost; an example is third-generation Graviton processors from AWS. The newgen CPUs offer higher core density, and up to 50 percent improvement in price/ performance ratio while consuming less power. Increasingly, hyperscalers are offering managed services on cloud-native CPUs as an option. These services enable banks to use emerging hardware with complete

gain from improved processing time, heightened data security and costeffective infrastructure. As cloud adoption gathers urgency, thanks to factors like digital proliferation and the emergence of platform models, banks in the Middle East will seek to migrate their workloads faster. In turn, we can expect the continuous evolution of banking in the region and the emergence of new and innovative business models. All of this points to the jugular importance of a robust banking platform integrated with cloud services which can provide financial services institutions a secure, resilient, global cloud platform to accelerate the creation and delivery of very valuable consumable banking services for today and the future. mea-biz.com

TRADE FINANCE

Enabling Growth Economies Underlining recent growth in trade, the integration of ESG principles, the benefits of using distributed ledger technology and opportunities opening up for SMEs, Zul Javaid CEO of UAE Trade Connect, an e& enterprise company, highlights the key role of trade finance in regional economies

re you expecting noticeable growth of Trade Finance in our region in the coming years?

In today’s interconnected world, trade finance plays a critical role in facilitating international trade. As businesses expand their operations across borders, the need for efficient and reliable financing solutions continues to grow. Our region has seen a significant increase in trade activity in recent years. With increasing globalisation and the rise of emerging markets, businesses are seeking new opportunities and tapping into previously untapped markets. The advent of technology has revolutionised the trade finance landscape. Digital platforms and blockchain-based solutions have streamlined processes, reduced paperwork and risk, and increased transparency. Automated systems for document verification, smart contracts and real-time tracking have accelerated the speed and efficiency of trade finance operations.

Banking and Finance news in the MEA market

The remarkable growth of trade finance in our region demonstrates its critical role in facilitating global trade. As businesses seek to expand their reach and capitalise on international markets, trade finance acts as a catalyst by providing the necessary financial tools and infrastructure. Embracing the latest technologies in trade finance will undoubtedly position our region at the forefront of the global trade ecosystem.

With COP Summits occurring in the region, are ESG considerations influencing trade finance operations?

In recent years, the importance of Environmental, Social and Governance (ESG) issues has grown significantly in various sectors. As countries and companies strive to meet the challenges of climate change and sustainable development, the impact of ESG factors has also shaped trade finance. The integration of ESG principles into trade finance is driven by the recognition that sustainable business practices are essential for long-term value creation, risk management and stakeholder confidence. As a result, trade finance providers are integrating ESG criteria into their decision-making processes to support environmentally and socially responsible business practices. Technologies such as blockchain and AI are revolutionising the trade finance landscape, playing a pivotal role in integrating ESG considerations into operations. These technologies offer

Zul Javaid CEO, UAE Trade Connect

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transparency, efficiency and traceability, making it easier to assess and verify ESG-related data. Blockchain provides a decentralised and immutable ledger that enables trade-related information to be recorded securely and transparently. It improves supply chain visibility by tracking product origins, certifications and carbon footprints. With blockchain, trade finance transactions can ensure that the activities being financed meet ESG standards, such as sustainable sourcing and responsible production. In addition, blockchainbased smart contracts automate ESGrelated terms, ensuring compliance and accountability throughout the trade finance process. Artificial Intelligence (AI) has the potential to analyse vast amounts of data and extract valuable information for ESG ratings.AI algorithms can assess ESG risks and opportunities by analysing trading partner performance, industry trends and environmental data. AI-powered tools can help financial institutions and trade finance providers assess companies’ ESG performance, identify potential risks and make informed decisions. By leveraging AI, trade finance operations can integrate realtime ESG data and improve their ability to support sustainable business operations. By adopting blockchain and AI technologies, trade finance operations

SMEs face a number of barriers to creating an immutable audit trail that enables the traceability of goods and funds throughout the supply chain, thereby supporting ESG objectives 28

can navigate the complex landscape of ESG considerations and build a more sustainable and resilient future.

Is there a case for the adoption of Blockchain and distributed ledger technology in trade finance?

Blockchain, or distributed ledger technology (DLT), has emerged as a transformative tool in a wide range of

the supply chain, thereby supporting ESG objectives. Fraud is a significant risk in trade finance, resulting in financial loss and reputational damage. Blockchain’s immutable ledger can mitigate fraud by providing secure and transparent trade transactions, ensuring the security and confidentiality of data shared within the trade finance ecosystem. The decentralised nature of blockchain makes

The integration of ESG principles into trade finance operations is driven by the recognition that sustainable business practices are essential for long-term value creation, risk management and stakeholder trust sectors, and trade finance is no exception. The adoption of DLT in trade finance offers numerous advantages, including greater transparency, efficiency and security. DLT provides a decentralised, tamper-proof ledger that records and verifies trade transactions in real time. This transparency allows all parties to access and validate information, reducing the risk of fraud and increasing confidence in the trade finance process. In addition, blockchain’s ability to navigate the evolving landscape of global commerce with greater confidence and efficiency.

Are SMEs in the region able to access trade finance services as readily as larger corporations?

Small and Medium Enterprises (SMEs) are the backbone of the economy, contributing to job creation, innovation and economic growth. However, SMEs often face difficulties in accessing trade finance services compared to larger corporations. SMEs face a number of barriers to creating an immutable audit trail that enables the traceability of goods and funds throughout

Banking and Finance news in the MEA market

it difficult for malicious actors to tamper with transaction records, improving risk management practices and protecting the integrity of trade finance operations. By leveraging blockchain technology, trade finance operations can contribute to sustainable trade practices and promote responsible business conduct. When it comes to seeking trade finance services, there are a number of issues that can limit the ability to engage in international trade. Some of the key pain points stem from low confidence in lending from banks and financial institutions due to limited financial history, collateral requirements, complexity of documentation and perceived risk. Through digitisation, alternative data sources, advanced analytics, blockchain technology and open banking initiatives, SMEs can overcome traditional barriers and gain greater access to trade finance services. Banks equipped with technology-enabled risk assessment models, automated compliance controls and effective portfolio monitoring can confidently extend trade finance services to SMEs, driving economic growth, innovation and financial inclusion in the region.

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OPINION PIECE

Behavioural Finance and the Art of Execution

Investors need to grasp key aspects of behavioural finance, posits Ankur Attrey Founder CEO and Chairman of Investments, Lamer Capital Limited

What is the solution?

ith increasing adaption of AI, the world of Money / Portfolio Management is likely to witness shrinkage in information asymmetry. However, do you expect two top portfolio managers with same information to generate similar returns? As per Mr. Lee Freeman-Shor, it is not the case. Over a period of more than seven years (from Jun’06 to Oct’13), Mr. Lee examined 1,866 investments, made by 45 of world’s top investors. While each of these 1,866 investments represented the best money-making ideas, only 21 (or 1% of all investments) returned more than 100%. The question then arises, if money making ideas are not enough, then what do you need as an investor/Portfolio Manager? We believe, as an investor, you need to understand various aspects of behavioural finance and master the art of execution. In behavioural finance, Prospect theory states that people make decisions based on the potential value of losses and gains rather than the final outcome. As a result, investors are no longer rational and instead of being risk averse they exhibit loss aversion. Further, investors often exhibit cognitive and emotional biases, impacting their ability to generate consistent and high profits, illustrated by some of these biases faced by investors: C o n f i r m a t i o n – Lo o k i n g fo r information / data on the company to support one’s belief, discounting contradictory information. Loss aversion – Assigning higher

fear that decision could turn out to be wrong. Driven by these biases, investors often hold-on to their losing positions. For example, since the early 2021 peak in the China market, many investors held on to the falling Chinese Technology stocks driven by loss aversion, regret aversion and confirmation bias. On a similar note, investors at times hold on to stocks that have consolidated for decades due to endowment and self-attribution bias.

Ankur Attrey Founder CEO and Chairman of Investments, Lamer Capital Limited

We believe, as an investor, you need to understand various aspects of behavioural finance AND master the art of execution

Business News for the MEA region

negative value for losses than positive value to gains of same amount. Self-attribution – A belief that one’s success is due to one’s own abilities vs. situational factors. Endowment – Valuing what one has more than something they do not own. Regret aversion – Doing nothing for

If you go by the classification of investors made by Mr. Lee Freeman-Shor, in his book – “The Art of Execution”, you will want to be: a. Assassin – One who recognises that market has turned against and cannot rely on himself to do the right thing – Kills all losers at 20-30% b. Hunter – The investor who can ask the question – The stock price has fallen but nothing else has changed, is the thesis intact? And when the answer is Yes, he invests more. c. Connoisseur – Investor rides his winners far beyond other people’s comfort zone. And actively takes small-small profits to satiate their greed. As the same time, every connoisseur, is either an assassin or a hunter. However, most investors behave like a “Rabbit” – holding on to their losers, even adding more to a losing trade, despite clear evidence of a thesis break. Other unsuccessful investors are like “Raiders”, who book profit as soon as possible. Often, those investors who are “Raiders” are also “Rabbits” in a losing trade. As a result, such investors have a very high kurtosis and a negative skewness (lots of small winners, few big losses and no big winners). The other solution, over and above the application of behavioural finance, is shrewd application of structured products to provide downside buffer and reduce behavioural biases. This is the solution, that we target at Lamer Capital Ltd., but this aspect, we can discuss another time.

AVIATION ANNUAL GALA EVENING

The Aviation Annual Gala Evening is Back

14 November 2023

he Aviation Annual Gala Evening (AAGE), the region’s leading invite only event for Senior Aviation will take place on the 14th November 2023. The event will again take place on an exclusive 220ft megayacht berthed outside Pier 7, Dubai Marina. The deluxe venue is lavishly designed with custom-built interiors and first-class amenities. Guests will enjoy an amazing cruise along Dubai’s shoreline, with captivating views of the famous Palm Island, the Dubai skyline and Iconic buildings such as the Burj Al Arab. Guests will also be entertained throughout the evening by a live band and special entertainment. The Aviation Innovation Awards which also takes place during the Gala Evening will recognize some of the region’s most outstanding aviation individuals and organizations. The awards will honour exceptional technological, operational and sustainability innovations. The Gala Evening and Awards attracts a wide variety of leaders from the Middle East and internationally. For more information on the event visit www.aviationgala.com or contact ken@cme-media.com

Business News for the MEA region

mea-biz.com

CONFERENCE & AWARDS 2023

Congratulations to all the w Leaders in Payme

winners of the MEA Finance ents Awards 2023

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Your Trusted Partner in a Wide Range of Technology Domains

goals, scalability requirements, and sustainability initiatives. Light Current Solutions: J CC S provides low-voltage solutions for communication, safety, and security. Our services encompass voice and data cabling, intercom systems, and alarm systems, enhancing communication and security across your organization. Applications and Software: At JCCS, we develop custom software and applications that cater to your business’s unique requirements. Whether it’s mobile apps or enterprise software, we deliver solutions that drive productivity and innovation.

n the ever-evolving landscape of technology, having a reliable partner to navigate the intricacies of data management, cybersecurity, networking, and more is essential for businesses. Enter JCCS, a forwardthinking technology company committed to providing innovative solutions across a broad spectrum of technology domains.

Our Mission

At JCCS, our mission is clear: to empower businesses to unlock the full potential of technology in their pursuit of success. With expertise, innovation, and dedication at our core, we offer a comprehensive suite of services tailored to your unique needs.

Exploring Our Core Domains

JCCS is a leading player in the following technology domains: Datacenter Solutions: From expert design and construction to meticulous management and seamless migration, JCCS ensures that your data center operates efficiently, securely, and at peak performance. Cybersecurity: In today’s digital world, safeguarding your data and operations is paramount. JCCS provides comprehensive cybersecurity solutions, including threat detection, prevention, and incident response, ensuring your digital assets are safe from threats. Networking: Seamless connectivity is the backbone of modern business. JCCS offers cutting-edge networking solutions that allow your devices, applications, and users to function in perfect harmony, ensuring uninterrupted operations.

Why Choose JCCS? Rafat Alobeidat Managing Director

Physical Security: Security is not limited to the digital realm. JCCS offers stateof-the-art physical security solutions, including access control, surveillance, and intrusion detection systems, for comprehensive facility protection. IoT & Applications: The Internet of Things (IoT) is transforming industries. JCCS enables businesses to harness the power of IoT with customized applications, enhancing automation, efficiency, and data-driven decisionmaking. Infrastructure: A robust technology infrastructure is vital. JCCS specializes in technology infrastructure design and management, ensuring that your foundation aligns with your business

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Expertise: Our team of experts brings unparalleled knowledge and experience to the table, ensuring top-quality solutions. Customization: We understand that every business is unique. Our solutions are tailored to meet your specific needs, aligning technology with your goals. Cutting-Edge Technology: Staying ahead of technological advancements and best practices, we deliver innovative solutions that keep you ahead in the tech race. Security and Compliance: Your data’s security and compliance with regulations are our top priorities. Rest assured, your digital assets are in safe hands. Reliability: We offer 24/7 support, ensuring uninterrupted operations for your business. Sustainability: JCCS is committed to ecofriendly practices, making sustainability a cornerstone of our solutions.

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