BC Middle East - October 2018

Page 1

MIDDLE EAST EDITION OCTOBER 2018 middleeast.businesschief.com

INSIGHTS INTO ABK’S DIGITAL TRANSFORMATION

Cutting-edge warehouse management at Balsharaf

TOP 10 SAUDI ARABIAN EXPORTS

Sajid Riaz Group CIO talks digital

warehouse transformation

A digital strategy

City Focus Kuwait


22nd - 23rd October, 2018 Rosh Rayhaan by Rotana | Riyadh | K About the conference: As the Gulf region aims for a larger role in the global logistics market, which is estimated to be worth $15.5 trillion by 2024. Saudi Arabia is upping its own logistics game and becoming a tough competitor to Dubai. According to reports, Saudi and UAE are considered the most attractive target market for logistics investment. In April 2016, Saudi Arabia announced its Vision 2030 and under this plan, the country will reduce its dependence on oil by 2020. Pending this Saudi Arabia will soon be a "global player" on the world’s investment stage. We, at Bricsa Consulting, are bringing to you the 3rd Annual Saudi Freight & Logistics conference in Riyadh, Saudi Arabia which will be hosted on 22nd & 23rd October, 2018 and shall address the current opportunities as well as challenges in the freight-logistics-transportation sector in the Kingdom.

For further information mail to


Kingdom of Saudi Arabia Key Highlights • Development initiatives in the region • Establishing the Kingdom as key logistics hub • Benchmark and hear from the best in the business • Strategies related to ports, customs, freight and transportation sector • Gaining valuable insights on freight transportation projects in the Kingdom ASSOCIATE PARTNERS

Aamal Group ARAB ECONOMIC & BUSINESS GROUP

Endorsers

Media Partners

o mital@bricsaconsulting.com

RAILWAY PRO


IF YOU LIKE US

Middle East Edition

, FOLLOW US!!

Visit the BusinessChief.com website and sign up to receive exclusive access to one of the world’s fastest growing business news platforms.

EDITOR IN CHIEF

Andrew Woods. . . . . . . . . . . . . . MANAGING EDITOR

Olivia Minnock. . . . . . . . . . . . . . . CREATIVE DIRECTOR

Daniel Crawford. . . . . . . . . . . . CREATIVE TEAM

Frazer Jones.. . . . . . . . . . . . . . . . . . . . Mitchell Park. . . . . . . . . . . . . . . . . . . Lucie Miller. . . . . . . . . . . . . . . . . . . . . . Hollie Crofts–Morris.. . . . . Erin Hancox.. . . . . . . . . . . . . . . . . . . . Alicia Lolotte. . . . . . . . . . . . . . . . . . . PRODUCTION DIRECTOR

Georgia Allen. . . . . . . . . . . . . . . . . . PRODUCTION EXECUTIVE

04

Daniela Kianickova. . . . . .

CLICK NOW TO SUBSCRIBE FOR FREE

DIGITAL VIDEO DIRECTOR

Josh Trett. . . . . . . . . . . . . . . . . . . . . . . . . . . DIGITAL VIDEO PRODUCER

Emily Amos.. . . . . . . . . . . . . . . . . . . . . SOCIAL MEDIA MANAGER

William Phillips. . . . . . . . . . . . . SOCIAL MEDIA EXECUTIVE

Callum Rivett. . . . . . . . . . . . . . . . . . MIDDLE EAST MANAGING DIRECTOR

Heykel Ouni. . . . . . . . . . . . . . . . . . . . . PROJECT DIRECTOR

Karim Massaad.. . . . . . . . . . . . . . OPERATIONS DIRECTOR

PRESS PLAY! WHEN YOU SEE THE PLAY BUTTON ICON, CLICK TO WATCH OUR VIDEO CONTENT

Alex Barron. . . . . . . . . . . . . . . . . . . . . . UK MANAGING DIRECTOR

James Pepper. . . . . . . . . . . . . . . . . . CHIEF OPERATIONS OFFICER

Andy Turner.. . . . . . . . . . . . . . . . . . . PRESIDENT & CEO

Get Connected! Wherever you see these icons in the magazine click to be directly connected via social media

Glen White. . . . . . . . . . . . . . . . . . . . . . .

PUBLISHED BY

Click the home icon (when visible at top right of page) to return to contents


WELCOME

W

elcome to another bumperpacked Middle East Edition of Business Chief. Our cover story this month, sees us sitting down with Balsharaf Group’s Chief Information Officer, Sajid Riaz, who details how a new extended warehouse management solution is aiding efficiency and growth for the company’s logistics arm. Technological innovation is at the crux of Balsharaf Group’s strategic vision and this has particularly helped its logistics business. Sajid Riaz sheds light on how, as the cost of workers rises, the group has zeroed in on new technologies to understand and measure employee productivity at new depths. “It’s not an easy task to become more efficient and productive. You need a technical solution to help you optimise and automate so that you can cut down on manual work and wasted efforts...” Elsewhere this month, we catch up with CTO Salem Husain Al Sarraf and CIO Sridhar Kasisomayajula of Al

Ahli Bank of Kuwait (ABK), to discuss the bank’s massive digital transformation. May, this year, the Al Ahli Bank of Kuwait (ABK) launched its innovative ‘Global View’ offering, allowing customers to manage multiple ABK accounts from across the Middle East through a single log-in point. Our feature ‘Transforming finance for a cashless future’ focuses on IDEX CEO Stan Swearingen whose company is poised to transform the way we pay, and our leadership slot showcases Bal Krishen CEO of Century Financial Brokers who talks to us regarding the massive technological changes to finance in the Middle East. Our City Focus this month centres on Kuwait City; a major centre for trade that’s rapidly expanding as an international hub and our Top 10 lists the biggest Saudi Arabian Exports. Enjoy the issue! Andrew Woods. andrew.woods@bizclikmedia.com

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

05




CONTENTS

10 Balsharaf Group

Technology

26

Century Financial Brokers: investing in the Middle East and beyond

34


46 City Focus

KUWAIT CITY WRITTEN BY ANDREW

58 Top 10

Saudi Arabian Exports

Al Ahli Bank Of Kuwait Technology

WOODS

70


10

CUTTING-EDGE WAREHOUSE MANAGEMENT AT BALSHARAF GROUP WRIT TEN BY

L AUR A MULL AN PRODUCED BY

CR AIG DANIEL S

OCTOBER 2018


TECHNOLOGY

11

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


BALSHARAF GROUP

Embarking on its latest wave of digital transformation, Chief Information Officer, Sajid Riaz, describes how a new extended warehouse management solution is aiding efficiency and growth for Balsharaf Group’s logistics business

T

oday, the consumer goods industry faces some pressing questions: how to keep track of inventory, how to make warehouse operations

more accurate and cost effective, how to cut down losses due to product expiries, and how to be more efficient with customer deliveries. Warehouse management has proven 12

to be a challenge for many businesses, but Saudi firm Balsharaf Group believes it has found the answer with SAP’s cutting-edge extended warehouse management (EWM) platform for its logistics company, Salasel Al Emdad. Technological innovation is at the crux of Balsharaf’s strategic vision and this has particularly helped the logistics arm. Chief Information Officer (CIO), Sajid Riaz, sheds light on how, as the cost of workers rises, the group has zeroed in on new technologies to understand and measure employee productivity at new depths. “Today, Saudi Arabia’s logistics sector heavily depends on expat workers,” he explains. “As they become more expensive to hire, there is a growing need to reduce costs and become more optimised, but how do you do it? It’s not an easy task to become more efficient and productive. You need a technical solution to help you optimise and automate so that you can cut down on manual work and OCTOBER 2018


TECHNOLOGY

13

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


Congratulations Salasel Emdad on your successful go-live!

14

Thank you for choosing us as your implementation partner. We are proud to have supported you on your SAP EWM journey. For further information on our services please contact: Westernacher Consulting ME FZ-LLC Rohith D’Souza Building 12, 1st Floor, Dubai Internet City, Dubai, UAE Phone: +971 4 313 2980 www.westernacher-consulting.com


TECHNOLOGY

wasted efforts; you need technical help

the firm to prepare for incoming and

to devise standards for each role, based

outgoing shipments effectively. “With

on past performance data and solutions

EWM, you can design and understand

to measure if employees are delivering

your warehouses with a lot more

as per the standard – and that’s where

accuracy,” Riaz explains. “For example,

EWM has come into the picture.”

you can note exactly how many cartons

In 2012, the company implemented

a forklift operator transports in a period

SAP’s enterprise resource planning

of time.” With this insight, Balsharaf

(ERP) tool to automate all the functions

Group can not only calculate the cost

of core businesses within the group

of storage, but it can also gauge the

but Riaz contends that this latest

manpower required to transport

addition of technology is “taking the

a shipment. This means that if it needs

company’s logistics operations to the

to pick up 90,000 cartons in a day it will

next level”. Processing the movement

know how many forklift operators are

of stock, EWM handles all the internal

needed for the job.

processes of a warehouse, allowing

“It’s a much more scientific approach

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

15


BALSHARAF GROUP

to warehouse management,” Riaz adds. “It’s not relying on a gut feeling. You can plan and predict what’s going to happen in a week or a month’s time. It allows you to effectively see what kind of warehouse space you will have in the future, and what kind of staff will be needed on a certain date based on the extent of work you will have to complete at that time. All this is possible because the system operates on delivery dates for all outbound and inbound transactions that are entered for present and future tasks.” The solution significantly helps to plan shipments and at the same time, it also 16

ensures the movement of products based on ‘first expiry first out’ (FEFO), a logistics method whereby products which expire sooner are shipped first for consumption. A key player in the food and beverage space, Balsharaf Group is aware that food waste is a growing problem in the MENA region. In Saudi Arabia alone, the estimated economic impact of food waste is $13.3bn per year, according to Arabian Business. Riaz believes solutions such as EWM could go some way in tackling the issue. “Almost all of our third-party logistics (3PL) customers are in the FMCG (fast-moving consumer goods) business,” Riaz notes. “One of the biggest issues they face is the need to constantly move items based on OCTOBER 2018


TECHNOLOGY

17

“It’s a much more scientific approach to warehouse management. It’s not relying on a gut feeling” — Sajid Riaz, Chief Information Officer

what’s expiring first.” This may seem simple in practice, but when faced with a largescale warehouse, it can be difficult to detect where a particular batch of items is located. EWM is beneficial as it can tell users exactly how to arrange the warehouse for storing items based on product expiry and where to pick the products based on FEFO. This cuts down on lost revenues due to expired products. “For many of our 3PL customers, if we combine the losses incurred every year because of expired items, we’re talking about 4-5mn SAR,” Riaz adds. “EWM can drastically cut these losses which gives us a competitive advantage as a 3PL service provider.” m i d d l e e a s t . b u s i n e s s c h i e f. c o m


BALSHARAF GROUP

18

E X E C U T I V E P R OF IL E

Sajid Riaz is a seasoned Management professional with over 20 years of extensive international experience in developing and implementing ROI-sensitive IT solutions to improve efficiency of business operations in FMCG, retail, manufacturing, logistics, and real estate industries. Sajid holds an MBA in IT and is a certified project management professional (PMP). He has delivered multiple success stories in various countries in the Far East and Middle East. Prior to joining Balsharaf Group, he worked for Tatweer (Dubai Holdings) where he delivered solutions for companies like Dubai Industrial City and Global Village, and he also worked at Switz where he was a GM for IT and Projects, managing operations in seven countries.

OCTOBER 2018


TECHNOLOGY

Processing more than 1,000 customer deliveries a day across the Kingdom for all 3PL customers of Salasel Al Emdad, Riaz argues that the solution should ensure customers’ deliveries are accurate in terms of quantity and remaining shelf life, and should happen as per SLA’s agreement with the client. “With EWM, since the products have been meticulously labelled for storage, you know how much stock you have, where it is kept and when it is expiring,” he says. “The accuracy of the EWM system is very high and I think this brings in a competitive advantage to you as a 3PL service provider. It certifies you’re selecting the right quantity of products with the right expiry date and that they’re delivered on time with the planning offered by EWM.” EWM has enabled a whole new level of efficiency for Balsharaf, yet this transformation didn’t come easily. One of the biggest challenges the firm faced during the process was m i d d l e e a s t . b u s i n e s s c h i e f. c o m

19


BALSHARAF GROUP

finding the right implementation

“Westernacher has been very patient

partner. There may be many players

with us. They understand what we’re

for SAP ERP implementation in the

trying to achieve as a business and in

region but expertise in solutions like

each and every step they have gone

SAP EWM is rare. “You need to make

the extra mile to support us.”

sure that you are working with the right

This technology wasn’t implemented

implementation partner,” observes Riaz.

effortlessly, says Riaz. Instead, the firm

After thorough research and numerous

worked carefully to guarantee that the

meetings, the company chose the

system was rolled out perfectly the

German firm Westernacher, which

first time around, with the intended

has over 40 years of experience in

benefits, to ensure that their 3PL

implementing warehouse manage-

customers didn’t lose trust in the new

ment systems. “The best thing that Westernacher 20

did for us is what they call a ‘Warehouse Health Check’ whereby they spent four to five days with us even before we signed a deal for the implementation. They offer an industry expert who visits your warehouse, studies the warehouse’s processes and design, and tells you what problems you currently have. They also tell you how EWM solutions will address these issues. “This is a very smart move on their part because it allows you to assess their expertise and professionalism before the start of the project. It helps you to develop trust with your future implementation partner,” he adds. OCTOBER 2018

Ashraf Abdelghaffar, GM Salasil Emdad


TECHNOLOGY

96,500sq.m amount of storage in 15 cities

1955

year founded

20m+ number of cartons

handled annually for customers 21 system. This ensured that there wouldn’t be any service disruption to the ongoing business while implementing EWM or going live. “We might not have taken the easy and quick way but we’ve taken a more accurate way,” he says. “We have checked every single item for an expiry date, put a label on it, put that item in a particular location, and recorded this. This has confirmed that every item is in m i d d l e e a s t . b u s i n e s s c h i e f. c o m


BALSHARAF GROUP

22

“ The accuracy of the EWM system is very high and I think this brings in competitive advantage to you as a 3PL service provider. It certifies you’re selecting the right quantity of products with the right expiry date and that they’re delivered on time with the planning offered by EWM” — Sajid Riaz, Chief Information Officer

OCTOBER 2018


TECHNOLOGY

the right place, so when we’re live on the new system it should deliver results as promised. This has helped us foster trust and support internally, our customers.” Embarking on a root-and-branch transformation of its logistics business, Balsharaf understands the importance of having the right people on board to enable change. As a result of this, the firm strives to hire the best expertise in the market, including warehouse managers and forklift operators with past experience in EWM or WMS solutions. On top of this, the company has also ramped up its training programmes. “We overhauled the entire team to ensure we had the right kind of people on board with the right mindset and experience to run the new system. This makes change management a lot easier,” Riaz says. “Then we had a very long training and testing period. This culture change ensured the success of the roll-out.” Boasting over 50 years’ experience in the sector, Balsharaf Group is all too aware of the importance of both continuous improvement and innovation. Now, with plans to roll out EWM across more of its warehouses, it seems the Saudi firm plans to cement its position for years to come. m i d d l e e a s t . b u s i n e s s c h i e f. c o m

23


Covering every angle in the digital age The Business Chief platforms offer insight on the trends influencing C and V-level executives, telling the stories that matter Click to read

w w w.bu si nessch ief.com



LEADERSHIP

26

Century Financial Brokers: investing in the Middle East and beyond We speak to Bal Krishen, CEO of Dubai-based investment company Century Financial Brokers, regarding digital transformation and advancement in an uncertain world WRITTEN BY

ANDREW WOODS

OCTOBER 2018


27

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


LEADERSHIP

T

he Middle East has always been

witness this huge transformation from

one of the more traditional

close quarters. Buying and selling of

regions in terms of technological

shares used to be a cumbersome

advancement, and nowhere has this

process and sometimes even took

been more apparent than in finance.

more than a week through a communi-

The past two years have seen rapid

cation medium called Telex which was

change, however, as the region

very much prone to human error.

transitions from a cash-driven society

Today, all transactions take place

into a digitally-focused area of

electronically with a high degree of

development that has even seen the

transparency and the settlement

rise of locally-based cryptocurrencies

process is very fast. Financial markets

and blockchain platforms.

have never been this good.”

Bal Krishen, CEO of Century 28

Krishen joined CFB in 1999 after

Financial Brokers has seen this shift

a meeting with Mr Suliaman Baqer

first hand, as the head of Dubai’s oldest

Mohebi, the chairman of Century Finan-

investment solutions provider and a

cial. “I started as a Dealer where I

leader in the very latest advancements

assisted in the supervision of all dealing

that are reshaping the financial

transactions across major global

landscape of the region.

exchanges. I later rose to the position of

“Let us not even doubt it,” says

Trader and Financial Analyst and

Krishen, “The launch of ‘Klip’ wallet by

eventually went on to become Head of

major UAE banks under the guidance

Investment, Associate Director,

of UAE Central Bank will further

Director and ultimately, the CEO.”

accelerate this transition in UAE. These

Krishen has been instrumental in

new initiatives are much cheaper than

transforming the company into

the usage of cash and Middle East

a prestigious homegrown brand and

residents will eventually shift to

an award-winning world-class entity

modern payment systems. Technology

in its category. “Most importantly, I

has revolutionised the way the financial

developed a great team of financial

intermediary industry works,” he

professionals to take the company to

explains. “I was fortunate enough to

the next level.”

OCTOBER 2018


29

“ Times have always been uncertain, but these are also exciting times. New technologies, as well as countries like India and Indonesia which are emerging onto the global stage, will present tremendous opportunities. The discerning investor can always capitalise on them� — Bal Krishen, CEO, Century Financial Brokers

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


LEADERSHIP

CFB has been a major driver of

In 2015, CFB launched its award-win-

professional services to private and

ning Next Generation online trading

corporate investors for over three

platform billed as the ‘most advanced

decades with a network that extends

trading platform in the market’. It is

throughout the Middle East and Gulf

a company that is not only equipped

regions with some of the most

to deal with an ever-evolving techno-

technological trading instruments

logical landscape, but is positively

across various asset classes that

benefiting from those at the forefront

both empower and educate investors.

of this growth.

It’s a company that has made a major

30

“I am pretty bullish on companies

commitment to making investments

that leverage their growth on data,” he

simple and accessible through a

explains. “With the arrival of 5G, data

highly customer-centric approach,

consumption should rise multiple times

industry-leading expertise and

from its current level. According to

cutting-edge technologies.

forecasts from a prominent technol-

CLICK TO WATCH : ‘CENTURY FINANCIAL - OFFICIAL VIDEO’

OCTOBER 2018


ogy giant, 500bn devices are expect-

currency. From that aspect, I consider

ed to be connected to the internet by

this a bubble and would recommend

2030, as well as data analysis compa-

investors to stay away from this fad.”

nies could be at the forefront of sweeping changes on our planet.” So, are disruptive cryptocurrencies

Krishen and CFB are working hard to empower clients through insightful research, personalised training and

something that Krishen sees as viable

group seminars. “We believe that these

investments on behalf of his client

will help investors in making an

base? “As a brokerage, we offer trading

informed decision,” he explains.

products related to Bitcoin as a part of

Blockchain has fast become an

our overall portfolio. It is our duty to

integral part of finance, but it’s yet to

satisfy the demands of our clients

become a burning issue for CFB.

irrespective of our personal opinion.

“Blockchain has immense potential, but

However, I am still not convinced that

we don’t see it becoming an important

cryptocurrency will replace a flat

part of our business in the near future,” he explains. “However, we certainly see a very crucial role for blockchain in

“ 500bn devices are expected to be connected to the internet by 2030, and memory as well as data analysis companies could be at the forefront of sweeping changes on our planet” — Bal Krishen, CEO, Century Financial Brokers

international remittance of money, as the current system, involving networks of banks, is complex and time consuming. For example, if a client in UAE tries to do a money transfer to the UK or Australia on Thursday evening, he will have to wait until Monday for completion of the transfer, as Friday is a holiday here and Saturday and Sunday are holidays in most parts of the globe. In our line of business, it is very important that we are able to transfer quickly and blockchain with its system of self-authentication can help in this regard.” m i d d l e e a s t . b u s i n e s s c h i e f. c o m

31


LEADERSHIP

Krishen is a believer in diversified portfolios and this has been a major influencer in modernising his business. “Investors should be diversified across asset classes and geographies and today with the advent of technology, it is possible for investors to create a globally diversified portfolio from the UAE itself. Those with not much knowledge of equities should try to get exposure through index funds or ETFs (electronic funds transfers). I would also urge people near retirement age to deploy an overwhelming proportion of their assets in safe, liquid funds. China has been transitioning from 32

a manufacturing economy to a services sector economy and equities exposed to the Chinese consumer are a good bet.” Are there any areas that investors would do well to avoid? “Highly volatile products like cryptocurrencies as well as bonds of fragile countries like Venezuela, and real estate of countries like the US which can be negatively impacted by impending Fed rate hikes, need to be avoided,” Krishen explains. “Commodities are still plagued by oversupply and companies focusing on them need to be given a miss.” What challenges does Krishen believe CFB will face in the future, across such as vast and rapidly changing market? “Like every business we have our set of challenges: the OCTOBER 2018


ever-changing investor sentiments, changes in the market landscape and the geo-political scenario are all factors that can affect our business at large.” It is an uncertain world out there, but Krishen is quick to point out positive opportunities. “Times have always been uncertain, but these are also exciting times. New technologies, as well as countries like India and Indonesia which are emerging onto the global stage, will present tremendous opportunities. The discerning investor can always capitalise on them.” So, how does Krishen see his business growing over the next five years? “Our growth projections are both lateral and

“ Great CEOs have an ‘everyone wins’ mentality, and their leadership style is about developing everyone to do their best”

vertical. For lateral growth our focus is on integration across various financial services. High on our agenda is expansion through mergers & acquisitions and ultimately looking to go public. Finally, in Krishen’s opinion, what makes a great CEO? “Vision, tenacity, passion and grit are all critical components that make a great CEO. However, one aspect commonly overlooked is the importance of connecting with the culture, i.e. the people in the organisation. Great CEOs have an ‘everyone wins’

— Bal Krishen, CEO, Century Financial Brokers

mentality, and their leadership style is about developing everyone to do their best.”

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

33


TECHNOLOGY

34

Transforming finance for a cashless future As society becomes cashless and emerging markets demand financial access, IDEX is poised to transform the way we pay. Business Chief spoke to CEO Stan Swearingen to find out how WRITTEN BY

OCTOBER 2018

OLIVIA MINNOCK


35

mi ddl e e a st .busi ne ssc hief. com


TECHNOLOGY

H

aving made his career at the fore of some of the most pervasive technology innov-

ations of this century, Stan Swearingen is

no stranger to working with market makers. From Bluetooth to WiFi to touchscreen technol-

ogy, Swearingen has witnessed the earliest stages of current technology mainstays. That’s why he decided to come out of retirement and put his weight behind one more innovation: biometric technology that facilitates payment verification with just a fingerprint. Notably, in addition to serving at mobile device management developer Amtel and semiconductor 36

revolutionary Rohinni, Swearingen was previously CTO at Synaptics, the company behind the touch technology which Apple brought into the mainstream with its MP3 players, mobile phones and tablets. Now Swearingen is back for what he describes as “one more career-defining role to create a new market”. “Part of that experience is seeing the point where you’re pushing something, an idea, and you meet resistance… even when we were developing WiFi people were saying ‘No, I don’t get it’ or ‘here are all the reasons why it won’t happen’,” Swearingen reminisces. “At the front end of an emerging market the supply chain forecast is very conservative, but once that inflexion point happens, it explodes and the volume goes through the roof.”

OCTOBER 2018


“ At the front end of an emerging market the supply chain forecast is very conservative, but once that inflexion point happens, it explodes and the volume goes through the roof” — Stan Swearingen, CEO, IDEX

37

mi ddl e e a st .busi ne ssc hief. com


TECHNOLOGY

38

This is what Swearingen strongly

global user base. For Swearingen,

believes is set to happen with biomet-

it’s not a question of when or if, but

ric technology in 2019. Soon, he argues,

how, biometrics will explode in the

PIN verification (and its now compara-

market. “What’s important is how you

tively archaic predecessor, swipe and

prepare yourself for that transition

sign) is set to become a thing of the

as a company,” he says.

past in favour of a fingerprint connect-

As with Synaptics and Apple, it takes

ed to payment cards, allowing the user

a technology developer coupled with

to verify payments at the point of sale

a market maker to bring about the

with just one touch.

Next Big Thing, and IDEX has found

He’s not alone: IDEX has partnered

a symbiotic partner in Mastercard.

with financial services giant Master-

“Mastercard is the market maker,” says

card, which is excited to roll out the

Swearingen. “We’ve been working with

new fingerprint technology across its

them on the total experience, not just

OCTOBER 2018


“ As society moves to a more cashless approach, reinventing the credit card with biometrics is a critical part of making that transition a reality” — Stan Swearingen, CEO, IDEX 39

technology – we are a solutions provider

print is unique to you and it’s not

partnered with a market maker.” When

something somebody’s going to guess

the CEO joined the company in 2016,

or look at over your shoulder. I think

IDEX had the perfect combination of

customers in general are even more

market maker, value proposition and

savvy regarding the dark web and

knowledge of systems and biometrics.

identity theft, and people just want to

With a plethora of fast and easy pay-

make sure their hard-earned money

ment options on the market, what is so

isn’t spirited away by somebody doing

special about the biometric element –

fraudulent acts.”

aside from the theatrical appeal of

In addition, IDEX has ensured

paying with a fingerprint? Security, of

biometric ID technology can be quickly

course, takes centre stage. “You get

deployed, with remote enrolment

a physical, unique connection with your

available for card users. “You get a card,

card,” Swearingen explains. “A finger-

you take your fingerprint and it creates mi ddl e e a st .busi ne ssc hief. com


TECHNOLOGY

40

OCTOBER 2018


a template which is stored in

users feel versus other methods,”

secure memory inside the card,”

he adds.

he explains. “There are multiple

While the end user is always

ways to do that. The first instance

top of mind, merchants will need

would be going into your branch

convincing that this new POS

and putting your finger into an

technology is necessary – but

optical reader, but IDEX and

Swearingen doesn’t think this

Mastercard saw that as an inhibitor

will be a problem. “Mastercard

to mass deployment, so we came

and the like are interested in

up with remote enrol, involving

frictionless transactions: easy

a simple plastic sleeve that is sent

and intuitive so the customer

in the post along with the card.”

isn’t worried about security or

When it comes to payment

anything that might cause them

methods, security goes hand-in-

to think ‘I was going to buy this

hand with convenience. “If you

item but maybe I won’t’ – obvi-

look at how someone grabs

ously the retailers want this to be

a credit card, ergonomically

frictionless as well. It’s a unified

it’s a natural movement,” says

goal. As society moves to a more

Swearingen. “They don’t have

cashless approach, reinventing

to learn something different. It’s

the credit card with biometrics is

so intuitive.” This more secure

a critical part of making that tran-

option is also set to reduce the

sition a reality.”

necessity for things like payment limits for contactless cards. “With fingerprint, this will go away. You don’t need a limit or to re-enter your PIN. We’ve done many pilots with Mastercard and the feedback has been overwhelmingly

— Stan Swearingen, CEO, IDEX

positive about how easy it is to use and how much more secure mi ddl e e a st .busi ne ssc hief. com

41


TECHNOLOGY

In addition, IDEX’s work will help to promote financial inclusion for those in underbanked areas. “There’s a lot of people who can’t bank today because they don’t have government ID or the things necessary to get an account – biometrics will help solve that problem as financial institutions will know the person they’re issuing the card to is a real person.” Looking to the future, Swearingen anticipates that rolling out the new technology will be similar to marketing previous concepts that seemed radical. 42

Developers like IDEX often take on more of a systems role. “You have to engineer the total solution, so we did a reference design. We did all the hard work: the hardware, software, everything so that card manufacturers could quickly come up to speed and sample products.” Already, IDEX has partnered with Taiwanese smart card solution provider JINCO and Chinese contactless card developer Feitian. “You’ll see more announcements imminently of different Tier-1 partnerships not just in China, but throughout the Asian supply chain. JINCO and Feitian have brought technical, manufacturing and channel OCTOBER 2018

“ A fingerprint is unique to you and it’s not something somebody’s going to guess or look at over your shoulder” — Stan Swearingen, CEO, IDEX


sales abilities,” says Swearingen, adding that JINCO’s access and insurance cards business and Feitian’s tokens business will help IDEX to develop across different verticals. IDEX has already made strides, especially in emerging markets where e-payment systems are leapfrogging the likes of the US, and to Swearingen this is evidence of the same take-off point he saw with the likes of Bluetooth. “We’re preparing for what we believe is this inflexion point where the demand is just going to skyrocket. We have to be prepared to support many customers and make sure we have all the tools, documentation and talent necessary,” says the CEO, who expects millions of biometric units to have been deployed by the end of 2019. Indeed, recent studies supported by IDEX outlined that 90% of customers would switch card issuer to one offering biometric technology if their incumbent did not. “The likes of Mastercard, Visa, American Express… biometrics is a vehicle for them all to take share from one another,” Swearingen concludes. “For IDEX, this coming year is all about scale and making sure our supply chain has all the technical support needed.” mi ddl e e a st .busi ne ssc hief. com

43


ConferenCe



CITY FOCUS

KUWAI City Focus

46

We take a look at Kuwait City, a major centre for trade that’s rapidly expanding as an international hub…

OCTOBER 2018


IT CITY WRITTEN BY ANDREW

WOODS

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

47


C I T Y F O C U S | K U WA I T C I T Y

H

ome to a port critical to the

with access to the Persian Gulf and

country’s oil and non-oil trade

its trade routes to the east. The

and a major international air-

Kuwait Ports Authority manages and

port that links the nation of Kuwait to

operates the Port of Shuwaikh which

the rest of the world, Kuwait City is a

covers 320 hectares of land and

major driver behind the country’s

120 hectares of water surface.

ranking as the fourth richest in the

Kuwait International Airport carries

world (and second within the GCC).

13.74mn passengers annually and is

And Kuwait City is continuing to grow.

expanding. Jazeera Airways has just

The most important port in Kuwait

launched its own dedicated Terminal 5

City is the Port of Shuwaikh. Located

at Kuwait International Airport as the

immediately west of the city, it lies on

country looks to boost industry and

the southern shores of Kuwait Bay

investment in its capital by massively

48

OCTOBER 2018


improving and developing transport links and infrastructure. Like many players in the GCC, Kuwait is looking to boost its non-oil economy which grew by 3.3% in 2017, up from 2% the year before and slightly stronger than the 3% forecast. Lower oil output saw total GDP shrink by 2.9% in real terms during 2017. Oil output was down 8% due to crude oil production cuts implemented by OPEC (the Organization of the Petroleum Exporting Countries)

‘ Kuwait City is a major driver behind the country’s ranking as the fourth richest in the world (and second within the GCC)’

and its non-OPEC partners. 49

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


C I T Y F O C U S | K U WA I T C I T Y

Transport projects To facilitate industrial and economic growth across the city and beyond, a number of infrastructure and transport projects have been announced.

Northern Gulf Gateway Kuwait’s Northern Gulf Gateway project is expected to add $202bn to the nation’s GDP while creating 300-400,000 jobs, according to the first session of the Kuwait Investment Forum 2018 (KIF 2018). The ‘Northern Gulf Gateway’ will drive the Kuwait National Vision 2035 and offers exten50

sive investment opportunities for international investors, aiming to have a vast impact on Kuwait’s economy in the next 17 years. $140-200bn in foreign direct investment (FDI) has been raised for developing 20% of the project which hopes to attract 3-5mn visitors annually with the opening of new investment opportunities for the tourism, hospitality and leisure sectors. It is a move that further accentuates the importance of encouraging regional and global liberalisation, trade and cultural integration, along with the leading role of the private sector in financing and investment and the need to introduce legislation and supportive systems for sustainable development.

OCTOBER 2018


51

360 V I E W

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


C I T Y F O C U S | K U WA I T C I T Y

A new city Such is Kuwait City’s importance to the country, its Public Authority for Industry (PAI) plans to set up a multi-purpose industrial city in the Gulf Arab state. The city, to be located 70km west of the capital Kuwait City, will include industrial facilities as well as residential and leisure projects, housing 50,000 people. PAI Acting General Manager Abdulkareem Taqi told Reuters that the government would put 52

in place the infrastructure for the city at an estimated cost of $600mn. It would also target around $6bn in investments from the private sector to develop the bulk of the project, with infrastructure work expected to be completed by 2021. Kuwait’s First Deputy Prime Minister and Minister of Defense, H.E. Sheikh Nasser Sabah AlAhmad Al-Sabah said: “To regain our growth, we have chosen the Northern Gulf Gateway development, not only as an economic catalyst but also to build a new geopolitical era. We can use the OCTOBER 2018

Currency

Dinar 1961

year of independence

2.8mn+ population

Nearest airport

20km

Kuwait International Airport


Click to watch: ‘Kuwait City - Aerial Footage’

geographic advantage of our northern region, which lies closest to two of the world’s oldest civilisations, to help build new relations with our neighbours. Connecting to the Belt and Road Initiative, the development will have a world-class airport, industries, as well as knowledge, leisure and educational zones. With Northern Gulf Gateway, Kuwait will be a catalyst in bringing together other countries in the region and across the world.” m i d d l e e a s t . b u s i n e s s c h i e f. c o m

53


C I T Y F O C U S | K U WA I T C I T Y

‘Such is Kuwait City’s importance to the country, its Public Authority for Industry (PAI) plans to set up a second multi-purpose industrial city in the Gulf Arab state’

54

OCTOBER 2018


Infrastructure & transport Kuwait City itself is undergoing extensive development to its transport links and infrastructure. Kuwait has awarded contracts worth $48.5mn for infrastructure development, including construction and maintenance of roads and bridges besides several key waterways and sewerage projects in the capital. The entire work, including the development of Al Ghazali intersection with the Fifth Ring Road via an overpass, will be completed within the next two years. The contracted works include the expansion of the subroute connecting the Airport Road 55 to the Fifth Ring Road in the direction of Jahra, as well as the expansion and development of an upper bridge connecting the internal road to the Fifth Ring Road. Construction has also begun on the 111km, $3bn stretch of the railway project that spans Kuwait as it connects the nation to surrounding countries in the GCC. Saudi Arabia, the UAE and Qatar will be responsible for operating the major trainline from 2021. In 2023, Kuwait, Bahrain, and Oman will then take over operations.

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

55


November 22nd, 2018 Manama Bahrain

www.blockonconf.com

info@bahrainfintechbay.com


BlockOn is a BlockChain & Cryptocurrency Platform to for corporate incubation projects consisting of seminars incl. panels, keynotes and fireside chats accompanied by roundtables and demos to and from the Blockchain community. A platform that aims to provide knowledge exchange, foster synergies among market players to find solutions, and implement & promote best innovative Blockchain practices in a collaborative, open and transparent manner.

REGISTER NOW INCUBATED BY:

PARTNERS:


T O P 10

58

OCTOBER 2018


Top 10

Saudi Arabian Exports Based on findings by World’s Top Exports, it was discovered that Saudi Arabia exported a total of $220.1bn worth of goods worldwide in 2017. Business Chief Middle East counts down the top 10 WRITTEN BY

SEAN GALEA-PACE

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

59


T O P 10

Electrical machinery and equipment With $1.1bn in value from electrical machinery and equipment, Saudi Arabia sees 0.5% of its total exports coming from this sector. With Saudi Arabia being the Middle East’s largest economy, the country hopes to increase this figure over the next few years. However, the country also imported significant amounts of its machinery last year, especially computers, air conditioners and parts such

60

10 Gems and precious metals Saudi Arabia exports approximately $934.8mn worth of gems and precious metals. However, this only makes up 0.4% of the country’s total income from exports. According to Trading Economics findings in 2016, 60% of Saudi Arabia’s exports of gems and precious metals were sent to United Arab Emirates, with Switzerland taking 22%. OCTOBER 2018

as taps and valves.

09


Machinery In 2017, the country made approximately $1.6bn from machinery, with the largest value being brought in by computers. Saudi Business Machines is the leading IT service company in Saudi Arabia with a market share of 17.8%, according to an IDC report. Machinery makes up around 0.7% of Saudi Arabia’s global shipments but the country hopes to diversify its export offering further.

08

www.sbm.com.sa

07

Dairy, eggs and honey Saudi Arabia is among the top exporters of food in the Middle East and primarily focuses on dairy, eggs and honey. The largest food company is Riyadh-based Almarai, with an asset value of $7.7bn in 2017, as reported by World’s Top Exports. The sector sees Saudi Arabia earn $1.1bn through its trading of food goods. m i d d l e e a s t . b u s i n e s s c h i e f. c o m

61


27 - 28 November 2018 Riyadh, Kingdom of Saudi Arabia

Points Per Day

Smart Procurement & Strategic Sourcing A Journey into Procurement Excellence in Alignment with Saudi Vision 2030 #saudiprocurement @ksaprocurement www.saudiprocurement.com


Esteemed Speakers Yasser AlShammari General Director of Etimad Program Ministry of Finance

Abdulghafoor Abdulhaleem Director of Business Services DUSSUR

Saleh H. Al Suwaiti GM, Procurement Center of Excellence TASNEE

Turki Al-Johani General Manager KSA Procurement TASNEE

Eng. Fatthi E. Alkathiry Director Of Gulf Joint Procurement Gulf Health Council

Lincensed by

Hesham Elabd Senior Director Procurement Emaar, The Economic City BASEERA EXHIBITION (KAEC) AND CONFERENCES

äGô“DƒŸGh¢VQÉ©ª∏dIÒ°üH

Organized by

In Collaboration with

äGô“DƒŸGh¢VQÉ©ª∏dIÒ°üH BASEERA EXHIBITION AND CONFERENCES

Associate Sponsors

Networking Solution Provider

Association Partners

Media Partners


T O P 10

Aluminium As one of the world’s most versatile metals, aluminium is highly valued by Saudi Arabia and made $2.1bn in 2017. In May 2017, Saudi Arabian mining company Maaden established a joint venture with the world’s third-largest

06

aluminium producer, Alcoa, in order to produce the world’s most efficiently integrated aluminium project in the country. The metal accounted for 1% of

64

Vehicles Saudi Arabia is the largest auto and auto parts market in the Middle East and accounts for approximately 40% of all vehicles sold in the region. Saudi Arabia is also actually the biggest importer of US automotive products and parts in the Middle East, with some of these then re-exported – however the number of cars imported by the country fell 21.2% year on year, and the number of trucks imported was down 41.5%, a positive sign that the Kingdom could be becoming more self-reliant for its vehicles. Overall, the sector saw Saudi Arabia earn $1.6bn from exporting vehicles in 2017. OCTOBER 2018

Saudi Arabia’s total exports last year.

www.maaden.com.sa/en

05


Organic chemicals With $9.8bn worth of exports, organic chemicals make up 4.4% of Saudi Arabia’s total export income. Saudi Arabia’s organic chemicals exports have seen a substantial increase from $7.61bn in 2016 to a current figure of $9.8bn. The organic chemicals market

04

saw the second biggest increase after the vehicles market between 2016 to 2017, as sales for the chemicals rose 28.3%. Saudi Basic Industries and

Ships and boats

Petri Rabigh are said to be Saudi Ara-

Saudi Arabia received $2.2bn for its

www.sabic.com/en

boat and ship exports in 2017. The country exports 50% of its ships and boats to the United Arab Emirates with

bia’s leading chemical companies.

03

20% going to Bahrain. Saudi Arabia’s national shipping carrier is transportation and logistics company Bahri, which focuses its operations on oil, chemicals, dry bulk, ship management, logistics and data. Due to open in late 2018 is the King Salman Global Maritime Industries Complex, which is anticipated to be the largest shipyard in the world once completed.

www.bahri.sa m i d d l e e a s t . b u s i n e s s c h i e f. c o m

65


T O P 10

66

02 Plastics Saudi Arabia is a heavy producer of plastics, and exports $17bn of the product worldwide. Having seen its value rise from $15bn in 2015, the industry has benefitted from an increased effort in recent years due to a reluctance by Saudi Arabia to rely solely on its oil exports. Indeed, the Kingdom’s 2030 vision states that “diversifying our economy is vital for sustainability. Although oil and gas are essential pillars… we have begun expanding our investments into additional sectors”. Currently holding 7.7% of the country’s global exports, the share taken up by plastics exports is expected to continue growing.

OCTOBER 2018


01

67

Mineral fuels Topping the list is mineral fuels which made up an incredible 77.4% of the country’s total exports at an overall value of $170.2bn. The fuels, which include crude oil and natural gas, are vital to Saudi Arabia and the wider Middle East. According to Azo Mining, Saudi Arabia has almost one-fifth of the world’s proven petroleum reserves with the government holding exclusive rights over all the mineral locations of the country.

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


December Dubai, United A ABOUT HITEC Hospitality Industry Technology Exposition and Conference (HITEC®) is the world’s largest hospitality technology exposition and conference brand. HITEC Dubai 2018, co-produced by Hospitality Financial and Technology Professionals (HFTP®) and Naseba, will feature 30+ speakers, 500+ hospitality stakeholders and 50+ solution and service providers. The show will give Middle East buyers currently worth over USD 75 billion, access to global top solution providers in hospitality market, through a top-notch education program planned by the expert HITEC Dubai Advisory Council, as well as an exhibition debuting the latest in hospitality technology, and a summit with one-to-one business meetings.

5

Ho Stak

www.hitec.org/dubai Amir Abdin | Marketing Manager | amirabdin@naseba.com | +97144557920


r 5-6, 2018 Arab Emirates

500+

ospitality keholders

40+

30+

Solution and service providers

Industry expert Speakers


Simpler Banking:

insights into ABK’s digital transformation WRIT TEN BY

ANDRE W WOODS PRODUCED BY

CR AIG DANIEL S 70

OCTOBER 2018


TECHNOLOGY

71

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


A L A H L I BA N K O F K U WA I T

We talk to Al Ahli Bank of Kuwait’s CTO Salem Husain and CIO Sridhar Kasisomayajula regarding the massive digital transformation at ABK that is revolutionising banking across the region… n May this year, the Al Ahli Bank of Kuwait (ABK) launched its innovative ‘Global View’ offering, allowing customers to manage multiple ABK accounts from across the Middle East through a single log-in point; the first such offering by any bank in Kuwait and in line with ABK’s ‘Simpler Banking Strategy’. Aligned with its vision of ‘reimagining a simpler bank’, ABK has successfully leveraged the opportunity to revamp its overall technology architecture, including the Core Banking platform, migrating well over 79 different applications into Infosys’ software product, Finacle, and

I

72

OCTOBER 2018


TECHNOLOGY

73

KDNet35.7mn profit 2017 1967

Year founded

72

Number of branches

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


DRIVING DISRUPTION WITH EVOLVUS Evolvus Solutions delivers future ready data engineering and payment modernization solutions for the banking and fintech space. Leverage our deep domain expertise to remain ahead of business challenges, regulation changes and technology disruptions.

USA | Middle East | India www.evolvussolutions.com info@evolvussolutions.com

leading to a unified enterprise architecture within a 22-month timeframe across two countries and 33 branches. The digital transformation overseen by ABK’s Somnath Menon (Group COO), CTO Salem Husain Al Sarraf and Amro Bibi (Head Enterprise Management Office) focused on allowing the bank to grow beyond the restrictions of its legacy system. We spoke to Al Sarraf, along with CIO Sridhar Kasisomayajula regarding the bank’s massive transformation. “The legacy system was hindering our flexibility and growth was being OCTOBER 2018

stifled as a result,” Kasisomayajula explains. “Our existing legacy system was unable to support any further expansions. Too many applications were taking far too long to get to market. The legacy system simply wasn’t nimble enough. We needed easier integration and had to simplify our architecture to make it easier for products to be launched into the market.” Rather than stay with existing architectural vendors and upgrade to the latest iteration, the bank decided, based on a diligent analysis and inter-


TECHNOLOGY

CLICK TO WATCH : ‘ABK BEST RETAIL BANK OF THE YEAR FOR THE 3RD YEAR CONSECUTIVE YEAR FROM THE EUROPEAN’

nal review, to opt for an integrated solution that helped consolidate multiple applications into one platform. After a detailed evaluation of three leading industry players, ABK chose to partner with Infosys and implement the full suite of its Finacle Core Banking platform. This transformation was not restricted to the Core Banking system alone – it also included building the infrastructure for the future with a new Middleware from IBM (IIB) and also the Finacle Operational Data Store (FODS) from Infosys for the purposes of data analysis

and reporting. ABK went through a rigorous search for prospective partners to help deliver this massive project. “The usual suspects were considered,” Kasisomayajula explains. “We did the request for proposal (RFP) processes and saw roughly 10 partners in Core Banking. We had consultants involved until we reached that final choice.” Al Sarraf interjects: “We used good governance here and did our homework in selecting the partners. It was a very careful selection process.” m i d d l e e a s t . b u s i n e s s c h i e f. c o m

75


A L A H L I BA N K O F K U WA I T

A lasting relationship

76

ABK has a deep and meaningful relationship with its many partners. “We have a mutual dependence on them,” Kasisomayajula explains. “Once you implement Core, for the next five years it is like a marriage. It’s not just a hit and run with partners. Nobody can do business here unless they are represented by a local partner.” The most critical – and also the biggest – contributor to the successful program was an active governance forum with strong senior management involvement and active participation from the leadership across all the engaged partners – Infosys, GBM, Cedar, Oracle/ITS, Valuelabs and Quality Kiosk. This also ensured a fair representation across all players, which was the bedrock of the program. Weekly review meetings also meant timely escalation of issues and effective resolution. “Infosys worked on our Core and Evolvus worked with us on our data migration and warehousing within Core,” says Kasisomayajula. “Then we have IBM and the other hardware guys, so there are lots of partners who continue to work with us in Core banking. Mysys was chosen because of our experience with the existing Core and the functionality equipment.” The first challenge was the migration of OCTOBER 2018


TECHNOLOGY

“ We had about 140odd applications prior to Core, but we reduced that to around 90” — Sridhar Kasisomayajula, CIO, Al Ahli Bank of Kuwait 77

m i d d l e e a s t . b u s i n e s s c h i e f. c o m


A L A H L I BA N K O F K U WA I T

78

OCTOBER 2018


TECHNOLOGY

vast amounts of data from the legacy platform to the new one. “It was a real challenge,” says Al Sarraf. “However, it was carried out very nicely. There was zero wipe up and 100% of our balance made the migration.” The program was put through a fairly intense regime: 23 rounds of data migration; 15 rounds of testing; nine rounds of training; and readiness evaluation. The planning paid off, as the final migration was carried out with a 100% reconciled migration of customer and financial data, and a full compliance to the defined exit criteria on testing. The Core Banking implementation was first trialed by ABK in the UAE, prior to the official rollout in Kuwait. “Lots of banks tried Core here, but all of them have failed with regard to finishing on time or budget, or have abandoned it halfway through, or never even kicked it off,” Kasisomayajula explains. Next was the rationalisation of the exist-

“ We managed to do it ahead of time. It all went well to be honest, and there was no shutdown of services. Not one day down. All of our channels were 24/7 come the day of migration” — Salem Husain Al Sarraf, CIO, Al Ahli Bank of Kuwait

m i d d l e e a s t . b u s i n e s s c h i e f. c o m

79


A L A H L I BA N K O F K U WA I T

ing technology architecture to make it much more reliable and dependable. Now products could get to market faster and were easier to manage as ABK moved from multiple legacy systems into a single platform. “We had about 140odd applications prior to Core, but we reduced that to around 90,” says Kasisomayajula. “We had to introduce new middleware too, in the form of new data warehousing. Our legacy system was always fully depreciated and costly, unlike its replacement. Security infrastructure was also tightened.” 80

A business transformed ABK was more than happy with the outcome, which was delivered on time, under budget and with no hiccups. “We managed to do it ahead of time,” Al Sarraf laughs. “It all went well to be honest, and there was no shutdown of services. Not one day down. All of our channels were 24/7 come the day of migration. They were off and running.” The positive impact that the technology transformation has had on ABK’s customer base is palpable. The active subscriber count of the internet banking platform doubled within six months of the launch. A few immediate benefits that customers got to experience, post-rollout, OCTOBER 2018


TECHNOLOGY

“ We used good governance here and did our homework in selecting the partners. It was a very careful selection process” — Salem Husain Al Sarraf, CIO, Al Ahli Bank of Kuwait

81

included faster, easier account opening process; single registration process across channels; cardless cash withdrawals; instant pay P2P services; integration with civil ID readers; cash management; payroll uploads; liquidity management; and trade finance, directly on the corporate internet banking platform. The successful execution has not only been appreciated by ABK’s management and customers alike, but was also duly recognised by the Asian Banker as being the best Core Banking transformation of the year.

m i d d l e e a s t . b u s i n e s s c h i e f. c o m



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.