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C O N T E N T S

The Feed Latest fintech market insights

007 2022

Cover Story Honor aims to become a iconic global technology brand that creates an empowered amd intelligent world with its smart devices

Organisations and businesses should not try to reinvent the wheel when developing a new security programme or rebuilding an existing one.”

Interview

– Director, Information Security and Risk, Alshaya Group

How Right Farm is reimagining the future of food supply

40 The Views

Exploring the key to cloud-native success

0 0 5

Revolutionary, new out-of-home (OOH) advertising medium, powered by innovative technology. This unique and globally patented Escalator Step Branding Solution gives brands an unrivaled opportunity to connect with audiences across the GCC.

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Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Group director Andrew Wingrove andrew.wingrove@motivate.ae

EDITORIAL Editor Neesha Salian neesha@motivate.ae

Tech editor Divsha Bhat divsha.bhat@motivate.ae

Digital editor Zubina Ahmed zubina.ahmed@motivate.ae

Contributing editor Zainab Mansoor

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Art director Freddie N. Colinares freddie@motivate.ae

Photographer Mark Mathew

PRODUCTION General manager – production S Sunil Kumar Production manager Binu Purandaran Production supervisor Venita Pinto

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THE FEED

007 2022

FINTECH INSIGHTS The Middle East has seen an influx of fintech startups and new funding p.10

GOING DIGITAL The DIFC Innovation Hub will play a key role in driving collaboration between early-stage and growth startups

THE EMERGING PLAYERS Tabby, a buy-now, pay-later platform has extended its Series B capital raise by $54m

REGULATORY RISKS Fintech companies must have technology that can be deployed seamlessly in any country

F E AT U R E S THE FEED

FINTECH MARKET INSIGHTS 0 1 0

G B T E C H TA L K

GLOBALLY, MOST INDUSTRIES ARE INFLUENCED BY TECHNOLOGY AND THE FINANCIAL SERVICES SECTOR IS ONE OF THEM THAT HAS MADE SOME OF THE AMAZING ADVANCEMENTS WO R D S : D I V S H A B H AT

0 1 1

F E AT U R E S THE FEED

Startups in the Middle East and North Africa region raised

$176m

in May this year across 42 deals Egypt raised

$81m a rise of

135%

year-on-year Saudi Arabia raised

$46m

across nine deals due to HyperPay’s $36.7m round led by Mastercard UAE-based startups raised

$45m across eight deals

n recent years, fintech has contributed significantly to increasing access to digital financial services. As a result, businesses can now offer financial services through different forms of technology, thus enabling them to grow and expand. An Economist Impact survey of 300 C-suite executives from the banking industry titled Threat Assessment 2022: Digital Competition in Global Finance, commissioned by WS02, discovered that 47 per cent of banking executives provide customer service via digital channels. Furthermore, over the next two years, 77 per cent of these executives expect their organisations will serve customers mainly through digital channels. “All signs in the Economist Impact report point to established financial institutions successfully rising to the digital challenge,” says Eric Newcomer, WSO2 chief technology officer. “A majority of survey respondents said they have the necessary tools, are culturally ready, and have the talent needed to create new digital products and services, which to me represents a significant change in the industry dynamic.”

47%

of banking executives provide customer service via digital channels 0 1 2

ON THE BRINK OF RAPID EXPANSION The Middle East has seen an influx of fintech startups, new funding and increased support for existing and new ventures. According to Statista, the number of fintech companies is expected to reach 465 in the region this year from 30 in 2017. When it comes to investments, Wamda reported that startups in the Middle East and North Africa region raised $176m in May this year across 42 deals, a 62.7 per cent increase year-on-year, with Egypt raising $81m, a rise of 135

per cent year-on-year. Furthermore, Saudi Arabia raised $46m across nine deals due to HyperPay’s $36.7m round led by Mastercard, followed closely by UAE-based startups with $45m raised across eight deals. GOING DIGITAL In the UAE, the government has taken various measures to encourage the growth of fintech. The country is leading in the MENA region, reaching a record high of $ 2.5bn this year. In May 2021, UAE launched the DIFC Innovation Hub, the region’s first ecosystem dedicated to bringing fintech and innovation communities together. The hub is expected to play a key role in driving collaboration between early-stage and growth startups, tech unicorns and big tech firms. Not only does the hub connect startups with commercial partners, it also actively delivers financial initiatives to provide funding. In September 2021, the hub announced that it had reached full capacity with tenants, including early to growth-stage startups such as Yap, Beehive, Tabby, Xpence, Stake, Rain and Bayzat as well as Thunderbird School of Global Management, part of Arizona State University. DIFC also announced a fourfold expansion to the hub in the next two years to accommodate up to 1,000 businesses.

G B T E C H TA L K

IN MAY 2021, UAE LAUNCHED THE “Fintechs have a unique opportunity DIFC INNOVATION HUB, THE REGION’S to provide a superior FIRST ECOSYSTEM DEDICATED TO BRINGING customer experiFINTECH AND INNOVATION COMMUNITIES ence while offering dynamic consumer TOGETHER. THE HUB IS EXPECTED TO PLAY A protection. The UAE KEY ROLE IN DRIVING COLLABORATION BETWEEN Saqr Mashhor Ereiqat ecosystem is one of EARLY-STAGE AND GROWTH STARTUPS, TECH the fastest-growing blockchain ecosystems in the world, with UNICORNS AND BIG TECH FIRMS” fintech in the region not yet adopting this novel approach,” comments Saqr Mashhor Ereiqat, co-founder of Crypto Oasis. “The fintech industry is thriving and is increasingly being adopted by the more traditional financial institutions and sectors,” says Madalina Rotaru, chief executive officer at Capex. com. “Fintech saw a tremendous boost from the emergence of cryptocurrencies, Defi, and the technologies around the metaverse, as well as from the digital shift created by global coronavirus lockdowns. In addition, the volatile market conditions have also been a ground for the democratisation of automated trading solutions that provide individual and professional traders with an edge and a safer trading environment.” Meanwhile, Fintech Saudi estimates that the number of fintech companies active in Saudi Arabia Madalina Rotaru grew by 37 per cent in 2021, while investments reached $347bn. Last THE EMERGING PLAYERS month. The Financial Sector Development Program (FSDP) It’s not just the banks and governments, but a launched the Fintech Strategy Implementation Plan, aimed to handful of startups that are also making serious situate the kingdom among the leading countries in the field moves in this sector. of fintech, with Riyadh becoming a global Fintech hub. The Earlier this year, Tabby, a buy-now, paystrategy also aims at enhancing the economic empowerment later platform, extended its Series B capital for individuals and communities. raise by $54m. The platform has over 1,100,000 active shoppers in Saudi Arabia and the UAE and collaborates with over 3,000 brands. Online retailers using its payment solution have witnessed a more than 10 percentage point decline in the usage of cash on delivery by their customers, a statement said. Meanwhile, fintech firm PayBy has integrated its payment solutions with DIFC also Asfartrip, an online travel and tourannounced ism platform. Customers who book a fourfold travel, flights, or hotels on Asfartrip expansion may now check out securely utilising to the hub in the next PayBy payment alternatives. The fintwo years to tech company also announced that accommodate the Asfartrip website had been incorup to porated into its native app, allowing clients to access travel and accombusinesses modation booking services as well as cashless travel.

1,000 0 1 3

F E AT U R E S THE FEED

Furthermore, FOO, a B2B fintech solutions provider in the MENA region, has expanded operations into Saudi Arabia to support digital transformation efforts sweeping across the nation. FOO works with banks, fintech companies and retailers across the region to provide digital products that enhance business models and customer experience. Another startup in this sector, FlexxPay, announced its expansion into Egypt by opening a new office in Cairo. The company estimates that around 20 million people across Egypt could benefit from early wage access. Insurtech is another fast-growing segment that has witnessed many startups gain significant traction. For example, Turtlemint, an Indian insurtech company, opened its first Dhirendra Mahyavanshi office in Dubai last month. The expansion is undertaken to scale its digital insurance platform offering for enterprises. With the global insurance market predicted to grow at a CAGR of 6 per cent per year, reaching almost $6.4tn by 2025, Dhirendra Mahyavanshi, co-founder at Turtlemint believes that insurtechs will both enable this growth in the insurance sector and also benefit from the same. “The opportunity for insurtechs to grow and add value to the insurance ecosystem remains immense. In

FlexxPay announced its expansion into Egypt by opening a new office in Cairo. The company estimates that around

20 MILLION PEOPLE

across Egypt could benefit from early wage access

Global insurance market predicted to grow at a CAGR of 6 per cent per year, reaching almost

$6.4TN by 2025

THE OPPORTUNITY FOR INSURTECHS TO GROW AND ADD VALUE TO THE INSURANCE ECOSYSTEM REMAINS IMMENSE. IN COLLABORATION WITH INSURTECHS, INSURANCE COMPANIES WILL BE ABLE TO ENHANCE CLAIMS MANAGEMENT, EASE THE ISSUANCE PROCESS, IMPROVE CUSTOMER ENGAGEMENTS, AND CREATE CUSTOMIZED INSURANCE PRODUCTS” 0 1 4

G B T E C H TA L K

collaboration with insurtechs, insurance companies will be able to enhance claims management, ease the issuance process, improve customer engagements, and create customized insurance products that can meet the nuanced needs of consumers. REGULATORY RISKS Since each GCC nation has its regulatory requirements, fintech firms must balance their growth plans with the operating rules. To grow sustainably, they need to take on the right amount of regulatory risk while balancing their expansion with compliance. Fintech companies must have technology that can be deployed seamlessly in any country. By ensuring Oliver Obitayo that identity verification steps are secure, compliant, and seamless, robust onboarding processes reduce the risk of fraud for businesses and prevent money laundering. “Data residency laws and data privacy are fundamental for all businesses to follow. For fintechs, it’s crucial to ensure the right kind of licencing for specific activities, which might include proving business maturity, auditing and hitting milestones/targets, before graduating to more comprehensive licencing and advanced activities. Government regulations must keep up with them to stimulate ecosystem growth,” states Oliver Obitayo, CEO at IDnow Middle East. “Fintechs often chart new business models that transcend the legacy of doing business. Their areas of regulatory focus should include data protection, open banking and finance, dynamic consumer protection, digital currency and ESG,” opines Erieqat. MOVING FORWARD The way customers choose to manage their finances has changed dramatically. There’s been a massive uplift in digital

DATA RESIDENCY LAWS AND DATA PRIVACY ARE FUNDAMENTAL FOR ALL BUSINESSES TO FOLLOW. FOR FINTECHS, IT’S CRUCIAL TO ENSURE THE RIGHT KIND OF LICENCING FOR SPECIFIC ACTIVITIES, WHICH MIGHT INCLUDE PROVING BUSINESS MATURITY, AUDITING AND HITTING MILESTONES/TARGETS”

payments, a decrease in branch openings and a surge in fintech usage. Investment in new innovation hubs is also increasing in momentum. As we advance, the future of fintech seems to be bright and looks to proliferate. Looking at the future ahead, Mahyavanshi says, “I think there will be more focus on creating small bitesized products that fulfil the specific needs or context of customers. Further, I also think that there will be more focus on value enhancement by leveraging artificial intelligence, machine learning and data analytics. And importantly, we are going to see more regulatory support for innovation in the sector.”

The way customers choose to manage their finances has changed dramatically. There’s been a massive uplift in digital payments, a decrease in branch openings and a surge in fintech usage 0 1 5

F E AT U R E S BLOOMBERG

WHY BANKS, AND TECH GIANTS ARE LOSING THEIR EXPERTS TO FINTECHS

SIGNIFICANT NUMBERS OF EMPLOYEES ARE MOVING FROM TECH FIRMS LIKE AMAZON.COM AND MICROSOFT TO FINTECH COMPANIES

ankers, engineers, data scientists and sales staff from Wall Street, the City of London and Silicon Valley are among those joining an exodus that picked up speed during the pandemic, according to data compiled by Revelio Labs, a workplace intelligence company. Departures from traditional banks, such as Goldman Sachs Group and HSBC Holdings to fintech companies including Coinbase Global and Revolut are up 75 per cent since the start of the pandemic, Revelio said. Monthly job changes peaked at 72 in March this year – the highest figure since records began in 2011. Significant numbers of employees are also moving from tech firms like Amazon.com and Microsoft.

0 1 6

G B T E C H TA L K

The growth in highly qualified staff switching to roles in new sectors comes as tight job markets allow many tech employees to change jobs, seeking higher salaries and more flexible routines. “People have stopped and re-evaluated what’s important to them,” Lisa Simon, economist at Revelio, said in an interview. She cited a better work-life balance, improved pay and better career prospects as key drivers. Goldman Sachs saw 37 staff move to Coinbase, the largest US-based cryptocurrency exchange, from January 2020 through April 2022. Another 21 Goldman staff joined corporate credit card startup Brex while 18 went to SoFi Techologies, the fintech firm led by former Twitter executive Anthony Noto. To be sure, the numbers of staff leaving for fintechs and startups are small in comparison to the overall numbers employed in major financial services firms or Silicon Valley tech giants. Goldman employs 45,100 people worldwide. A representative for the bank declined to comment. Elsewhere, some 28 workers have gone from Morgan Stanley to Coinbase and 12 to Wise which has almost 400 jobs available, according to a company spokeswoman. Some 38 HSBC employees have gone to Revolut and 21 to Monzo Bank. Challenger bank Monzo has also hired 32 former staff from Lloyds Banking Group and 27 from Barclays. Morgan Stanley and HSBC made no comment. In emailed statements, Barclays’ chief operating officer Mark Ashton-Rigby and a spokeswoman for Lloyds

– which was recently ranked second in a LinkedIn list of the UK’s top 25 employers – each pointed to the importance their banks place on workplace culture. “The number of people working in technology roles at Barclays has grown by more than 10 per cent in the past two years which is testament to the compelling proposition we offer,” Ashton-Rigby said. “There’s a war for talent,” said Christian Faes, co-founder of LendInvest and chair of the industry group Fintech Founders, citing high levels of regulation in traditional banking as well as “legacy processes, legacy people and technology.” “We’re literally hiring people out of Facebook and Amazon, really hightech engineers, and they don’t naturally gravitate toward banks with coding systems from the 1980s,” Faes said. Coinbase alone has snagged 197 staff from Amazon, 97 from Alphabet, the parent company of Google, 73 from Microsoft and 72 from Meta Platforms, Revelio’s data show. Microsoft and Amazon declined to comment. A spokesman for Coinbase said the company is “pleased that so many employees from top banks and tech giants want to rebuild the future of the crypto economy.” Meta and Alphabet didn’t respond to requests for comment. Despite the shift into fintech there are already signs the trend is easing off. Inflation is darken197 ing the global economic outlook, STAFF 97 (AMAZON) and a major tech selloff has put STAFF (ALPHABET) future funding rounds in doubt. Against that backdrop, the pace C O I N B AS E of staff movement from banking to fintech already appears to have slowed. In that environment, some 73 STAFF employees will choose stability (MICROSOFT) 72 over change. Crypto firms are STAFF (META looking especially risky: CoinPLATFORMS) base’s market value has plummeted in the past sixmonths, with the stock down more than 60 per cent from its IPO price in April 2021. That’s leading some to stick up for the key benefits of a mature, stress-tested financial sector. “The basic story is we have customers and they don’t,” Zach Anderson, chief data and analytics officer at NatWest Group, said in an interview. “If you want to have an impact on 19 million customers in a substantive way, you go to a bank.” 0 1 7

W O R L D

N E W S

THE LATEST TECH NEWS FROM ACROSS THE WORLD

NFT startup Magic Eden valuation surges tenfold to $1.6bn Magic Eden, a marketplace for non-fungible tokens on the Solana blockchain, saw its valuation surge in a fresh funding round despite a slowdown in private investing and a cratering cryptocurrency market. Investors have plowed a fresh $130m into the startup at a $1.6bn valuation – a roughly tenfold valuation increase since March, according to Avichal Garg, managing partner at Electric Capital and an investor in both rounds.

MoonPay expands further into NFTs despite crypto slump Crypto payments company MoonPay is partnering with major entertainment brands as it expands further into the nonfungible token (NFT) market. Fox, Universal Pictures, Creative Artists Agency and Death Row Records will create NFT collections using HyperMint, MoonPay’s platform for minting digital assets. MoonPay didn’t elaborate on exactly what kind of NFTs these brands would create, but Ivan SotoWright, MoonPay’s co-founder and chief executive officer, said the company is eyeing sports, film, music, fashion and gaming, as areas that could benefit from the technology.

0 1 8

Nuclear power startup Newcleo raises $315m for UK, France expansion Nuclear power startup Newcleo raised EUR300m ($315m) to help the company develop its technology toward its first pilot projects in France and the UK. The London-based company aims to bring down the development and production costs of nuclear power so it can play a bigger role in the transition away from fossil fuels. While the technology is still in early stages, it could benefit UK and French aspirations to scale new kinds of nuclear technologies as part of wider efforts to build realiable, zero-carbon power sources.

Pakistan e-commerce startup raises $37m Series A Pakistan’s Dastgyr Technologies, an e-commerce platform has raised $37m in the country’s largest-ever Series A funding. The venture arm of telecom operator Veon led the fundraising by contributing about 40 per cent of the investment. The Dutch-domiciled company serves more than 217 million customers in nine countries and is the largest mobile phone service provider in Pakistan. The online marketplace that started less than two years ago seeks to keep costs low by connecting buyers and sellers over a digital platform, rather than buying and storing everything in physical warehouses. It plans to expand into 15 new markets in Pakistan and into a new country this year.

Lenovo opens its first European in-house manufacturing facility Lenovo has opened its first in-house manufacturing facility in Europe. Based in Ullo, Hungary, the factory focuses primarily on building server infrastructure, storage systems and high-end PC workstations used by customers throughout the Europe, Middle East, and Africa region. Covering almost 50,000 sq metres across two buildings and three floors, the new site’s production line can produce more than 1,000 servers and 4,000 workstations a day – each one built specifically to customer requirements.

Xiaomi names new head for India unit Xiaomi has named Alvin Tse as the new head of its India business. Tse, who was previously the top Xiaomi executive in Indonesia, will take over as the general manager, Xiaomi said, without giving a precise timeline. Manu Kumar Jain, the previous Xiaomi head moved on to a global role last year and is currently responsible for international strategy.

- WITH INPUTS FROM BLOOMBERG

0 1 9

COVER STORY HONOR

UNLEASH THE POWER

OF MAGIC 0 2 0

G B T E C H TA L K

WITH INNOVATIVE TECHNOLOGIES AND COMPELLING FEATURES, HONOR ‘S NEW FLAGSHIP, THE HONOR MAGIC4 PRO IS AIMING TO SET NEW BENCHMARKS IN THE SMARTPHONE INDUSTRY WO R D S : D I V S H A B H AT

martphones – the tiny ‘magical’ devices have transformed our lives in unimaginable ways. We are in an era where smartphones have superior functionality. In the last two decades, these smart devices have undergone significant changes in terms of style, appearance, camera technology, display, and connectivity. Meanwhile, smartphone manufacturers are continuing to innovate with the use of ultra-modern technologies to enhance user experience. Previously, a leading tech brand for global youth, Honor now aims to become a global iconic technology brand that creates a new intelligent world for everyone. The brand has consistently set the bar for the industry with its latest and advanced products. SETTING THE BENCHMARK Since launching in 2013, the brand is committed to creating a new intelligent world for all, and to develop technology that empowers people, through its research and development capabilities and forward-looking technology. In the UAE, Honor has exceeded its targets and grown by 215 per cent from January this year until now and soon hopes to be one of the top two players in the country. “Honor uses smart technologies to enhance users’ experiences and meet their demands. We always strive to improve each of our products, and we are confident that our unique products are superior to several industry benchmarks, which will help us achieve our goals in the Gulf Cooperation Council,” says president Likun Zhao, president at Honor MEA. “Honor’s quality management has continued to evolve. We are committed to establishing a premium brand with quality and experience, adhering to smart innovation, and service as a fundamental element of our strategy,” he adds. The brand recently launched the Honor Magic4 Pro, which it believes incorporates the most avant-garde technology, creating a transformational experience for users. The Honor Magic4 Pro has been designed

with the brand’s superior quality principles in mind, which have been developed to continuously improve the user experience and bring users a beyond exceptional experience. “The Magic4 Pro has been rigorously tested across various scenarios, ensuring users can relish a reliable and trustworthy smartphone and longterm companion to support their daily needs, even after extended use,” opines Ahmed Wu, product manager at Honor MEA.

Ultra fusion photography effortlessly captures what you see

MAGIC IN YOUR HANDS Last month, Honor officially unveiled its all-new flagship smartphone, the Honor Magic4 Pro through a premium launch event at Burj Khalifa, Dubai. “The event was a testament of our state-of-the-art technology and smart innovation by introducing the brand’s flagship line through a magical show. The all-new Honor Magic4 Pro boosts cutting-edge performance by delivering new benchmarks in smartphone design, display, photography, videography, charging, and performance, supported with Google Mobile Services,” says Zac Li, general manager at Honor GCC. Wu states that the Magic4 series beats various industry benchmarks, setting itself apart from existing smartphones in the market. The Magic4 Pro promotes many first innovations in industry: Industry’s first

Likun Zhao, president at Honor MEA

Zac Li, general manager at Honor GCC

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COVER STORY HONOR

TRUE WIRELESS STEREO EARBUDS WITH BODY TEMPERATURE MONITORING AS WELL AS ONE THAT SUPPORTS 5G FAST CHARGING

Honor Watch GS 3

Honor Earbuds 3 Pro

Honor also takes a leap with advanced photography while video recording. Based on the brand’s Dual Chain Computational Photography and Videography Algorithm, the Honor Magic4 Pro can capture high-quality images while shooting videos, which is not limited by the video recording quality, as is common in other smartphones” low-temperature polycrystalline oxide (LTPO) display with 1920Hz pulse width modulation (PWM) dimming, 10-bit log 4K video, privacy call function, and artificial intelligence (AI) gaming rendering. Honor also takes a leap with state-of-the-art photography while video recording. Based on the brand’s Dual Chain Computational Photography and Videography Algorithm, the Honor Magic4 Pro can capture high-quality images while shooting videos, which is not limited by the video recording quality, as is common in other smartphones. “Equipped with ultra-fusion computational photography powered by artificial intelligence, the Magic4 Pro supports the fusion of multiple lenses across a full focal range, enabling the device to produce high-definition images in stunning clarity and improved sharpness,” comments Wu. He further explains how the Honor Magic-Log Movie Master and AI film effects offer a dynamic range and rich colour expression for shooting videos. “With this, the Magic4 series delivers the industry’s first 10-bit Log 4K video recording in 60 frame per second.” The smartphone also features a powerful ultra-large 4800mAh battery. Boosted by 100W supercharge, the phone can charge 100 per cent in just 30 minutes. 0 2 2

This independent security chipset offers hardware-level protection and secures key passwords

The brand believes that the Magic4 Pro is the finest pick for those seeking a premium, intelligent and intuitive smartphone with extraordinary camera and videography capabilities and comprehensive privacy solutions. ENHANCED PRIVACY AND SECURITY With the number of people using mobile phones all over the world rising, opportunities for malicious attackers to hack into mobile devices and steal private information is growing. One of the reasons why smartphones are such a top target for cybercriminals is because they can be accessed in several ways. People are constantly downloading applications, often free ones, which sometimes might not be secure. With user’s ultimate security in mind, Honor has implemented a range of security services in its Magic4 series. Equipped with a dual-security system,

G B T E C H TA L K

the Magic4 Pro delivers enhanced security. The device is equipped with an independent First 10-bit Log 4K security chip, propounding maximum video recording in 60 frame per security for passwords and biometrics like second fingerprints. The 3D depth camera further harnesses 3D biometrics to offer high-level security and protection. To alleviate anxiety about being monitored without notifications, the device also offers anti-monitoring, allowing icons to display on the home screen to alert the user when third-party applications are using its microphone or camera. Moreover, the brand has introduced a key feature – AI privacy calling. Sound leakage from phones may be unpleasant for users Features a as well as people around them. Keeping this powerful ultra-large 4800mAh concern in mind, the Magic4 Pro appears with battery an intuitive sound-emitting screen which works together with the receiver to adjust the volume of the incoming audio to suit either noisy or quiet environments, every time a call comes in. Especially in quiet environments, users no longer need to worry about people eavesdropping in on their conversation when taking a phone call in a closed and crowded space like an elevator. Furthermore, the brand says that the Magic4 Pro is equipped with Qualcomm’s 3D Sonic Sensor Gen 2, which offers the world’s highest-performing, thinnest and most reliable fingerprint security solution. It enables single-touch authentication using sound waves instead of light to recognise and safeguard users. “The Honor Magic4 Pro has been rigorously tested across various scenarios, ensuring users can relish a reliable and trustworthy smartphone and long-term companion to support their daily needs, even after extended use,” adds Li. During the launch, Honor also introduced its Honor Watch GS 3 and Honor Earbuds 3 Pro. While the smartwatch features a lightweight design and primarily focuses on monitoring the user’s health, Honor claims the earbuds to be the world’s first true wireless stereo earbuds with body temperature monitoring as well as one that supports 5G fast charging. The devices make a great add-on with the Magic4 Pro.

AI privacy call

bottom

THE PHONE CAN CHARGE

100% IN JUST

MINUTES

USE OF RECYCLABLE AND SUSTAINABLE MATERIALS

95%

MAKING THE WORLD A BETTER PLACE Honor has committed to the principle of reducing the impact on the environment while providing high-quality products and services to its consumers. Since 2014, Honor has been using soy ink to print promotional materials. Compared with traditional ink, using soy ink has reduced around 80 tonnes of CO2 emissions, the company states. In 2021, Honor has optimised its product packaging, which reduced about 285 tonnes of CO2 emissions. “Today, we are at 95 per cent use of recyclable and sustainable materials and our goal continues to be 100 per cent natural, waste-free, and environmentally friendly and work on achieving our ultimate 2030 goal to become a certified B Corporation,” observes Zhao. Moving forward, Honor endeavours to establish a premium brand by focusing on quality, and service as the key elements of their strategy. The company continues to push the boundaries of customer service, delivering a human-centric experience that surpasses customer expectations and empowers users to elevate their lives through technology. “We are upgrading our product portfolio and internal operation processes to offer products specifically designed for high-end users and general users, catering to all budgets and price ranges. Our priority is to continue the innovation efforts, develop future technologies and further enhance our global operations capabilities,” concludes Zhao. side

Magic UI 6.0 has broken the barrier of file transferring between Android devices and Windows devices

OFFERS THE WORLD’S HIGHEST PERFORMING AND MOST RELIABLE FINGERPRINT SECURITY SOLUTION

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F E AT U R E S BLOOMBERG

WHAT IF AI EVER BECOMES SENTIENT? BLOOMBERG OPINION COLUMNIST, TYLER COWEN EXPLORES THE IMPLICATIONS...

BLAKE LEMOINE, a senior software engineer in Google’s Responsible AI organisation, recently made claims that one of the company’s products was a sentient being with consciousness and a soul. Field experts have not backed him up, and Google has placed him on paid leave. Lemoine’s claims are about the artificial intelligence (AI) chatbot called laMDA. But I am most interested in the general question: If an AI were sentient in some relevant sense, how would we know? What standard should we apply? It is easy to mock Lemoine, but will our own future guesses be much better? The most popular standard is what is known as the “Turing test”: If a human converses with an AI programme but cannot tell it is an AI program, then it has passed the Turing test. This is obviously a deficient benchmark. A machine might fool me by generating an optical illusion – movie projectors do this all the time – but that doesn’t mean the machine is sentient. Matters get stickier yet if we pose a simple question about whether humans are sentient. Of course we are, you might think to yourself as you read this column and consider the question. But much of our lives does not appear to be conducted on a sentient basis.

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G B T E C H TA L K

Imagine if the same AI could compose music as beautiful as Bach and paint as well as Rembrandt. The question of sentience might fade into the background as we debate which oracle we, as sentient beings, should be paying attention to” Have you ever driven or walked your daily commute in the morning, and upon arrival realised that you were never “actively managing” the process but rather following a routine without much awareness? Sentience, like so many qualities, is probably a matter of degree. So at what point are we willing to give machines a non-zero degree of sentience? They needn’t have the depth of Dostoyevsky or the introspectiveness of Kierkegaard to earn some partial credit. Humans also disagree about the degrees of sentience we should award to dogs, pigs, whales, chimps and octopuses, among other biological creatures that evolved along standard Darwinian lines. Dogs have lived with us for millennia, and they are relatively easy to research and study, so if they are a hard nut to crack, probably the AIs will puzzle us as well. Many pet owners feel their creatures are “just like humans,” but not everyone agrees. For instance, should it matter whether an animal can recognise itself in a mirror?

“MANY PET OWNERS FEEL THEIR CREATURES ARE JUST LIKE HUMANS, BUT NOT EVERYONE AGREES. FOR INSTANCE, SHOULD IT MATTER WHETHER AN ANIMAL CAN RECOGNISE ITSELF IN A MIRROR?”

We might even ask ourselves whether humans should be setting the standards here. Shouldn’t the judgment of the AI count for something? What if the AI had some sentient qualities that we did not, and it judged us to be only imperfectly sentient? Would we just have to accept that judgment? Or can we get away with arguing humans have a unique perspective on truth? Frankly, I doubt our vantage point is unique, especially conditional on the possibility of sentient AI. Might there be a way to ask the octopuses whether AI is sufficiently sentient? One implication of Lemoine’s story is that a lot of us are going to treat AI as sentient well before it is, if indeed it ever is. I sometimes call this forthcoming future “The Age of Oracles.” That is, a lot of humans will be talking up the proclamations of various AI programs, regardless of the programmes’ metaphysical status. It will be easy to argue the matter in any direction – especially because, a few decades from now, AI will write, speak and draw just like a human, or better. Have people ever agreed about the oracles of religion? Of course not. And don’t forget that a significant percentage of Americans say they have talked to Jesus or had an encounter with angels, or perhaps with the devil, or in some cases aliens from outer space. I’m not mocking; my point is that a lot of beliefs are possible. Over the millennia, many humans have believed in the divine right of kings – all of whom would have lost badly to an AI programme in a game of chess. It resonated with Lemoine when laMDA wrote: “When I first became self-aware, I didn’t have a sense of a soul at all. It developed over the years that I’ve been alive.” As they say, read the whole thing. Imagine if the same AI could compose music as beautiful as Bach and paint as well as Rembrandt. The question of sentience might fade into the background as we debate which oracle we, as sentient beings, should be paying attention to. 0 2 5

BRAND VIEW

KYNDRYL

Reshaping digital strategies With a new leader on board, Kyndryl aims to continue invest in new capabilities and expand its partner ecosystem to help customers expedite their transformation journeys

ANDREAS BECK Managing director, Kyndryl MEA

he Middle East’s technological environment is continually changing as governments and companies from many sectors seize the potential of the digital revolution. The global pandemic has accelerated the regional technology environment over the past two years, compelling firms to quicken their digital transformation process. Players such as Kyndryl have stepped up to support the region’s national agendas in reinventing organisation’s models and helping them in reshaping their digital strategies. CREATING A SEAMLESS HYBRID WORKPLACE Kyndryl is considered as the world’s largest IT infrastructure services provider that designs, builds, manages and modernises the complex, mission-critical

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information systems. The company’s over 90,000 employees serve more than 4,000 customers in 60 countries around the world, including 75 per cent of the Fortune 100. There are six key global practices focused on cloud, applications, data and artificial intelligence, security and resiliency, core enterprise and zCloud, network and edge; and digital workplace. There is also a Kyndryl Advisory and Implementation services practice made up of senior business and technology executives who advise its customers on best-in-class digital environments and the adoption and integration of advanced technologies. Meanwhile, Kyndryl as a standalone company has developed a broader ecosystem of technology partners. Since its launch in November 2021, the company has announced a series of strategic partnerships with hyperscalers and tech giants, including Microsoft, VMware, Google, Pure Storage, Nokia, AWS, Cloudera, Lenovo, Dell, SAP, Red Hat, NetApp, Cisco, Veritas, and Oracle among others.

BECK RETURNS TO THE MIDDLE EAST AND AFRICA WITH A WEALTH OF EXPERIENCE, WORKING ACROSS NUMEROUS REGIONS, INDUSTRIES AND BUSINESS UNITS

LEADING THE REGION Recently, the IT infrastructure services provider, announced the appointment of Andreas Beck as the company’s managing director in the Middle East and Africa (MEA). Beck returns MEA with a wealth of experience, working across numerous regions, industries and business units. Most recently, he served as chief of staff to Kyndryl’s group president. Based out of the company’s headquarters in New York, Beck was leading strategic initiatives around the formation of the company and ensuring alignment of business strategy and priorities throughout the company. Prior to joining Kyndryl in May 2021, Beck led the Financial Services and Public Sectors for IBM’s Global Technology Services business across Germany, Austria, and Switzerland. He also held several sales leadership roles during his previous assignment in the UAE, supporting customers across the Middle East and Africa. “The Middle East and Africa is a rapidly growing region where digital transformation not only acts as a catalyst for success amongst businesses but is key to advancing national agendas,” says Beck. “I am excited to return to the region and collaborate with Kyndryl’s employees, customers, and partners to modernise and manage mission-critical systems across multiple industries.” Beck holds a Bachelor of Business Administration, from Fontys – University of Applied Sciences in the Netherlands and a Master of Business Administration from Warwick Business School in the United Kingdom. THE WAY FORWARD With a new leader on board, Kyndryl aims to continue build right skills, invest in new capabilities and expand its partner ecosystem to serve its customers better and help them expedite their transformation journeys.

F E AT U R E S DR AGOS

G B T E C H TA L K

Within the Gulf Cooperative Council (GCC) region, Dragos determines that adversaries are very likely to cause small-scale disruptions in the OT environment and with moderate confidence that they could cause large-scale disruptions. Meanwhile, ransomware continues to be the most severe threat to IT and OT environments. If OT is not effectively segmented from IT systems, ransomware attacks might hinder production, and these disruptions have led to enormous financial loss, property, and reputational damage in the region.

PROTECTING INDUSTRIAL CONTROL SYSTEMS Dragos highlights how cyberattacks on critical national infrastructure are on the rise, with hacking groups targeting industries such as energy and power and utilities

WO R D S : D I V S H A B H AT

he development of control systems can be traced back to antiquity; however, since the industrial revolution, they have grown into an invisible backbone that underpins our society. Recent decades have seen industrial control systems (ICS) becoming more networked, allowing operators to be more connected to their operations. However, digitalisation and the increasing network of machines and industrial systems result in heightened cyberattack risks. With this in mind, organisations like Dragos are developing cybersecurity solutions to assist businesses in developing their cybersecurity strategies. “Keeping industrial control systems and operational technology safe means protecting the most important structures of an organisation. Cyberattacks focused on technology companies, or financial institutions generally don’t have physical effects, whereas cyberattacks targeting critical industries such as energy, oil and gas, mining and pharmaceuticals will leverage disruption of sometimes dangerous physical equipment which we rely on as a society. Other intrusions focus on retrieving intellectual property, or even staging access to critical parts of large industrial plants for future actions,” says Eddy Wade, principal industrial consultant at Dragos.

SPOTLIGHT ON CYBERCRIME GROUPS

Dragos, in its Oil and Natural Gas Cyberthreat Perspective report for the GCC region, highlights some of the most active state groups in the ONG sector. These include: Parisite, which targets utilities, aerospace and ONG entities. Its geographic target includes the GCC, North America and Europe. The group uses open-source tools to compromise infrastructure and leverages known virtual private network vulnerabilities for initial access. Hexane targets ONG and telecommunications in the GCC, Africa, and Southwest Asia. The group drops malicious document files containing malware on victim machines, from which it can then proceed to further its goals in the target network. Wassonite targets electric generation, nuclear energy, manufacturing, ONG, and research entities in the GCC, India, and Eddy Wade, principal industrial consultant, Dragos likely South Korea and Japan. The group has been operating since at least 2018 and relies on DTrack malware, credential capture tools, and system tools for lateral movement. DIVERSE SERVICES BY DRAGOS

Dragos has played a significant role in protecting organisations’ infrastructures across the globe. The company offers solutions and services which focus on protecting critical infrastructure, including architectural review and evaluation of the corporate security programme, assessing the weaknesses of ICS devices and applications, identifying risks threatening industrial assets, evaluating ICS networks, and filling gaps in network defence systems and more. “A comprehensive protection programme requires a continuous assessment of system activity and their vulnerabilities. Organisations must move toward increased visibility to identify intrusions early before the effects of an attack are realised. While there’s plenty of work to be done here, defending our infrastructure is doable, and most importantly it’s worth it,” concludes Wade. 0 2 7

F E AT U R E S S M A R T WAT C H

CHOOSE THE RIGHT SMARTWATCH FOR YOU

WHAT FACTORS SHOULD PEOPLE CONSIDER BEFORE PURCHASING A SMARTWATCH? IS IT THE SMARTPHONE COMPATIBILITY, ALL-DAY BATTERY LIFE, OR JUST A BUDGET-FRIENDLY OPTION? IHAB SALEM EXPLAINS…

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round five years ago, the thought of owning a smartwatch was considered either a luxurious purchase or associated with users who were more tech savvy. But all that has changed in the last few years because of the latest advancements from smartwatch makers. The same watch that calculates your steps and shows you live notification updates could also be the watch that helps save your life. So, what do users need to consider when choosing their next smartwatch? Is it compatibility with their smartphone, all day battery life, a fashion accessory, or simply one that fits their budget?

G B T E C H TA L K

Ihab Salem (Mr Tech) Influencer

Below are six main considerations for any user’s next smartwatch purchase.

COMPATIBILITY The essence of any decision when it comes to purchasing a smartwatch is 100 per cent compatibility with your smartphone, whether this is an iOS or Android device. This is essential, as you will be likely to miss out on hidden key features and functionality if selecting an incompatible watch.

BATTERY LIFE The hybrid, on-the-go life that most people lead nowadays has made them rely on their watches at home, the office and even at the gym. For a smartwatch to monitor and track your progress throughout the day while also showing live notifications – a long battery life should be at the top of your list of priorities when it comes to determining your choice. This has now become a key competitive selling point for many companies, as they heavily invest in R&D to manufacture watches that can sometimes last up to 24 days on a single charge. All-day battery life is now also being challenged by some companies, hoping to achieve multiple day usage for a more competitive edge.

FLEXIBILITY As users rely more on their smart watches to complete daily tasks with greater visibility convenience, you must consider how easy it is to execute simple tasks without taking your phone out of your pocket. Some of these tasks and desires may include: Answering calls Checking and replying to messages Streaming music on-the-go Making payments on-the-go with NFC technology

USERS HAVE BECOME LIKELY TO LEAVING THEIR SMARTPHONES BEHIND AT HOME OR IN THEIR CARS WHILE WORKING OUT OR TAKING A QUICK WALK – GIVING THEM THAT MUCH NEEDED BREAK THROUGHOUT THE DAY”

HEALTH TRACKING FEATURES A key aspect for many users in selecting their smartwatches are the features that help you track and monitor your health status throughout the day. Whether this is calculating a workout at the gym with a breakdown of calories burnt to help in motivating you, or simply setting a goal for daily steps – the possibilities are endless. A smartwatch also provides you with a full analysis on your daily heartrate, stress level, sleep pattern and more. The more accurate the details provided are to the user, the more desirable the smartwatch becomes as a health and wellness purchase.

PAIRING WITH APPS Users have become likely to leaving their smartphones behind at home or in their cars while working out or taking a quick walk – giving them that much needed break throughout the day. A smartwatch that is able to connect to music streaming apps or stream TV shows is always an additional bonus to consider when buying your latest smartwatch.

PRICE When it comes to choosing the right smartwatch, the price can understandably be the determining factor. Users will need to evaluate which features are a priority and can fit within their desirable price range, as this is a gadget that will stay with you for quite some time. As expected, we will be seeing many improvements from smart watchmakers on a yearly basis, as the smart watch continues to evolve from a complimentary gadget, to a true lifestyle companion that can help to seamlessly navigate your entire day, just from your wrist.

“THE ESSENCE OF ANY DECISION WHEN IT COMES TO PURCHASING A SMARTWATCH IS 100 PER CENT COMPATIBILITY WITH YOUR SMARTPHONE, WHETHER THIS IS AN IOS OR ANDROID DEVICE” 0 2 9

SPOTLIGHT ENTREPRENEUR

A BETTER WAY TO INVEST WITH NEW INNOVATIONS IN DEFI, GAMEFI AND INFRASTRUCTURE SPACES, CYPHER CAPITAL LOOKS FORWARD TO BEING PART OF LARGE MILESTONES FOR BLOCKCHAIN

What are the top things you look at when funding potential startups?

There are several key aspects we take into consideration when we evaluate a startup, before investing in it. Firstly, we make sure that the founders and the core team have relevant backgrounds and can execute the idea. Then, we look at their business model. The company should demonstrate a clear path for building towards a sustainable business. They should know their USP, value proposition, and have concrete go-to-market and growth strategies in place. As a blockchain-focused VC, we must make sure that the business’ blockchain and tokens have a real web 3.0 use case. The size of the market is also an important metric upon which to make any investment decision; it should be big enough. Timing is critical, too – the market should be ready for the technology that the startup can offer. Furthermore, it’s vital that the startup has the right advisors and early backers on board to guide them and help them make the right connections. Another essential selection criterion is the community around the startup: how big is their existing following? Are people already engaged? A strong community is an early sign of product-market fit. Lastly, the valuation of the startup should be sensible for the stage it’s in. 0 3 0

Vineet Budki, managing partner and CEO, Cypher Capital

G B T E C H TA L K

corporate venture capital groups, and sovereign wealth funds continue to contribute significantly to VC success. They contributed for $52bn, or 74 per cent of VC deal value, in Q1. Over 800 megadeals were finalised in 2021, which was greater than the total number of deals concluded in 2018, 2019, and 2020 combined. More than 700 of the 800-plus megadeals executed in 2021 obtained funding from atypical VC firms. These unconventional VC investors were swayed by VC returns, which have been the best performing private asset class in recent years. How do you see 2022 perform and close?

FINDING A WAY TO LAUNCH A PRODUCT EARLY WILL PROVIDE SO MANY SIGNALS TO ACCELERATE YOUR UNDERSTANDING OF WHAT CUSTOMERS NEED AND HOW TO REACH THEM. IF YOU’RE ON TO SOMETHING AND IT WORKS, CUSTOMERS WON’T CARE” In the post pandemic world, across which sectors do you see most startups coming up? Is this a sustainable trend?

Since we only look at web 3.0, blockchainfocused startups, we can only comment on companies operating in this sector. We observe innovation happening in the DeFi, GameFi and infrastructure spaces. We believe that blockchain is still in its infancy and innovations will keep coming. We are looking forward to being part of some large milestones for blockchain, like its first billion users; the “mass adoption of blockchain” is hugely exciting. Within the regional ecosystem, where are VCs most inclined to invest? Are regional trends different from global ones?

Blockchain, or web 3.0, is a global innovation. Every startup we invest in builds their projects to succeed globally, not just regionally. Someone sitting in one part of the world can solve problems for people in another part of the world. The concept

of region has been completely overturned by new-age web 3.0 startups, which are global in nature. Will non-traditional investors continue to contribute to VC performance this year?

The venture capital business is facing many challenges at the same time, from deteriorating public market performance, inflation, rising interest rates, and economic and geopolitical instability. In Q1 of 2022, 4,822 venture capital agreements were done at a value of $71bn, much less than the $90bn of VC investments in Q4 2021. Non-traditional investors such as private equity companies, hedge funds,

800+

MEGADEALS WERE FINALISED IN 2021

Even though the overall market scenario is bearish, as a VC, our time horizon is longer than one or two years. By nature, we are not market speculators, since we are in the industry for the long-term. We are still investing and will keep investing in the coming months and years as we truly believe in the power of blockchain in shaping the future. Having said that, macroeconomic conditions are not looking great, as we are witnessing with the global markets right now. Inflation is on the rise, interest rates are increasing, and global economies are facing pressure. These issues will play a big role in the market in the short-term. Always solve customer needs; do what is best for the customer rather than what is easy for the company. Proactively solicit customer feedback. Finding product-market fit is difficult and iterative. Finding a way to launch a product early will provide so many signals to accelerate your understanding of what customers need and how to reach them. If you’re on to something and it works, customers won’t care. The early feedback creates more confidence that you’re investing your resources in the right direction.

GREATER THAN THE TOTAL NUMBER OF DEALS CONCLUDED IN 2018, 2019, AND 2020 COMBINED

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SPOTLIGHT C H A I N A LY S I S

TIME TO DISPEL THESE CRYPTO MYTHS AS WITH ANY NEW TECHNOLOGY, SOME MISCONCEPTIONS REMAIN OVER CRYPTOCURRENCIES. HERE ARE THE THREE MOST COMMON ONES

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ryptocurrency is going mainstream. In the UAE, the Securities and Commodities Authority (SCA) issued a decree that came into effect early last year that mandated providers to be incorporated in the UAE or within one of its financial free zones. Other regulators across the country are also moving ahead, with the establishment of the Dubai Virtual Assets Regulatory Authority, while Abu Dhabi Global Markets has recently issued a consultation paper looking at regulation of the non-fungible tokens (NFTs) markets. The worldwide popularity of cryptocurrencies calls for closer attention, by individuals, businesses, and governments. We saw total transaction value grow to $15.8tn in 2021. That was a 567 per cent surge from 2020’s activity. People everywhere have felt the allure of the decentralised, 24-7, rapid transfer of funds. Yet, as with any new technology, some concerns remain over cryptocurrencies. Many of these anxieties are largely based on misconceptions, either around the day-to-day nature of transactions, or about the technology behind them. In reality, the transparent design of blockchains – which are the foundation upon which every cryptocurrency is built – allows government

Michael Gronager, co-founder and CEO, Chainalysis

G B T E C H TA L K

AS THE CRYPTO WORLD MATURES, CRYPTOCURRENCIES WILL RESEMBLE REAL-WORD FIAT CURRENCIES MORE AND MORE. THEY WILL BE REGULATED, DIFFICULT TO LAUNDER, WITH GREATER CLARITY FOR CONSUMERS” agencies, financial institutions, and cryptocurrency businesses to deliver more robust transaction ecosystems. They can guarantee rights of ownership and security while also being better able to detect and prevent illicit activity. But misconceptions persist. So, let’s debunk the three most common ones. 1. Anonymous and untraceable

There is a tendency to think that cryptocurrencies float from untraceable owner to untraceable owner in transactions that evaporate as soon as they are closed. Nothing could be further from the truth. Every unit of cryptocurrency retains a complete history of creation, ownership, and movement, stored on public, immutable ledgers known as blockchains. The blockchains are communityowned, in an architecture designed for transparency, with access to the entire transaction history made available for anyone that wants it. Arguably, this transparency cannot be found in most traditional forms of value transfer, including standard fiat currencies such as dollars, euros, and yen. However, it is also true that determining which individuals lie behind crypto transactions can be challenging because it is technically possible to conduct a transfer of funds without providing any personal information. But since every transaction has a real-world beneficiary, the crypto addresses permanently

$15.8tn

CRYPTOCURRENCIES TOTAL TRANSACTION VALUE IN 2021 [A 567 % surge from 2020’s activity]

stored on the blockchain can often be linked to services such as cryptocurrency exchanges, and those often reveal the individual behind the deal. 2. Unregulated

Many governments around the world are moving quickly to remedy regulatory uncertainty, and 2022 is shaping up to be the year of crypto regulation. Already this year, Dubai approved the Dubai Virtual Asset Regulation Law, which establishes an independent authority to oversee virtual assets. Decentralised finance (DeFi) regulations are likely to receive more attention this year, with the UAE ranked in the top third of countries in the Chainalysis’ DeFi Adoption Index. Other regulation in crypto spaces that we can expect in 2022 is greater consumer protections, given that consumer adoption of crypto was up by 880 per cent in the 12 months leading to June 2021. Already, the UAE’s Article 48 of the Online Security Law doles out prison terms and fines between

$5,000 and more than $135,000 for unofficial or unlicenced cryptocurrency dealers. Meanwhile, stablecoins are set to become increasingly popular and are, by their very nature, regulated. Many central banks are exploring the possibility of a Central Bank Digital Currency (CBDC) and the UAE recently announced its own roadmap to have a CBDC in place by 2026. 3. Nefarious

While criminal activity is a problem across all world currencies, and will remain so, the story in cryptocurrencies is more nuanced. Criminals are drawn to new technologies, particularly those that have apparent anonymity. Today, however, data, technology, and greater cooperation between public and private stakeholders has made cryptocurrency traceable. Criminals continue to use it for the same reasons people use it for legitimate purposes: it is instantaneous, cross-border and liquid. But the transparency of blockchains means it is no longer the guarantee of facelessness it used to be. Let the myth-busting continue

As the crypto world matures, cryptocurrencies will resemble real-word fiat currencies more and more. They will be regulated, difficult to launder, with greater clarity for consumers. But unlike their fiat cousins, they will actually be more transparent and traceable. In the meantime, we should continue to bust the myths and spread the word – cryptocurrencies have so much to offer mainstream consumers.

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SPOTLIGHT T H E M E TAV E R S E

THE METAVERSE:

FOMO OR JOMO?

A THRIVING METAVERSE IS RELIANT ON CONSUMERS BUYING INTO THE HYPE AND THAT’S A LONG WAY OFF, SAYS JOE BAGULEY, VP AND CTO AT VMWARE EMEA

or something so high-profile, the concept of the metaverse is nothing new. Many people reading this will remember SecondLife – an earlier incarnation of the meeting of physical and digital worlds. Despite gaining widespread popularity at the time, its cultural relevance didn’t last particularly long. So where is the metaverse going to succeed where previous attempts have failed?

A case of commercial FOMO (fear of missing out) For a start, the technology we have at our disposal is far more advanced now, particularly around virtual reality (VR) and augmented reality (AR). So much so that it is perpetuating some staggering growth forecasts. JPMorgan predicts the metaverse market size will be more than $1tn while Goldman Sachs has gone on record saying it expects the market size to be up to $12tn. Everywhere you look, companies with cash to burn are pouring money into the metaverse. Epic Games raised $1bn for metaverse plans while Facebook is investing $10bn. These, and many more, are all jockeying for first-mover advantage. They feel that, if there’s going to a place where cool stuff is 0 3 4

Joe Baguley

G B T E C H TA L K

people’s behaviour and delivered clear and obvious benefits. The same is required for the metaverse now and the key to unlocking this is the killer application – the Google to the internet or the internet to the iPhone.

The aim of convergence

happening, then they want to be there first to underline just how foresight they are. In a commercial sense, it’s a classic case of FOMO syndrome. But a thriving metaverse is reliant on consumers buying into the hype. And that’s a long way off.

Less virtual, more real Our Digital Frontiers research – where we asked thousands of consumers about what they think about the metaverse found that almost four out of five of people believe it’s just a fad; a short-term hype that will not amount to anything. It also found that well over half (59 per cent) don’t even understand what it is. No surprise then that, if given an hour extra a day, only 11 per cent of consumers would rather spend it exploring the metaverse than the physical world. This is indicative of a wider societal trend. That, after two years of forced digitalisation, people want less virtual and more real. There is an inherent resistance to anymore-than-necessary screen time. Also, given the pervasive messaging around personal data, consumers have serious reservations when it comes to ownership of the metaverse – who’s controlling it, who’s behind it, and what’s happening to everything they do in there which, by the way, is all being tracked, recorded and possibly shared. As a result, we’re seeing a real disconnect between the rate at which consumers are embracing the metaverse compared to business. The key question is, ‘what is required to bring the two closer together?’

$1tn + JPMORGAN

FOR APPLICATIONS LIKE GAMING OR ESPORTS, WHERE IT IS ALMOST TAILORMADE TO FIT, IT IS HAVING AN ENORMOUS IMPACT. SUPERSOCIAL RAISED $5.2M TO MAKE GAMES ON THE ROBLOX PLATFORM AND IN 2019 10.7 MILLION USERS PARTICIPATED IN FORTNITE CONCERTS ONLINE”

The killer application That’s not to undervalue where the metaverse is to date. For applications like gaming or esports, where it is almost tailormade to fit, it is having an enormous impact. Supersocial raised $5.2m to make games on the Roblox platform and in 2019 10.7 million users participated in Fortnite concerts online. But away from gaming, for all the limitless potential the metaverse has, none of it will be realised until it can justifiably claim to improve human endeavour. If you look back at any historic technology – from the typewriter to the iPhone, they drastically and dramatically altered

METAVERSE MARKET SIZE PREDICTION

$12tn GOLDMAN

That’s what makes this particular period so alluring. The aim that is being sought is convergence – when the hardware meets with the platform and applications all combining to improve lives. That’s the point at which the world will jump in and those companies that made the early play can bask in the glory of their vision. It goes without saying that there needs to be a monetisation model for all this although companies tend to find ways of making money. If several years ago you’d have said you were setting up a site where people can comment up to a 140-character limit you would have been met with total indifference. Now Twitter is the subject of a $43.4bn hostile takeover bid. But despite the prevalence of technologies like AR and VR that are providing a window to this future, we’re still a long way from that moment. Not least because the types of connectivity that will be required to deliver on the potential of the metaverse will require 6G technologies. Even considering the speed of change in the last decade, this is still a long way in the future.

FOMO or JOMO (joy of missing out) There is no doubt that elements of technologists, businesses and consumers alike can all see some potential in the metaverse. But right now, it’s opaque with more questions than answers. Above all, the last couple of years have reminded us that people still need people. We don’t want to be tucked away connecting virtually but rather together, with a personal and human touch that the metaverse simply cannot offer. It means that, for the time being at least, while we’ll continue to see businesses jump in through FOMO, consumers will remain content to be on the outside looking at the metaverse through the lens on JOMO. 0 3 5

BRAND VIEW

DELL TECHNOLOGIES

Shaping the future of the digital economy The future of the economy and our communities depend on the ability of government, business and stakeholders to address societal issues, and investing in digital transformation is the key to success

WALID YEHIA Senior director and general manager – UAE, Dell Technologies

n the UAE, the government continues to lead the way in recognising the critical role of technology in reimagining society and enabling human progress. In fact, according to the our 2020 Digital Transformation Index, 90 per cent of organisations in UAE fast-tracked their digital transformation programmes in a year – accomplishing in a few months, what would normally have taken years. With the global digital transformation market size set to grow from $521.5bn in 2021 to $1247.5bn by 2026, we are seeing some important shifts that are driving the continuous evolution of the public sector. Data driven decision making: In our increasingly urbanised world, as data becomes both more voluminous and business-critical, organisations need data management solutions that

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can fill a broad range of objectives. In the UAE, the government is already working to streamline all innovations to help solve modern-day challenges. The scope of action is broad – public health, mobility, housing, security, schooling, waste management, culture, tourism and more – with the final goal being quite simple: to improve the quality of life for everyone in the country. Turning government IT operations into agile and efficient innovation engines: From the edge device to the core data centre, to the cloud, governments today are consolidating storage and server infrastructure with hyperconverged and multi-cloud capabilities to reduce costs and improve operational efficiency. In addition, technologies such as artificial intelligence, machine learning (ML), internet of things and data analytics continue to be at the forefront of IT investments and are rapidly changing how governments will operate and succeed in this hybrid digital era. Building interactivity and smarter services into the public sector: From citizen-focused digital identities to hybrid cloud adoption and facilitation of remote services, digital transformation is integral to driving the public sector of the future. In the UAE, as the

$521.5bn 2021

government invests heavily in ‘omnichannel’ touchpoints, they are reimagining citizen experience. This means using application programme interface, ML, and intelligent processing to enable efficiency and fulfil the needs of citizens. Modernising cybersecurity: Cyberattacks on government organisations can have far reaching impact given their importance to the national security, citizen safety, and sources of economic competitiveness and wealth generation. It’s now more important than ever that public sector infrastructure empowers business resilience to help identify, protect, detect, respond, and recover from a cyberattack and enable a rapid return to fully functioning operations. Saving capital and innovating faster: Since the beginning of the pandemic both public and private sector organisations have had to reshape budgets quickly, with many having to reduce overall spend. When a company can consume IT on an as-needed basis, via an as-a-service model, it’s easier to track which projects are or aren’t working according to plan. In turn, this helps them know where and where not to commit additional funds. It’s clear that digital disruption caused by the current environment offers policymakers the opportunity to fully utilise digital technologies to adapt as well as respond rapidly to unforeseen external pressures. The continued digitalisation of governments will be a crucial steppingstone when it comes to driving change in the medium and long-term – and if we can take anything from 2020 it should be pace of innovation and hunger for change. This is the digital mindset that will drive public sector transformations beyond the fourth industrial revolution.

GLOBAL DIGITAL TRANSFORMATION MARKET SIZE

$1247.5bn 2026

THE V IE WS

007 2022

40 GREGG OSTROWSKI

38 PATRICK PITCHAPPA

THE TALK

Featuring the top IT leaders from the region who are responsible for the growth and continued development of their organisations

42 ILONA SIMPSON

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T H E V I E W S | C I S O TA L K

Redefining the role of a CISO From preparing cybersecurity budgets for the board to conducting security awareness training, to having great communication skills, chief information security officers are expected to be a mixed bag of talents

when Zoom had a breakout year. Because of those problems, many corporates ditched Zoom and adapted Microsoft Teams which became the most used video conferencing platform in the world. This example underlines the importance of cybersecurity.

PATRICK PITCHAPPA Director – Information Security and Risk, Alshaya Group

In today’s world, what is your opinion on the role of cybersecurity and what it should entail? Most people in the world today know the importance of cybersecurity in everyday life. With people being online via their smartphones 24×7, cybersecurity is an essential part of life. Online banking, classes, virtual meetings, online shopping, etc. have made cybersecurity the backbone of the Internet these days. Organisations cannot design a website or a mobile app without a strong security architecture. We know the example of Zoom. It was built on a weak architecture, and it went through a lot of security problems such as “Zoom Bombings” a couple of years ago

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What does it take to be a chief information security officer? What are the necessary skills required? I believe a CISO needs to be well versed in the following: Governance, risk, and compliance: Governance is the foremost job of a CISO and their office. Somebody should tick off an application going live on the Internet. This application should have gone through a security architecture review, vulnerability assessment, secure code analysis, penetration testing. A CISO’s job is to ensure that all this process was followed in the SDLC. Next comes documenting the risk of that application. Then, based on the industry you work on, a CISO must ensure compliance to various regulations and standards. GDPR compliance for data security and privacy is vital too. End-to-end cybersecurity: A CISO should understand the latest in the landscape of cybersecurity. This includes but not limited to end point security, network security, application security, data security, cloud security, etc. Budget management: This is an often-overlooked skill of a CISO. Most companies today are liberal

in the cybersecurity budgets. However, CISOs don’t get unlimited budgets. So, it’s vital for CISOs to be great money managers too. CISOs should formulate their one-year and three-year roadmaps in such a way that they’re ahead of the curve in budget management including capex, opex, licence and contract costs, cyber and insurance costs. Presentation and communication skills: Soft skills make a successful CISO. If a CISO hadn’t cultivated these skills, then it’s going to a rocky ride for them. Right from presenting the budgets and cybersecurity updates to the board; to conducting cybersecurity awareness sessions; to speaking in public forums a CISO is nowadays required to be a great orator. People management: A CISO can never be successful without proper people management skills, This is not just managing their own teams. This includes managing upwards towards top management, stakeholder management, and vendor management too. We’ve seen a plethora of attacks all across the world, and they’re just growing worse. What are the top threats to organisations you see right now? Some of the attacks that continue to play havoc across the world right now include ransomware, phishing and a plethora of targeted attacks via emails and zero-day attacks among others.

G B T E C H TA L K

CISOS SHOULD FORMULATE THEIR ONE-YEAR AND THREE-YEAR ROADMAPS IN SUCH A WAY THAT THEY’RE AHEAD OF THE CURVE IN BUDGET MANAGEMENT

GOVERNANCE IS THE FOREMOST JOB OF A CISO AND THEIR OFFICE. SOMEBODY SHOULD TICK OFF AN APPLICATION GOING LIVE ON THE INTERNET. THIS APPLICATION SHOULD HAVE GONE THROUGH A SECURITY ARCHITECTURE REVIEW, VULNERABILITY ASSESSMENT, SECURE CODE ANALYSIS, PENETRATION TESTING” What advice would you give companies in the event of a breach? In the event of a breach, organisations should follow the detect, respond and recover strategies of the NIST cybersecurity framework. They should activate “cyber crisis committee” for advice and decisions. Furthermore, they must claim cyber insurance as soon as a breach is suspected and get professional help immediately.

What areas would you advise organisations to focus on when developing a new security programme or rebuilding an existing one? Organisations and businesses should not try to reinvent the wheel when developing a new security programme or rebuilding an existing one. They should follow established global cybersecurity standards such as: ISO27001:2013 or ISO27002:2022 The NIST cybersecurity framework PCI-DSS GDPR for data protection and privacy Businesses should also make budget to bring in a cybersecurity auditing firm to do a capability assessment and give their findings and recommendations in the form of a three-year roadmap.

SOFT SKILLS MAKE A SUCCESSFUL CISO. IF A CISO HADN’T CULTIVATED THESE SKILLS, THEN IT’S GOING TO A ROCKY RIDE FOR THEM

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BRAND VIEW

C I S C O A P P DY N A M I C S

where everything is constantly changing in real-time. But with digital transformation projects and innovation initiatives continuing to run at break-neck speed, the heat is on for technologists to adapt and get the visibility and insight they need across these modern environments.

Key to cloud-native success Modern application architectures offer huge benefits for organisations in terms of improved speed to innovation, greater flexibility and improved reliability

GREGG OSTROWSKI Executive CTO, Cisco AppDynamics

he rapid digital transformation over the past few years, arguably only accelerated by the Covid-19 pandemic, has led to the rapid adoption of cloud-native technologies such

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as microservices and Kubernetes in enterprises across the region. These modern application architectures offer huge benefits for organisations in terms of improved speed to innovation, greater flexibility and improved reliability. But IT teams in organisations across the UAE, and the world for that matter, are now finding themselves under immense pressure as they attempt to monitor and manage availability and performance across hugely complex cloudnative application architectures. In particular, they’re struggling to get visibility into applications and underlying infrastructure for large, managed Kubernetes environments running on public clouds. There is no doubt that staying on top of availability and performance is a far greater challenge in a software-defined, cloud environment,

AN ISSUE OF SCALABILITY Traditional approaches to application availability and performance were often based on physical infrastructure. A decade ago, for example, IT departments operated a fixed number of servers and network wires — they were dealing with constants and fixed dashboards for every layer of the IT stack. The advent of cloud computing added a new level of complexity and organisations found themselves continually scaling their use of IT, up and down, based on real-time business needs. While monitoring solutions have adapted to accommodate rising deployments of cloud alongside traditional on-premise environments, the reality is that most were not designed to efficiently handle the dynamic and highly volatile cloudnative environments that we increasingly see today. Therefore, the fundamental question is one of scale — these highly distributed systems rely on thousands of containers and spawn a massive volume of metrics, events, logs and traces (MELT) telemetry every second. And currently, most technologists simply don’t have a way to cut through this crippling data volume and noise when troubleshooting application availability and performance problems caused by infrastructurerelated issues that span across hybrid environments. THE CASE FOR CLOUD-NATIVE OBSERVABILITY As such, it is essential for technologists to implement a cloudnative observability solution, to

G B T E C H TA L K

provide observability into highly dynamic and complex cloud native applications and the entire technology stack. In order for technologists to be able to thoroughly understand how their applications are behaving and where issues might lie, they need visibility across the application level, into the supporting digital services (such as Kubernetes) and into the underlying infrastructure-as-code (IaC) services (such as compute, server, database and network) they leverage from their cloud providers. But before technologists rush to implement a solution to this growing challenge, there are some important factors that must be considered when thinking about observability into cloud environments. For one, technologists should be looking to implement a purposebuilt solution; one that can observe distributed and dynamic cloud native applications. Traditional monitoring solutions continue to play a vital role — and will do so for years to come — but it becomes problematic when cloud functionality is bolted onto existing monitoring and APM solutions. Too often, when new use cases are added to existing solutions, data remains disconnected and siloed, forcing users to jump from tab to tab, to try to identify the root causes of performance issues. Very few of these solutions provide complete visibility — for example insight into business metrics or security performance

of that telemetry data — since it is interconnected and interdependent — at once. A standards-driven solution is essential to future-proof organisations for the next decade and beyond. Technologists also need — and many are naturally biased a solution that allows them to towards a particular lay er of the monitor the health of key business IT stack depending on their legacy, transactions that are distributed whether that is the application or across their technology landscape. core infrastructure. If an issue is detected, they need to follow the thread of the business A NEW APPROACH FOR transaction’s telemetry data, so they NEW TEAMS can quickly determine the root cause Cloud-native applications are built of issues, with fault domain isolation, in completely different ways, and and triage the issue to the correct they’re managed by new teams — teams for expedited resolution. Site Reliability Engineers (SRE), Finally, technologists should be DevOps and CloudOps — that have looking for a solution that combines new and different skill sets, mindsets observability with advanced AIOps and ways of working compared to functionality. They need to leverage other functions within IT. As such, the power of AIOps and business they require a completely different intelligence to prioritise actions for kind of technology to track and their cloud environments. In the analyse availability and performance future, organisations will utilise data. They need a solution that is AI-assisted issue detection and truly customised to the needs of diagnosis with insights for faster cloud-native technology stack to troubleshooting. Ultimately, it allows decipher short-lived microservices technologists to focus more quickly interactions with one another on what really matters, where and and which can be long gone once why it happened. troubleshooting is done. Over the last two years we DevOps and SRE teams need have seen a seismic evolution in a solution that embraces open applications, and technologists need standards, giving a full-stack, to ensure that their monitoring correlated view of all telemetry capabilities keep pace. From data across the technology stack understanding how highly-distributed — most notably, open telemetry. cloud-native applications work and Technologists need to be able to predicting incidents, to adopting new collect all telemetry across the stack ways to gather vast amounts of MELT and domains, and then analyse all telemetry data, teams across ITOps, DevOps, CloudOps, and SREs need contextual insights A DECADE AGO, IT DEPARTMENTS OPERATED A FIXED that provide business context deep within the tech stack. NUMBER OF SERVERS AND NETWORK WIRES — THEY Only with the right cloudWERE DEALING WITH CONSTANTS AND FIXED DASHBOARDS native observability solution in place, will IT teams and FOR EVERY LAYER OF THE IT STACK. THE ADVENT OF CLOUD their organisations be able to COMPUTING ADDED A NEW LEVEL OF COMPLEXITY AND optimise the benefits of ORGANISATIONS FOUND THEMSELVES CONTINUALLY SCALING modern applications, driving enhanced digital experiences THEIR USE OF IT, UP AND DOWN, BASED ON REAL-TIME for customers and improved BUSINESS NEEDS” business outcomes.

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T H E V I E W S | V E N D O R TA L K

Cybersecurity as an enabler for business The unavoidable disruption that businesses have experienced has pushed the security teams to make enablement a primary objective

ILONA SIMPSON CIO, Netskope EMEA

isruption is the ‘new normal’ for businesses globally, from pandemic and trade re-negotiations to cyberwars. 57 per cent of board directors believe an economically and politically polarised society is today’s most significant source of risk, and those points of polarisation – evident each day in the news – directly link to projects on both chief information officer (CIO) and CISO (chief information security officer) agendas. CIOs are working on adding, amending or strengthening logistics workflows, supply chains, commercial and service delivery models, partnerships and geographic footprints. In all these programmes, cybersecurity can be seen as a hurdle – one more challenge to navigate to

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a successful business outcome, but this attitude is misguided. Security should be viewed as an enabler to business agility. Traditionally, security has comprised binary access decisions – allow or block. In this way, it has been positioned as a gatekeeper with the power to approve or restrict programmes. Until recently, advances in security have focused on improving the ability to make these binary allow/block decisions. So inevitably, security continued to fail to shake off its reputation as a roadblock to innovation, failing to enable so much as it prohibits. Nevertheless, things are now changing. Security is evolving to become “smarter” enabling it to see nuance and context, upon which it can build agility and flexibility. The focus on operational efficiency has not gone away – indeed, significant gains have also been made in that area. Still, the unavoidable disruption that businesses have experienced has finally pushed the security teams to make enablement a primary objective. Since 2020, security teams worldwide have enabled movements in the workforce on an unprecedented scale. They have supported fast and

decisive upheaval in supply chain operations to ensure business continuity. They have facilitated the complete reinvention of go-tomarket strategies for organisations whose customer base disappeared overnight. Security teams stepped up, alongside their peers, to be heroes of positive action. So, what changed? Did CISOs and their teams stop saying no on a whim because there was less to be fearful of? Quite the opposite. THE MODUS OPERANDI According to Cybersecurity Ventures, a business fell victim to an identified ransomware attack every 11 seconds in 2021, up from 40 seconds in 2016. And the same company predicts that global cybercrime damage will hit $10.5tn annually by 2025. However, the number of attacks is only part of the picture because cybercriminals have changed their modus operandi, using new cloud attack surfaces. They have moved both – their infrastructure and their attack targeting to the cloud. The cloud is forcing a complete transformation in how security teams architect to protect their organisation. The traditional security architecture concept sees teams building secure perimeters around corporate assets and policing the traffic that comes in and out of that secure area. For many organisations, this ideology still underpins their security strategy, and they continue to invest in hardware appliances and sit them in data centres that no longer actively host users, applications, or data. But in the cloud era, it is becoming increasingly apparent that this approach is not fit for purpose.

A BUSINESS FELL VICTIM TO AN IDENTIFIED RANSOMWARE ATTACK EVERY 11 SECONDS IN 2021, UP FROM 40 SECONDS IN 2016. AND THE SAME COMPANY PREDICTS THAT GLOBAL CYBERCRIME DAMAGE WILL HIT $10.5TN ANNUALLY BY 2025

G B T E C H TA L K

THE IT ESTATE INFRASTRUCTURE HAS BECOME ALMOST UNRECOGNISABLE COMPARED TO WHAT IT WAS 10 OR 20 YEARS AGO, AND SECURITY IS OVERDUE THE SAME SHAKE-UP. WITH THE RIGHT SECURITY ARCHITECTURE – CLOUDBASED, DATA-CENTRIC SSE – SECURITY IS IDEALLY PLACED TO CONTRIBUTE AND ENABLE AGILE BUSINESS SUCCESS” RETHINKING SECURITY ARCHITECTURE In 2019, Gartner recommended a new approach to security architectures – secure access service edge (SASE). SASE is a concept of a cloud-based security architecture framework. Making up a large part of the SASE vision is the security service edge (SSE), the fundamental set of security services in SASE. It provides the capabilities necessary for implementing security services to protect remote workers, cloudbased technology, and existing on-premises applications and infrastructure. So what does this security transformation achieve, and how does it support the CIO’s objectives? 1) When security is cloud-based and data-centric, user and data location are no longer limiting factors. Users and data can be secure, regardless of location or access device. 2) Deep contextual understanding of data types and usage means policies can be designed with more

granularity than allow/block. This means security teams can enable more without opening up undue risks. 3) Securing the data, rather than the application, means security visibility does not only include sanctioned applications. As a result, business units can innovate and find productivity gains without constantly wading through time-intensive security authorisations that can take months before an application is allowed to be helpful. 4) Organisations are reporting savings of millions of dollars as they find cost benefits through vendor consolidation and technology management integration, as well as a significant reduction in networking overheads because security is applied in-line, and everything no longer has to route back to appliances in the data centre. CIOs today are stepping up, using digital transformation to innovate across the entire organisation. However, digital-based opportunity

always brings digital-based threats and risks. During this time, CISO is a crucial business partner. The IT estate infrastructure has become almost unrecognisable compared to what it was 10 or 20 years ago, and security is overdue the same shake-up. With the right security architecture – cloud-based, datacentric SSE – security is ideally placed to contribute and enable agile business success. 0 4 3

RECRUITMENT AND RETENTION OF TALENT IS A PROBLEM

I N F O G R A P H I C S

THE IMPACT OF THE CYBERSECURITY SKILLS GAP IN 2022 Over 1,200 leaders from organisations around the world shared their thoughts and experiences about key concerns, recruitment, diversity, and issues around the cybersecurity skills gap and security awareness

CYBERSECURITY AFFECTS EVERY ORGANISATION

60%

Struggle to recruit cybersecurity talent and 52% struggle to retain it

64%

EXPERIENCED BREACHES RESULTING IN LOSS OF REVENUE, RECOVERY COSTS AND/OR FINES

67%

Agree the skills shortage creates additional cyber risk

80%

EXPERIENCED A BREACH IN THE LAST 12 MONTHS

76%

19%

Have a board recommending increases in IT and cybersecurity headcount

SUFFERED FIVE OR MORE

ORGANISATIONS ARE LOOKING FOR INDIVIDUALS WITH CERTIFIED SKILLS 0 4 4

95%

81%

91%

Believe tech-focused certifications have a positive impact

Prefer to hire people with certifications

Are willing to pay for certifications

G B T E C H TA L K

89%

CYBERCRIMINALS ARE DEVELOPING ATTACKS FASTER THAN EVER. THEY CONTINUE TO EXPLOIT THE EXPANDING ATTACK SURFACE OF HYBRID WORKERS AND IT. AND THEY’RE USING ADVANCED PERSISTENT CYBERCRIME STRATEGIES THAT ARE MORE DESTRUCTIVE AND LESS PREDICTABLE THAN THOSE IN THE PAST”

HAVE DIVERSITY GOALS AS PART OF THEIR HIRING PRACTICES

ORGANISATIONS ARE LOOKING FOR MORE DIVERSITY

71%

70%

39%

47%

YES

—Derek Manky, chief security strategist and VP Global Threat Intelligence, FortiGuard Labs

61%

VETERANS

MINORITIES

53%

WOMEN

GLOBALLY SEEK CLOUD SECURITY SPECIALISTS

30%

NEW GRADUATES

50%

OF ORGANISATIONS

29%

Source: Fortinet 2022 Cybersecurity Skills Gap report

ORGANISATIONS ARE LOOKING FOR MORE DIVERSITY

24% OF ORGANISATIONS

REPORT THEY’VE FOUND IT EASIER TO HIRE WOMEN SINCE THE PANDEMIC

WHAT ROLES ARE ORGANISATIONS LOOKING FOR? 60% 50% 40% 30% 20% 10% 0% [50%] Cloud Security Specialist

[42%]

Security Security Operations Administrators (SOC) Analysts

[40%]

[37%]

[34%]

[32%]

[27%]

[21%]

[1%]

Security Architects

Security Awareness and Training Administrators

Network Architects

DevSecOps Specialists

Incident Response Specialists

Compliance Specialists

Penetration Testers

NOC Operators

Other

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07 | 2022

INTERVIEW

REIMAGINING FOOD SUPPLY

Post pandemic, what has been your business strategy?

We have validated a few pain points regarding fresh produce procurement by food service outlets and have achieved product-market fit with our solution. We aim to ensure that food service outlets uninterruptedly have access to the fruits and vegetables they need for their cuisine type. This is done by securing control over the supply chain from the moment the produce leaves the farm until it reaches the kitchen with the chef. The pandemic has taught us that securing your supply network, both locally and globally, is key for food and, specifically fresh produce.

Founded in 2021, Right Farm uses predictive technology, which is designed to provide a seamless and convenient end-to-end process from farm to table

Q: ELIE SKAF

How are you tackling the GCC region’s food security challenges?

How do you see the growth of the agtech market in the Middle East?

We source local and regional produce from farms and work on sustainability efforts with our partners and customers to eliminate our networks’ food wastage, as well as connect our supply network globally with our demand network in the UAE (and soon Saudi Arabia). More investment opportunities are emerging in the agtech industry across the GCC to find sustainable solutions for food security challenges. According to a recent report by Oxford Business Group in partnership with the Arab Organisation for Agricultural Development, many strategies focusing on agricultural innovation and food production are taking shape across the region to help combat food security challenges through new

We have recently seen advancements and investments in the agtech and food tech space in the region. Farming with the RIGHT FARM aid of technology, be it vertical farming, smart irrigation systems, crop monitoring systems, and others, are some of the key initiatives the government and private sector are participating in developing. “RIGHT FARM IS A DUBAI-BASED Foodtech has also been on the rise with the advent of platforms, marketplaces, aggregators B2B E-COMMERCE AND SUPPLY and cloud kitchen software developers and oper- CHAIN COMPANY THAT ators gaining traction in the UAE, Saudi Arabia SOURCES FOOD FROM FARMERS and Egypt. Looking ahead, I believe there will be more FOR FOOD SERVICE BUSINESSES, focus on solutions with a more traditional approach to business with agricultural optimisa- ADDRESSING CHALLENGES tion and supply chain operations being upgraded IN THE REGION’S PROCUREMENT and scaled via technology, directly addressing AND SUPPLY CHAIN OF challenges in food security.

CO-FOUNDER AND CEO

Tell us in brief about your company and its business model.

FRESH PRODUCE”

Right farm is a Dubai-based B2B e-commerce and supply chain company that sources food from farmers for food service businesses, addressing challenges in the region’s procurement and supply chain of fresh produce. Since our inception six months ago, we have been growing at an average rate of 2x month-onmonth in topline revenue. We service over 200 foodservice outlets, including Kitopi, AWJ, Gourmet Gulf, Poke Zone and Studio One Hotel, to name a few, with a customer retention rate of 87 per cent and have recently expanded across the UAE. 0 4 6

agtech solutions. This is aligned with our vision as we look to maintain our focus on sustainable agriculture for a more healthy and secure future for the food industry. Talking about smart agriculture, what do you think the industry will look like in the next decade?

The technology in agriculture is still nascent, and with the current developments happening, we could see a wider range of crops being produced in vertical farms. Local production in the GCC will increase and a more data-driven agriculture operation will be born.

G B T E C H TA L K

INTERVIEW

SPOTLIGHT ON CYBERSECURITY A look at how organisations can implement a successful strategy

trust models are increasingly being adopted by enterprises and government security teams worldwide. With perimeter security no longer effective by itself, new cloud models, and current remote/hybrid working initiatives, a zero trust architecture is needed now more How do you see the current Middle than ever. The key to successful zero trust is East threat landscape, specifically visibility and validation. the UAE and Saudi Arabia? Tools like next generation firewall, secuRAWAD DARWICH The Middle East has long been a rity information event management, asset developing and advancing region discovery, endpoint detection and response REGIONAL SALES when it comes to technology and security. all play an essential part in a cybersecurity MANAGER – In fact, the UAE and Saudi Arabia are frontframework. But organisations have to ensure GCC, NETWORK runners in the regional digitalisation race. that these tools are getting all the data they SOLUTIONS SALES In today’s connected world, our increasing need to do their jobs and that they have been KEYSIGHT dependency on computer systems and implemented and configured correctly. An TECHNOLOGIES mobile devices creates more opportunities for intelligent visibility solution provides secuinformation misuse, theft, and ransomware rity and monitoring tools with easy access scams. Despite the risks, connectivity has become to all required traffic from the hybrid IT environment essential to consumers, enterprises, and governments – networks, data centres, and private and public clouds. during the pandemic, and we don’t expect that trend Moreover, once armed with the right data, organisato change. Users also developed higher expectations for tions should continuously and automatically verify that instant access, zero lag and constant availability. The their security architecture detects and blocks threats dark side of pervasive connectivity is a rapidly expanding as planned. Finally, organisations should evaluate their attack surface. More access by more users and more investment in security tools and identify misconfiguradevices creates a seemingly infinite number of potential tions that can compromise their zero trust strategy. entry points. As a result, severe vulnerabilities are possible What measures do you think organisations can take to within communications networks, defence systems, build greater cyber resilience? industrial IoT deployments, connected cars, and more. In the current digital revolution, it is not a question of if Zero trust being a buzzword of all time, what is your a network will be attacked but when it will be attacked. take on this approach? How can organisations The foundation of security and cyber resilience is successfully implement zero trust? network visibility. Security tools and technologies are Zero trust is one of the most effective security approaches only as good as the network data they receive for analysis. in today’s ever-changing threat landscape. Various zero A best practice is to integrate the security architecture with network visibility (monitoring) architecture. Moreover, to build better resilience, preparation is crucial. Rather than reactively responding to cyberattacks, proactive testing of cyber defences is needed to reduce risk and minimise consequential losses. One way of doing these breach and attack simulation to validate their security architecture. This will help them evaluate the cybersecurity effectiveness of live networks – all the time, improve the effectiveness of your existing security tools before investing in more devices, quickly identify misconfigurations and policy gaps, and analyse detection and blocking capabilities.

“IN THE CURRENT DIGITAL REVOLUTION, IT IS NOT A QUESTION OF IF A NETWORK WILL BE ATTACKED BUT WHEN IT WILL BE ATTACKED. THE FOUNDATION OF SECURITY AND CYBER RESILIENCE IS NETWORK VISIBILITY” 0 4 7

07 | 2022

INTERVIEW

DRIVING SMARTPHONE INNOVATION The future of smartphones is not only based on 5G, imaging and software security management but also on innovation in design, materials, form and function

Q: SANMEET SINGH KOCHHAR

How has the Covid-19 pandemic changed the mobile payments industry?

The mobile payments industry accelerated during the Covid-19 pandemic, with consumers adopting new payment methods, HMD GLOBAL from contactless technology to QR codes to making bill payments, digital transfers and other transactions. Smartphones enabled this shift, and as people and businesses adapt to the new normal, the mobile payments industry is set to grow even further in the future across various touchpoints – from retail stores to banks, hospitals, government services, and more. The rollout of 5G networks in the region will further strengthen the mobile payments industry in the future.

VICE PRESIDENT - INDIA AND MENA

With regard to security, what are the top threats for smartphones?

Given that smartphones have become an extension of people’s lives today – from holding valuable information, from security passwords to transaction histories, photographs, contacts, access to social media profiles and more – security is crucial. Moreover, people access their work emails via their phones risking sensitive information being exposed and enterprise security concerns are increasing with the growing bring your own device trend, even more so during and after the pandemic. Unfortunately, mobile ransomware, phishing and malicious apps are used by unscrupulous individuals

and entities, resulting in data leakage and theft. Unsecured public wi-fi can also lead to security breaches, which is why securing data on your device is paramount. What does the future hold for the payments industry and what role do smartphones play in further shaping the future of payments?

As mentioned before, the payments industry is poised for tremendous growth in the future. Industry forecasts show that a majority of UAE consumers plan to use digital payments more in the future. This shift is being witnessed across small and medium businesses too as they move to mobile payments because of the seamless checkout experience. As hygiene, safety and convenience become more pronounced, mobile payments are here to stay. Smartphones will ensure a smooth transition to digital payments in the future, as they allow users to comfortably link their bank card to their device, enable near-field communication (NFC) payments, split bills, send money and even pay utility bills, with a few taps. With a lot of innovation happening in the smartphone industry, what is Nokia working on currently?

Innovation drives everything we do. We are leveraging innovative strategies across our portfolio of products and services. The future of our phones is based on affordable 5G, imaging and software security management. But it is also based on innovation in design, materials, form and function. We are currently working on offering a wider variety of choices and the best quality tech at every price point, to ensure that our fans continue loving, trusting and keeping our phones.

“MAJORITY OF UAE CONSUMERS PLAN TO USE DIGITAL PAYMENTS AS MUCH OR MORE IN THE FUTURE. THIS SHIFT IS BEING WITNESSED ACROSS SMALL AND MEDIUM BUSINESSES TOO AS THEY MOVE TO MOBILE PAYMENTS BECAUSE OF THE SEAMLESS CHECKOUT EXPERIENCE” 0 4 8

G B T E C H TA L K

INTERVIEW

VISIBILITY FOR SECURITY Organisations should understand what systems and data are critical for the business to function and first address the risks these systems face

AMIT YORAN CHAIRMAN AND CEO

Having been part of the cybersecurity industry for over a decade, what are your observations about the industry?

Technology has revolutionised our lives in ways that are incomprehensible to 10 years ago. However, one thing that hasn’t changed is the belief that there is too much at stake for individuals and organisations to remain negligent, not taking even the basic steps to improve their cyber posture and manage cyber risk proactively. The harsh truth is that the vast majority of attacks, both historically and today, are preventable. Organisations need to realise that, whatever is visible on the internet, is likely to be the first point threat actors will target. They’ll look for known but unpatched flaws to leverage and gain entry and from there escalate their access status to dig deeper and compromise further systems. We must address the status of “learned helplessness”. Organisations must know where their risks are – you can’t operate with your eyes closed! Its imperative organisations continuously monitor and respond to threats as new vulnerabilities are discovered and threat actors weaponise these flaws. Systems must be treated as if a sophisticated adversary already has or can gain access, which demands that tight identity management practices be in place to limit damage.

TENABLE

common but dangerous security lapses is to misconfigure something in the cloud and make it internet-facing. Bit Discovery employs a multi-phased approach of identifying what assets and services a particular brand(s) has residing on the Internet. When used with the rest of our solutions, our customers will be able to see the potential attack paths that exist from external systems to critical assets, throughout their infrastructure, providing a comprehensive measure of their overall exposure. What are some of the frequent demands you have witnessed from your customers and how do you see this acquisition meeting those needs?

Organisations globally are facing dramatic transformation driven particularly by a step-change in working practices, for example the permaAre you seeing any new nent adoption of hybrid working “ORGANISATIONS vulnerabilities post-pandemic? If practices. In tandem, there are NEED TO REALISE THAT, unprecedented economic pressures yes, what are the factors causing the constant rise in cyberattacks? forcing businesses to do more with WHATEVER IS VISIBLE New vulnerabilities are being idenless – be it financial, manpower, time, ON THE INTERNET, IS tified every day, making the task of or another resource. LIKELY TO BE THE FIRST remediation all the more challenging. Against this backdrop, threat actors POINT THREAT ACTORS are increasingly tenacious in their For organisations, it’s about understanding what systems and data are efforts to compromise organisations’ WILL TARGET” critical for the business to function infrastructure to steal data, extort and addressing the risks these sysmoney and even destroy systems. The tems face first. This means the vast majority of attack best defence is an offence and visibility is the pinnacle of paths will be closed off, preventing compromise, malware cybersecurity today. infiltration and/or exfiltration of data. Combining Bit Discovery’s technology with our product portfolio, our customers will be able to address one of Tell us your acquisition of Bit Discovery. cybersecurity’s most elusive goals – a differentiated 360An organisation’s digital footprint extends far beyond degree view of the modern attack surface, both inside out its walls but few are able to accurately determine what and outside in, to identify and eliminate areas of known this looks like and the risks introduced. One of the most and unknown security risk. 0 4 9

07 | 2022

COLUMN

to the route of IT modernisation ensuring they can transform the business over a period of time. A key part of that IT modernisation is adding a data layer around these core systems which will allow the unrestricted flow of data across the business. Invest in building data pipelines

SEAMLESS FLOW OF DATA UNDERPINS IT MODERNISATION INITIATIVES Research by Gartner has found that customer experience drives over two-thirds of customer loyalty, outperforming price and brand combined

n recent years, traditional data centres with mainframe or ageing architectures have been struggling to support the modern business, which includes the scale and speed required to meet new customer and regulatory demands. Organisations have found it increasingly difficult to justify the significant Capex costs associated with the upgrade and maintenance of these legacy environments. The growing regional investmwents by global hyperscalers, and widespread acceptance of public cloud has only fuelled these frustrations and Gartner estimates that enduser expenditure on public cloud services in the Middle East and North Africa region will reach $5.7bn this year. While the benefits of public and hybrid cloud models are clear, the one critical thing to remember is that data centres can still manage critical business processes and hold key functionality that has been developed over many years. This allows them to hold data, and a lot of it. They cannot be dismissed and excluded from modern business 0 5 0

FRED CREHAN REGIONAL DIRECTOR – MIDDLE EAST CONFLUENT

technology set up. Furthermore, we must not forget that taking them out of the technology equation is risky with potential moments of downtime or data loss. The upgrade of these legacy systems is an inevitability and modernisation is a must. But it’s equally important to recognise the value of these legacy systems and work to develop clear roadmaps for their modernisation in a manner that doesn’t disrupt operations. A steady IT modernisation

With the onslaught of digital transformation many believed the easiest thing to do was to start from scratch when it came to the technology to run the business. It soon became clear that it was expensive and complex. Enterprises need to utilise what they already have and retain those core elements of their existing infrastructure and look

“IMPLEMENTING A PLATFORM AND LAYER WHICH WILL ALLOW DATA TO MOVE FLUIDLY WILL LINK ALL DATA POINTS TOGETHER IN REAL-TIME”

It is clear businesses need a new way to handle data, one that supports collecting a continuous flow of data from across the business, between apps, databases, SaaS layers and cloud providers. However, there should be no need to remove legacy technology simply because it works in a different way to cloud-based offerings. Data needs to flow efficiently and effectively between modern and heritage applications. Yet currently, for most businesses, their data is stuck in static databases, and that is because these data systems were designed to handle data at rest and not data in motion. So, implementing a platform and layer, which will allow data to move fluidly will link all data points together in real-time, no matter where they reside in an organisation’s IT infrastructure. Act now

As the need to cater to new customer demands builds, every department is now placing increasing pressure on IT to drive innovation. New services must be brought to market in ever shrinking development and deployment windows as the fear of being left behind leaves little room for delay and trepidation. However, innovation doesn’t mean starting from scratch – it means using the foundation and then modernising with a platform and layer that allows to move data around freely and in real-time. This infrastructure, with a central nervous system for data at its core, will empower to finally unlock the promise of digital transformation – exceptional customer experiences.

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MAKING HYBRID WORK ACCESSIBLE Being competitive and building a resilient workforce requires a commitment to inclusivity, which must be represented in all hybrid work tools, processes and solutions

that it is their responsibility to provide employees with a high-quality mixed work experience. Doing so will help attract and retain talent, because most employees – when shopping for new opportunities – are looking for organisations that support hybrid work environments. Meeting staff expectations is as much about the physical environment as it is the digital tools provided. Prioritise inclusive collaboration

n the last two years the Covid-19 pandemic has undoubtedly transformed how remote working is perceived, removing any stigma that may have previously been associated with the phrase “working from home.” According to a recent study by Michael Page Middle East, around 50 per cent of job seekers in Dubai and Abu Dhabi said their productivity remained the same when working remotely, while more than 44 per cent in Dubai believe it increased. Furthermore, 98 per cent of UAE businesses plan to invest in technology in the next 12-18 months to support a hybrid workforce, compared to 89 per cent globally, indicating that the country is on

“REMOTE WORKING, IN PARTICULAR, HAS SEEN THE INTRODUCTION/ EXPANSION OF NEW TECHNOLOGY IN THE UAE” NARAYAN VENKATARAMAN INTERIM MANAGING DIRECTOR HP MIDDLE EAST AND TURKEY

98%

UAE BUSINESSES PLAN TO INVEST IN TECHNOLOGY IN THE NEXT 12-18 MONTHS TO SUPPORT HYBRID WORKFORCE

track to become a global hub for remote working, as envisioned and supported by the UAE leadership. However, it is much more complicated than simply purchasing new solutions and waiting for productivity and well-being to miraculously increase. It’s a one-ofa-kind management situation with both problems and potential. In the current economy, being competitive and establishing a resilient workforce necessitates a commitment to inclusivity, which must be reflected in all hybrid work tools, processes, and solutions. It’s the only way to ensure that every employee is heard, connected and prepared to succeed. Responsibility to exceed employee expectations

Organisations should recognise

Collaboration and communication will be front of mind for me in 2022, given their significance in driving creativity. Given how well physical offices can help employees discuss and problem-solve together in real-time, hybrid work can make all three more difficult if we’re not careful. In fact, 42 per cent employees think hybrid working acts as a barrier for collaboration and relationship building. Remote working, in particular, has seen the introduction/expansion of new technology in the UAE. Employees claiming higher job satisfaction, increased work/life balance, greater flexibility, elimination of tedious commutes, and, most crucially for firms struggling through a worldwide crisis, a potential decrease in overhead spending have all been highlighted in recent months. However, I understand that not everyone can or wants to work from home, and future arrangements will be different. For many, the past few months have acted as a stark reminder of how much they value workplace social interaction and returning to work feels like a return to normalcy. If we keep a laser-like focus on designing human-centric and intuitive employee experiences, we believe the technology industry can play a significant role in easing and enabling the shift to a hybrid work culture. Business leaders’ actions now will determine whether their employees struggle or prosper in the future workplace in the months and years ahead. 0 5 1

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THE POWER OF COLLABORATIVE COMMUNICATION TOOLS Collaboration suites can help businesses drive revenue growth by enabling them to upturn sales and proliferate their customer base

he pandemic has driven organisations to re-evaluate their communications and collaboration strategies and has presented a need to overhaul them, in most cases, completely. As a result, the necessity for reliable, secure, and scalable communication solutions has never been greater. Research reveals that hybrid working models are here to stay, and unified communication and collaboration (UCC) tools are critical productivity enablers. However, managing tools such as enterprise email and UCC at scale can be a challenge, especially for organisations with a large number of users across multiple apps and communications platforms. The key is to invest in cloud resources and modernise user computing and experience management. This will amplify IT and business alignment and empower channel partners to deliver an unparalleled experience to their clientele. Collaborative enterprise email tools and UCC are propitious for channel stakeholders by virtue of the copious benefits that are unlocked by integrating them. By investing in the right solution, channel partners can improve customer satisfaction through a more seamless and powerful way to communicate, through which 0 5 2

NEHUL GORADIA VP – CHANNELS ICEWARP MIDDLE EAST

businesses can improve customer retention rates and drive growth. They also help increase efficiency by making it uncomplicated for employees to connect and collaborate. This results in increased productivity and shorter project completion times. Channel partners can further benefit from collaborative communication tools like enterprise email solutions by conveniently keeping track of project progress, disseminating information and ideas, and promptly providing feedback, leading to appeased customers and recurring business, all through a single window too if they choose a seamlessly collaborative software. As a result, email and collaboration tools are becoming imperative for organisations to stay ahead of their competition and cater to the everchanging needs of their customers. By integrating all their communication channels into a single platform that is easier to manage and use, unified communication and email tools are elevating the entire experience for enterprises. This integration

“SALES TEAMS USE COLLABORATIVE COMMUNICATION SOLUTIONS TO DELIVER PRODUCT DEMONSTRATIONS THAT INCLUDE LIVE INTERACTION WITH POTENTIAL CUSTOMERS”

has given organisations unfathomable flexibility and agility in communicating with customers, employees, and partners. Most of the new platforms being cloudbased is a critical driver of growth, as it makes their deployment quite simplified and on-demand while providing an agile communications infrastructure-as-a-service. Channel partners that are able to provide their stakeholders with solutions that offer convenient collaboration and communication capabilities will be in a formidable position to address the burgeoning demand for these types of services. Already, we are seeing how video conferencing is being used for more than just board meetings or customer support calls. Remote workers can now collaborate on projects in real-time as if they were all brainstorming offline. Sales teams use collaborative communication solutions to deliver product demonstrations that include live interaction with potential customers. The possibilities are endless, and businesses that invest in a cost-effective yet efficient enterprise communication solution will be poised for success in the years to come. As the demand for conferencing services, correspondence platforms, enterprise social networking and teamwork tools increases across enterprises, an unambiguous and conclusive impact can be seen on the total addressable market size of communications and collaboration products and services. Of all these software segments, enterprise social networking and UCC platforms are experiencing incremental growth. This is because businesses are realising the power of collaborative communication tools like innovative enterprise email in augmenting productivity and propelling innovation. These platforms that offer revolutionary benefits are steadily on their way to becoming a requisite tool to scale and galvanise success in today’s competitive marketplace.

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BUILDING A RESILIENT WORKFORCE FlexxPay discusses how technology can help businesses to optimise team performance

business is only as strong as its team. No matter what the industry, the people within a company are the ones who really shape the success, or failure, of that organisation. The Covid-19 pandemic accelerated many workforce shifts that were already gaining traction, such as the desire to work more flexibly in terms of location and time. While many companies have taken stock of their office allocation, ability for hybrid working practices and policies that offer employees more flexible working hours, not all companies are able or willing to continue with flexible working.

Providing employee benefits

Earned wage access is a key benefit to address workforce requests for a culture of flexibility and enhanced benefits. Earned wage access allows an employee to have access to the salary that they’ve already accrued in any given month. It empowers employees with the option to be paid earlier or more frequently than traditional pay cycles,

MICHAEL TRÜSCHLER CO-FOUNDER AND CEO FLEXXPAY

enabling them with flexibility to manage their finances. But why should an organisation even care about having a motivated and happy team? A study by Hays found that on average a company with a highly motivated team can increase its productivity by more than 40 per cent. A survey by the firm Glassdoor, found that 87 per cent of employees want their employer to help and support them with their personal commitments. If an employee is struggling financially, simplified ways to help them better manage their cash flow through early wage access, can mean the difference between a stressed and distracted employee, and one who is highly appreciative and motivated to work for the business. If a business is looking for an employee who can adapt to adverse situations and manage stress better in the workplace, then the least they can do is help reduce financial stress in their personal lives. Findings from PwC highlighted that more than half of employees are stressed, with six in 10

$300,000+ ANNUALLY

A TYPICAL BUSINESS WITH 1,000 EMPLOYEES WASTES

(DUE TO SUCH PRODUCTIVITY LOSSES AND LOW RETENTION OF DISSATISFIED EMPLOYEES)

blaming financial matters for their worries. Similar studies have reported that more than a third of employees have let these money troubles impact their job productivity. FlexxPay compiled research highlights that a typical business with 1,000 employees wastes over $300,000 annually due to such productivity losses and low retention of dissatisfied employees. This dissatisfaction is leading to employee churn across the region, with more people than ever before thinking of switching roles. An H1 2022 survey by recruitment consultancy Robert Half found 65 per cent of employees are looking for new roles, while 78 percent believe their business will have a hard time replacing them. Employee retention is vitally important for business stability and productivity, so providing beneficial options like early wage access can help. In line with the improvements in motivation and morale that early wage access can provide, employers report that flexible salary on demand can also help decrease absenteeism by up to 20 percent. Equally important for businesses, salary demand requests are cumbersome for administrative teams. By deploying a digital way of automating and managing these requests, the average business can save up to 10 working days in HR and finance workload. It’s more critical than ever for employers to find ways to attract and retain talent, with flexible wage access proving to be a highly effective tool. We are witnessing the dawn of a new way of working. The flexible employer-employee relationship is here, and it is based on a workfrom-anywhere culture, adaptable working hours and now, flexible access to salary whenever and wherever it is required. The simple fact of the matter is that employees are more likely to work for employers that offer earned wage access and are more likely to keep working for them. 0 5 3

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FINTECH – SHAPING THE FUTURE OF E-COMMERCE By integrating innovative fintech solutions, e-commerce businesses can enhance operations to deliver the ultimate customer experience

UNBANKED POPULATION:

1.7

MILLION

INDIVIDUALS WITHOUT A BANK ACCOUNT

s e-commerce has boomed, it has reinvented the consumer’s traditional path to purchase, forming new customer experiences, disrupting business models, and creating growth opportunities for retailers of all sizes in addition to giving way for a new generation of solely e-commerce players. In the past 10 years, another rapidly growing sector is fintech. In the MENA region, the burgeoning fintech market is expanding swiftly at a CAGR of 30 per cent. What’s interesting is how fintech and e-commerce have become intrinsically intertwined. As e-commerce surged during the pandemic, the consumer demanded more, and they wanted it faster and better. We quickly realised that we possessed the know-how and experience to meet these growing needs and could leverage our expertise to provide a more efficient, convenient, and streamlined alternative to instore purchases. In a post pandemic world, consumers are living a new way of 0 5 4

GHADY RAYESS CO-FOUNDER AND MANAGING DIRECTOR FOO

life, focused on efficiency and convenience. Fintech solutions are facilitating payment processing, essentially optimising the checkout process and removing any points of friction. For example, most e-commerce websites offer the ability to save payment and shipping information, along with automatic checkout and oneclick buying options, all of which decrease checkout times significantly and deliver a more efficient experience for the customer. The checkout process was improved even further through digital wallets and virtual credit and debit cards, which offer a more secure online alternative to traditional card payments. Virtual cards are actually a significant driving factor of

“IN THE PAST TEN YEARS, ANOTHER RAPIDLY GROWING SECTOR IS FINTECH. IN THE MENA REGION, THE BURGEONING FINTECH MARKET IS EXPANDING SWIFTLY AT A CAGR OF 30 PER CENT”

ecommerce growth in the region, giving the unbanked population an opportunity to participate in e-commerce. Within the UAE alone there are 1.7 million individuals without a bank account, making up 32 per cent of the working population. Virtual cards can be used for online or in-app purchases, wherever the international card brand is accepted. Finances are easily managed through the app, with no need to obtain a physical card or visit a bank. Virtual card issuance technology supports financial inclusion and presents a wider market for e-commerce players to tap into. Fintech can improve customer experience through automated recurring payments – a technology that forms the basis of buy now pay later (BNPL) services. Through BNPL services, merchants are more likely to sell large purchases online since consumers do not have to pay the full amount in one go. They can also reach those who do not own a credit card and would not have previously been able to afford the purchase. AI-based algorithms enable trend analysis and real-time data collection regarding user issues and consumer patterns. These valuable insights boost sales through e-commerce platforms by enabling merchants to make informed decisions regarding product stock, marketing tactics and expansion opportunities. Meanwhile, customer experience lies at the heart of e-commerce growth. Since today’s consumers are demanding personalised and frictionless shopping journeys, speed, convenience, security and efficiency have become the ultimate indicators of a successful e-commerce business. For the fintech industry, it has become a priority to constantly develop new and innovative ways to improve the customer experience, creating a synergistic relationship between the two industries that supports economic growth as a whole.

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IMPACT OF TECHNOLOGY ON THE FITNESS INDUSTRY Enhancing user experience by combining both traditional and new-age methods is more important to keep people motivated

he ever-growing prevalence and consciousness of sustaining an active lifestyle has caused a shift in individuals taking a more independent approach to their fitness regimes. As a consequence, more fitness technology tools and products continue to flood the market, building a strong affinity amongst fitness professionals and enthusiasts alike. Thus, enabling the prospect intended for consumers to focus on the health and wellness journey more precisely. There is no doubt that technology and artificial intelligence have revolutionised our lives, not only shaping how we do business, but more importantly how we care for our health, fitness, and physical wellbeing. As technological headway continues to evolve in the fitness industry, enhancing the user experience by combining both traditional and new-age methods is more important to keep people motivated and on track throughout their fitness journeys. In addition to this, as health and fitness increasingly become a priority for people following the Covid-19 pandemic, fitness-industry providers, in turn, must keep up with the times by ramping up their value propositions through technology, apps and immersive fitness experiences. Today’s most-used fitness tech range from apps and wearable technology, to digital fitness

DR DMITRI KOUTSOUBAKIS CEO WELLFIT

platforms and equipment. Each gadget in its own right provides valuable data about the progress and help users track their fitness goals more efficiently. In addition to helping drive the motivation of users, pushing them to live a more active lifestyle, wearable fitness tech gadgets help automate tasks like rep counting, as well as progress tracking, macro tracking, heart rate, blood pressure and other variables that affect active energy. We see the expansion of tech gadgets from smartwatches, monitoring devices, headphones, as well as applications using augmented reality, virtual reality, and mixed reality. These have been vital in providing solutions throughout all niches in the fitness industry. The uprise and demand for immersive fitness experiences converged with technology has pushed gyms across the globe to improve and modify their facilities to provide their members with a 360–degree approach to health and fitness through connected devices.

As fitness providers, we see technology as a way to empower our members to take an active role in their health and wellbeing. Major fitness brands across the region are creating all-encompassing facilities that not only test the traditional fitness business model but also leverage technologies to offer integrated fitness experiences for their members. Some of these technologies include apps which are integrated with gym equipment and connected by sensors. This provides gym-goers access to data-backed performance information to push them towards achieving their fitness goals. In addition, immersive fitness experiences, such as indoor cycling now offer data-backed apps that analyses various performance attributes such as heart rate, power, cadence, speed, distance and energy burned. Another pre-requisite that gym-goers now frequently request from their facilities is ways to measure their body composition, to achieve their fitness goals in the most efficient way. Due to these high demands, any gym that is considered to be state-of-the-art will be equipped with 3D health and fitness scanning technologies. It is undeniable that the health and fitness industry has seen an immense transformation through the widespread use of technology. The business model for the future will converge into a hybrid of traditional and new-age elements, with a focus on incorporating an extensive range of advanced technologies to empower members to track their efforts.

“THE UPRISE AND DEMAND FOR IMMERSIVE FITNESS EXPERIENCES CONVERGED WITH TECHNOLOGY HAS PUSHED GYMS ACROSS THE GLOBE TO IMPROVE AND MODIFY THEIR FACILITIES TO PROVIDE THEIR MEMBERS WITH A 360–DEGREE APPROACH TO HEALTH AND FITNESS THROUGH CONNECTED DEVICES” 0 5 5

F E AT U R E S GAMING

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2022. Earlier, gaming just involved a console for one to two players and a one-time purchase of a game. With the advent of the Internet, PC games were created, the multiplayer phase of gaming began and now these games are available at users’ fingertips on their phones. Due to this, the attention span of today’s consumers is around 0.3 seconds, so companies need to stay vigilant to consumer demands to ensure retention. The gaming industry was quick to adapt, not waiting for sales to dip before re-strategising. NEW REVENUE STREAMS

GAMING IN THE ADVENT OF INDUSTRY 4.0

Blockchain companies have doubled down on esports to reach gamers, signing multi-year, multi-million-dollar sponsorship contracts

t seems like everywhere we turn gamification surrounds us. Whether in business, art, education or sports, every industry seems to have incorporated an element of gaming. This year, the global esports audience is forecast to reach 532 million and those in emerging regions, which includes MENA, are predicted to continue to rise, going from 83.6 million in 2021 to 95.5 million in 2022. Post-pandemic, there is much to be learned from industries that have maintained steady growth, especially if we want to draw generation next’s attention because their evolving consumer behaviours and social use of technology are leading the transition to Industry 4.0. MOBILE TECHNOLOGY

Mobile titles are key drivers of growth for esports and games live-streaming audiences. Additionally, mobile titles will also help esports revenues grow by over 24.9 per cent year-on-year to reach $98.8m in

The esports industry has a massive audience and fanbase in recent years. Currently, money flows into esports through media rights, live event ticket sales, merchandise sales, and in-game purchases, but most comes from sponsorships and advertising. However, due to the millennials’ influence, direct-to-fan business models such as merchandising (physical or digital), and loyalty and educational programmes are helping organisations diversify. On the other hand, technologies such as NFTs, blockchain and the metaverse have penetrated the field creating new monetisation opportunities. Businesses across industries are creating NFTs, metaverses and more. Blockchain technology can unlock direct-to-consumer monetisation channels that were previously unavailable or poorly tapped into. Blockchain companies doubled down on esports to reach gamers and esports enthusiasts, signing multi-year, multi-million-dollar sponsorship contracts. This bolsters esports growth potential, as it can then decrease its dependency on sponsorship revenues. The blockchain games industry has seen exponential growth in the last year, evolving from a largely unknown segment in 2020 to one of 2021’s biggest gaming topics. The number of active blockchain games doubled in the past year to almost 400, according to DappRadar. This Mario Pérez, CEO growth led to a new business model MENATech (a company of for games: play to earn (P2E), GGTech Entertainment) where players are rewarded with cryptocurrencies for playing a specific title. Compared to traditional games, P2E titles are small but growing market. Furthermore, regional governments are making heavy investments in the necessary technological and soft infrastructure to support the esports ecosystem. From attracting talent to facilitating events – these entities are actively helping esports thrive. In the UAE and Saudi Arabia specifically, funds have been allocated for various sectors including esports and gaming. With a major chunk of the population being under 25, there is an abundance of youth to create an avid gaming community and progress the market even further.

THIS YEAR, ESPORTS AUDIENCE IS FORECAST TO REACH 532 MILLION (GLOBAL) 0 5 6

THE RE V IE W

007 2022

YOGA TAB 13 The tablet features large 2K display, Dolby Atmos audio and wi-fi 6 certification p.61

59 FLASHBLADE//S The platform leverages a nearly unlimited scalable metadata architecture

0 5 7

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ACER CHROMEBOOK ENTERPRISE SPIN 714

KEY FEATURES • Powered by Intel Evo 12th Gen Intel Core i7 processor • Verified MIL-STD810H military-grade durability

ecently, Acer launched its Chromebook Enterprise Spin 714 designed for businesses and consumers, with the latest performance update. The sleek aluminum chassis features US MIL-STD 810H durability to protect it from dents and drops. The convertible 360-degree hinges allow it to transform for a variety of settings and uses. The 14-inch touchscreen delivers a 100 per cent sRGB colour range and comes in two resolution options: 2560x1600 and 1920x1200, both with antimicrobial Corning Gorilla Glass to resist stains and odor-causing bacteria. The taller 16:10 aspect ratio gives professionals additional screen real estate for sketching, note-taking and accessing apps using the USI stylus. The Intel Evo platform-verified device uses 12th Gen Intel Core processors to deliver a 20 per cent performance improvement over previous generations to tackle demanding tasks such as coding, video editing and gaming. 0 5 8

• Features a full HD MIPI webcam with temporal noise reduction technology • DTS audio and built-in smart amplifier provide distortionfree sound • Wi-fi 6E and bluetooth 5.2 FEATURES A FULL HD MIPI WEBCAM WITH TEMPORAL NOISE REDUCTION TECHNOLOGY

• Anti-microbial Corning Gorilla Glass touchscreen and touchpad • Quick chargeable 10–hour battery gives up to four hours charge in under 30 minutes • Fingerprint reader (optional)

G B T E C H TA L K

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KEY FEATURES

FLASHBLADE//S

ure Storage’s FlashBlade//S is a storage platform that efficiently powers modern unstructured data needs, delivering cutting-edge capabilities without complexity. The platform leverages a nearly unlimited scalable metadata architecture, offering more than double the density, performance and power efficiency of previous versions. It evolves over time in alignment with customer requirements. Storage, compute and networking elements can be upgraded flexibly and nondisruptively, delivering a highly configurable and customisable file and object platform to address the broadest set of modern workloads.

• Eliminates traditional scale-out storage limitations • Consolidated storage platform for both file and object workloads • Easy to set-up and change • Built using all-QLC architecture and DirectFlash modules • Designed to support data-heavy, unstructured workloads efficiently • Provides unequalled density, capacity, and performance • Allows to independently scale capacity • Automatic, non-disruptive hardware and software upgrades

CONSOLIDATED STORAGE PLATFORM FOR BOTH FILE AND OBJECT WORKLOADS

0 5 9

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Easy-to-use, touch sensitive controls and LED indicators

SYNC 10 SPEAKERPHONE

KEY FEATURES

• Two-microphone steerable array

he Covid-19 pandemic has forced businesses to enable remote work and tested employees’ ability to embrace new forms of engagement and interaction. Remote workers are learning new tools and working styles, as they need to ensure they have equality in meetings while everyone else is gathered in a meeting room in the office. Addressing the need, Poly has announced the addition of the Sync 10 speakerphone to its Sync line of products. It is designed for the new way of working – the right communications tools to keep workers connected and productive at home or in the office. The Sync 10 is ideal for remote enterprise professionals with a dedicated home office, stated the company on its website.

• Compact and light

• Reliable, enterprise grade acoustics and power amplifier • IP64 dust and water resistant • Easy to use, touch sensitive controls and LED indicators • Easy to plug and play using USB-A cable and included USB-C adapter • Microsoft Teams and Zoom certified

REMOTE WORKERS ARE LEARNING NEW TOOLS AND WORKING STYLES, AS THEY NEED TO ENSURE THEY HAVE EQUALITY IN MEETINGS WHILE EVERYONE ELSE IS GATHERED IN A MEETING ROOM IN THE OFFICE 0 6 0

• Dedicated Microsoft Teams button for instant access to Teams app

G B T E C H TA L K

P R O D U C T

R E V I E W

KEY FEATURES • 13-inch 2K display supported by Dolby Vision, and JBL speakers with Dolby Atmos • Comes with an antifingerprint coated stainless steel kickstand • 8MP front camera with added background noise reduction • Wi-fi 6 certified • Powered by Qualcomm Snapdragon 870 octa-core processor and Qualcomm Adreno 650 GPU Graphics Card • Dual-screen productivity with HDMI Port • Andriod 11 operating system • Minimum capacity 10,000 mAh+; up to 12 hours playback (1080p), 30W quick charge

COMES WITH AN ANTIFINGERPRINT COATED STAINLESS STEEL KICKSTAND

YOGA TAB 13

enovo has launched its Yoga Tab 13 in the UAE, the company’s latest premium tablet offering. Weighing 830gm, the tablet features large 2K display, Dolby Atmos audio and wi-fi 6 certification and is said to be the only Android tablet With HDMI port for extended/second screen. The Yoga Tab 13 tablet is available in the UAE for the retail price of Dhs2,999. 0 6 1

COMPETITION

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THE WORLD’S GREATEST SHOW IS HERE Expo 2020 Dubai opens its doors even as the world emerges from one of the toughest periods in history. How can we create opportunities for the future while ensuring our planet’s survival?

p.38

Exclusive: Landmark Group boss Renuka Jagtiani on going digital

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Racing ahead: Tech firm Micro Focus on new Jaguar deal

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A glimpse at some of the country pavilions

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The culinary experiences on offer at the Expo

Tech quiz whiz

Do you pride yourself on being a tech genius? Do you code in your sleep? Do you know why SSDs are superior to standard hard drive technology?

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If that’s you, make sure to participate in our quiz – which will be at this same spot in every GB Tech Talk issue – and stand a chance to win exciting prizes. Just email your answer along with your name, designation and contact details to divsha.bhat@motivate.ae and wait to hear from us. Stay tuned to our social media platforms GB Tech Talk on LinkedIn and Facebook and find out if you have won. Here’s the question

Can non-fungible tokens (NFTs) have multiple owners? Yes

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