WELCOME NOTE FROM
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An Ode to the succumbers and survivors of COVID-19 pandemic In the year 2020, we saw the beginning of a great economic crisis with many investments and projects stranded, either for the lack of funds or for the sheer lack of accessible resources. The first half of 2021, however, saw the beginning of the end of the COVID-19 pandemic. The second half saw a slow but cautious resurgence of many of the industries across the globe. One particular sector that came under our spotlight is the finance industry. Be it the remittance market or the credit market, banks and financial institutions are seeing an uptick in these services and that is an indication of our economy bouncing back. Digital loans and digital currency saw a sudden spurt in popularity largely due to the easy accessibility through various platforms. The Great Resignation is a phenomenon that is looming large over many of the big and small corporate houses. With the new scare of Omicron hovering over some of the large financial capitals, organizations are seen restructuring their employee policies and benefits and even the work culture to suit the changing scenario. In this issue, you will read about some of the top banks of South East Asia adapting and evolving their business processes and in some instances, even talk about some of their successful work practices. You will also come across some of the achievements and the accolades they have garnered in spite of the harsh economic scenario. As 2021 closes and as we step into the new dawn of 2022, International Business Magazine sincerely wishes all our partners, participants of our awards program and our patrons a very happy and a prosperous new year. We hope this issue we stand out as a ray of hope for many to take the next innovative step. This issue stands as an ode to all those who strived, fought and fell while fighting against the pandemic so that we could carry on the legacy they left for us.
Ujal Nair Editor
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FinTech and Investment Technology
8
2020
Contents Banking
06-17
• Powerful solutions empower powerful banks, leading to powerful nations • Open Banking 2.0 with multiple preeminent features • NAM A Bank The Happy Bank • NAM A Bank Supports The Vietnam Fund for Vaccination and Prevention of Covid-19
Corporate
18-27
• Lessons on turning the Great Resignation into the Great Attraction in the Tech Industry • Jamaica: The country with a vantage point for the North and the South Americas • Salasar Techno Engineering bags order worth Rs. 170 Crore from RITES Ltd
Finance
28-45
• Pio-Tech: Customizable business solutions for financial institutions • How digital loans could change the global financial credit crisis? • Gilded: Redefining the Golden rule of investment in the Digital Age • InCorp Global announces Investment in CharterNet in Australia
Exclusive Interview
34-39
‘Young Vietnamese expats power the remittance market in vietnam’ Tran Minh Khoa of Sacombank-SBR
Technology • We focus on guaranteed connections and safety more than privileges on our app Betterhalf.in • More than adaptability, the pace of adaptability matters a lot in the software industry Ranganathan Balashanmugam of Everest Engineering • Converge light up National Digital Highway • Trend Micro bags topmost score in the XDR Offering Evaluation
46-55
Banking
6 | 2021
Banking
Digital tools powered by the Internet have opened a
sophisticated
contemporary
solutions
against
new set of opportunities for business organizations
money laundering. As per a press release from
and entrepreneurs across the globe. Financial
Pio-Tech, the new partnership integrates Refinitiv’s
transactions are now possible without physically
World-Check Risk Intelligence data and Pio-Tech’s
operating from a bank location. With a highly
Anti Money Laundering (AML) solution to support
secured, high-speed network, it is possible for the
online and offline working practices.
banks to maintain a centralized system that ensures seamless workflow of the frontend and the backend processes across its global branches. The online
Speaking about the new partnership with Refinitiv,
platform has opened new possibilities for all kinds
Pio-Tech guarantees that the new technology inte-
of banking activities like debts, loans, payments,
gration will benefit the financial institutions as they
money transactions, investments and more. This
conduct ongoing screening for pre-existing clients
has led to the growth of a whole new vertical in the
and online screening on all activities, including
financial sector called the Core Banking Solution
through payment channels and on-boarding pro-
(CBS) provider.
cesses. It is also meant to help clients identify potential financial crime risk using information from
Pio-Tech, a Jordan-based Information Technology
reputable public domain sources.
provider, was recently awarded the ‘Most Effective and Creative Banking Solutions Provider’ in Jordan
AI-powered protection for genuine threats
2021 by International Business Magazine. The company has reported years of experience in the bank-
Nothing hampers the integrity of a nation more
ing sector. It has provided banks with opportunities
than the threat of terrorist activities. Hence, it
and measures to tackle all kinds of threats.
becomes imperative for the government to curb all kinds of activities that fund these activities.
Nipping transgression in the bud
Pio-Tech has introduced ‘Bank-BI’, a performance acceleration platform and an Enterprise Banking partnership
Analytics solution. It integrates data from disparate
with Refinitiv to provide banking clients of both
systems into a unified internationally recognized
companies in the MENA region with more
banking data model. The platform is powered by Big
Pio-Tech
recently
announced
its
Banking Data, Machine learning, Artificial Intelligence, and
regulations. The digital platform is said to guaran-
Predictive Models.
tee an automated process for protecting the banks from incurring unforeseen penalties from regulators
Capabilities of the Bank-BI platform The Enterprise
and central banks. Thus, it helps avoid unwanted
AML from Pio-Tech enables the banks to proactively
losses. It could be said that platforms like these are
sense suspicious transactions with high accuracy.
able to improve ROI and promote performance en-
This offers timely detection of such transactions
hancement across all business areas. In September
for informed and effective decision-making. Such
2020, Capital Bank of Jordan deployed Bank-Bi onto
AI-powered tools combined with powerful machine
its system. This enabled it to build a single source
learning algorithms helps to mitigate and analyze
of information, streamline the information sharing
suspicious scenarios. It offers full automation and
and delivery across various departments and com-
less human intervention. It is a unified data manage-
ply with the regulatory requirements. The bank has
ment platform with online monitoring modes and in-
reported that the new platform has allowed it to au-
tegration with SWIFT, RTGS and ACH systems.
tomatically generate various reports with minimum efforts and high accuracy.
These modern day tools are reported to be so powerful that it enables visually-depicted analysis of the
There is a common saying that goes as. ‘The
most minutest level of data. It not only reduces hu-
Best Banker is also the best Secret-keeper’. In this
man errors, but also minimizes the chances of false
modern digital world, customer data is even more
positives. These AI and Machine Learning technol-
critical. The best safety measures would boost the
ogies can accurately detect any money laundering
morale of the investors, which would further boost
activities and report about it at the earliest.
the entrepreneurial spirit of the common masses. A well-customized software solution, as showcased
Empowering law abiding enterprises
by Pio-Tech would not only help avert suspicious financial transactions but would also protect
With each new elected government and with each
the financial institutions from dynamic political
new disruption, be it technological or circumstantial,
scenarios.
comes the announcement of amendments in the existing complacency laws. Organizations invest a lot of resources in restructuring their existing setups to meet the new regulations. Core Banking Solution providers are required to be agile to meet these ever-changing demands in the banking sector.
Pio-Tech has a platform called the ‘Bank-BI compliance’. The platform ensures that its clients are fully compliant with the existing as well as the new
8 | 2021
Article by Ujal Nair
Banking
9 | 2021
Banking Nam A Bank launches Open Banking 2.0, offering a wide array of preeminent features via modern, distinctive interface bringing high quality services and one-of-a-kind customer experiences. Apart from fast, safe and secure online banking services such as NAPAS 24/7 Quick Fund Transfer via QR code, bank account registration with number of choice, eKYC, customers are provided with timely updates on market movement and stock indexes right on this app. As the global economy accelerates its digital transformation, it will be difficult for Vietnamese banks to avoid falling behind in this inevitable trend in their race to the top. These institutions have invested in IT infrastructure in recent years to enable the introduction of new digital banking services and a portfolio of diverse financial products. The objective is to satisfy customers’ ever-increasing needs.Nam A Bank, believing that digital transformation is critical to business success, has made tremendous strides in digitizing its governance and operations in order to provide an exceptional customer experience through a diverse portfolio of products and services. In particular, Nam A Bank 10 | 2021
Banking strives to upgrade Open Baking,
these digits easily remembered,
The list of accolades, to name
a centerpiece in its technology
but they also convey a sense of
just a few, includes being the first
ecosystem, to ensure new and
class, good fortune, or wealth to
bank to use robots in transaction
optimal solutions for customers.
their Owners.
service; the launch of Onebank enabling customers to make 24/7
In Nam A Bank’s Open Banking, customers are provided with the
For investors, Open Banking can
transactions such as depositing
latest technologies enabling fast
provide real-time updates on
or withdrawing cash, opening
transactions regardless of time
market activity, stock indexes,
a savings account, etc., online
and venue, with plenty of integrat-
and
instead of visiting a physical
ed services such as bill payment,
using transparent and precise
mobile top-up, funds transfer,
data. This is also one of the
bank appointment scheduling, vir-
activities consistent with Nam
“Fast and unlimited access is a
tual assistants (Chatbot), among
A Bank’s strategic orientation,
prerequisite to ensure both oper-
others. The motto “One touch
which emphasizes investment,
ational efficiency of the bank and
for every experience” has driven
technology adoption, and digital
customer contentment. Nam A
Nam A’s continuous improve-
transformation in order to create
Bank, hence, places digitalization
ment of the application, culminat-
an end-to-end financial model.
at the heart of its operations. The
other
financial
metrics
branch.
ing in the launch of Open Banking
continuous
improvement
and
2.0, which includes numerous ad-
upgrade of Open Banking is one
vancements aimed at improving
Furthermore, customers are now
of the testaments to the Bank’s
the customer experience.
just one touch away from all
effort in successfully implement-
these convenient in-app services
ing this strategy, bringing optimal
Let’s take NAPAS 24/7 Quick
on Nam A Bank’s Open Banking,
customer experience”, said a rep-
Fund Transfer via QR code as
owing to the deployment of
resentative of Nam A Bank. Nam
an example. This feature on
eKYC, which streamlines the
A Bank pioneers in disruptive I4.0
Open Banking ensures superfast
registration process so that users
technologies such as artificial in-
transfer in a safe and secure
can open their accounts remotely
telligence (AI), cloud computing,
manner by just a quick QR code
anytime without going to the
mobile payment, real-time trans-
scan.
features
physical bank. The new version
fer, and QR code payment. Nam
customer
of Open Banking with multiple
A Bank is poised to make further
feedback include gifting and self-
advanced
to
advancements in digital gover-
service registration with fancy
reduce face to face transactions.
nance and operations in the com-
numbers. Customers can select
This
safety
ing years, ensuring that its top-
their own account numbers, as
during the prolonged COVID-19
of-the-line products and services
well as a phone or identification
pandemic while realizing the goal
delight customers.
number if necessary. Even more,
of non-cash payments of the
they can think of a 9-digit account
Government and the State Bank
that may represent prosperity
of Vietnam. Nam A Bank’s brand
or fortune such as 999888999;
is also recognized with other
666888999;
777888999;
notable achievements, along with
888666888;
789789789;
Open Banking, in its technology
Other
receiving
in-app
positive
123123123, etc. Not only are
features
helps
aims
ensure
Source received in mail.
ecosystem. 11 | 2021
Banking
12 | 2021
Banking
During 29 years of service (Octo-
digital banking Nam A Bank
Nam A Bank’s proactive approach
ber 21, 1992 – October 21, 2021),
made its mark on the financial
in technology investment not only
Nam A Bank has made remark-
and banking market as the first
ensures fast, safe and convenient
able developments in terms of
Vietnamese bank to use robots
transactions for customers but
operational scale, quality and
in transaction service. It also
also helps to reduce operating
efficiency. This journey would
deployed the Onebank system,
costs, increase transparency and
not have been possible without
which enables customers to
boost the performance of the
the support of stakeholders to
make 24/7 transactions such as
Bank.
bring sustainable happiness to
depositing or withdrawing cash,
the community. Today’s achieve-
opening a savings account, etc.,
ments of Nam A Bank are, there-
without
fore, the tribute to the compan-
bank. Most notably, Nam A Bank
The 29-year journey of devel-
ionship, trust, and endorsement
launched
opment has witnessed Nam A
of customers, shareholders, and
updated Open Banking 2.0.
visiting a
the
physical
comprehensively
Bank’s relentless effort in raising the bar, preserving and pro-
partners for the last 29 years. Creating “Digital Happiness”
Sharing Happiness
Accordingly, this app helps cus-
moting the tradition of affection,
tomers easily access a pletho-
bringing happiness to millions of
ra of preeminent features via a
disadvantaged lives.
Syncing into the new wave of
modern interface, ensuring fast
technology surging through all
online banking transactions any-
Nam A Bank supports the program
spheres of life, Nam A Bank is
time, anywhere in a safe and se-
“Golden apricot blossoms of
undergoing a tremendous digital
cure manner. In addition, Nam
Care” (Mai vang Nhan ai) initiated
transformation to timely provide
A Banks strives to upgrade its
by Nguoi Lao Dong newspaper
end-to-end products and ser-
technology ecosystem, compris-
by offering financial aid to artists
vices, delivering happiness and
ing Open Banking, Robot OPBA,
and theater workers in difficult
success to customers.
and Onebank, towards the goal
circumstances on October 20.
of maximizing exceptional cusA
comprehensive
customer
experience with Nam A Bank’s
tomer experience via its financial
Nam A Bank, whose mission is
products and services.
to ensure business growth in
13 | 2021
Banking tandem with social responsibility,
and Prevention of COVID-19, and
no exception. However, Nam A
is
that
presenting medical equipment to
Bank’s leadership went the ex-
proactively contributes to social
Ho Chi Minh City’s Vietnam Fa-
tra mile to maintain operation
welfare
therland Front Committee and
and keep revenue flowing. At the
the Department of Health.
same time, the Bank also proac-
Happy workplace
to ensure employees’ health and
one
“Paving
of
the
banks
programs, the
way
including to
school,
lighting up the future” for the students;
“Loving
Tet”
with
thousands of gifts for people in flood-hit areas, places with poor
Alongside the efforts to bring
living conditions; Nam A Bank’s
happiness to customers and the
Red day on its annual anniversary
community, Nam A Bank always
with thousands of donated blood
perceives human resources as
units, promptly saving lives of
an invaluable asset and a core
thousands of patients; Nam A
driving force of the Bank. Friendly
Bank is also a strategic partner
and modern workplace at Nam A
of “Employee Newspaper” in
Bank.
the implementation of many
tively adopted preventive policies safety, as well as stable income, thereby putting their minds at ease during the pandemic. With the Board of Directors by their side and detailed guidance from the Board of Management, as well as innovation – creativity – enthusiasm of successive generations of employees, Nam A Bank is confident to achieve
meaningful programs such as
sustainability, thereby strength-
“One million national flags for
Nam A Bank places a premium
fishermen going out to sea”,
on developing competent em-
banking and financial market and
Golder apricot blossom (Mai
ployees with strong work ethics
contributing to the country’s sus-
Vang) award, etc. Mai Vang award
in order to instill distinctive val-
tainable development.
witnessed Nam A Bank assist
ues consistent with its new de-
Employee Newspaper newspaper
velopment stage and corporate
Recognition of the society and
with the award ceremony and
culture. As a result, the Bank was
community
in
typically
named one of HR Asia Maga-
the program “Golden apricot
zine’s Best Companies to Work
blossom
For in 2021.
other
activities, of
Care”
providing
financial support for hundreds of artists and students from
In addition, Nam A Bank’s leader-
underprivileged circumstances.
ships also pay great attention to compensation policies, as well as
In the last two years, amid the
foster a friendly and professional
outbreak of COVID-19, Nam A
working environment upholding
Bank has implemented a series
solidarity to retain talents and at-
of meaningful activities to sup-
tract experienced personnel.Re-
port the nationwide fight against
cently, the Covid-19 epidemic has
the pandemic, contributing to
significantly affected the econ-
Vietnam Fund for Vaccination
omy, and the banking system is
14 | 2021
ening its prestigious brand in the
Nam A Bank has received numerous prestigious awards, owing to the positive results achieved through its operational stability and digital acceleration in parallel with social contribution. The list of honors includes the 6th consecutive Strong Brand Award by Vietnam Economic Review, Best Companies to work for in 2021 by HR Asia Awards Magazine; Top Famous Brands in Vietnam by the Vietnam Intellectual Property Association, among others.
Banking
NAM A Bank Supports The Vietnam Fund for Vaccination and Prevention of Covid-19
Nam A Bank donated VND5 billion at the Launching
development of the country.
ceremony of the Vietnam Fund for Vaccination and Prevention of COVID-19 on the evening of June 6, as
A representative of Nam A Bank said: “Acknowl-
an effort in assisting the country in the fight against
edging that the pandemic is nowhere near its end,
COVID-19.
Nam A Bank will continue to offer our help to the nationwide combat against COVID-19 by implement-
Representatives of Nam A Bank donated VND5 bil-
ing key campaigns. We believe that these practical
lion to the Vietnam Fund for Vaccination and Pre-
activities, which underpins the value of cohesive-
vention of COVID-19. Numerous support activities
ness and sharing, will resonate with our employ-
are now being carried out to mitigate the impacts
ees, shareholders, partners, and customers.”Nam A
of the complicated COVID-19. Contributing to this
Bank had previously donated VND5.3 billion to Ho
fight, Nam A Bank proactively organized meaningful
Chi Minh City’s Vietnam Fatherland Front Commit-
and practical aid campaigns to foster the Govern-
tee and Department of Health for the purchase of
ment’s dual goals of “preventing the pandemic and
medical equipment during COVID-19; Assisting Sai-
sustaining people’s livelihood”.
gon Economic Times in delivering essentials and pandemic protection items to border guards. In the
In addition to financial assistance at the Launching
first half of 2021, Nam A Bank spent nearly VND6
Ceremony of the Vietnam Fund for Vaccination and
billion to get employees vaccinated.
Prevention of COVID-19, Nam A Bank has implemented a wide range of campaigns to support Ho
This aimed to safeguard the health and safety of
Chi Minh City and the country, thereby containing
staff as well as maintain normal operation, thereby
the outbreaks and contributing to the sustainable
ensuring safe branches for customers. 15 | 2021
Corporate
The Covid-19 pandemic has made employees across the globe introspect on the quality of life they are living and are able to offer to their families. What began as a forethought during the economic slump of 2018 became a motivating factor with the advent of the pandemic. Today, the world is in the midst of what is being termed as the ‘Great Resignation’. As per a Mckinsey report, more than 19 million US workers have quit their 16 | 2021
Corporate jobs since April 2021. This explosive attrition rate
support of other people. Leadership is everyone’s
has hurt every industry.
job so we always take the time to make sure others are supported and connected.
Organizations that have realised the talent drain have taken up various initiatives to retain them, with
We believe it’s important to support others to make
financial perks being the most common and the ob-
them successful, and that this is the fastest way to
vious one. However, it seems that no amount of fi-
build high-performing teams. By being accountable,
nancial perks or lifestyle enhancing gift coupons or
we can take on more trust and autonomy and make
entertainment facilities in the premises are stopping
more ambitious contributions.
the rising number of resignations. Do share some of your experiences in regard to However, on the brighter side of things, there are
the challenges that some of your colleagues are
a few innovative organizations that have clocked
facing with the new work model.
record performances and kept their employees content at the same time. All this, while tackling
People want to be growing and learning in their job,
the challenges posed by the pandemic. One such
they want to be able to apply that knowledge the
organization that garnered some great reputation
way it makes sense to them, and they want to see
in the industry and among its employees is Everest
that their work has an impact on the world. At every
Engineering. Craig Brown, the CEO of the software
step, feedback and the ability to act on that feed-
company based in India, shared some insights
back matters.
with us on how he looks to maintain a great work environment at the company.
Paying attention to what motivates people is even more important when you’re in an industry where it is hard to hire smart, talented people – for example
What are the measures taken at Everest Engineering
the software industry. If you don’t give people the
to deliver sustainable software solutions?
latitude to make decisions based on their experience and the insights they have about the challeng-
It comes back to that ecosystem. We have four
es they are addressing, they’ll simply leave.
promises to nourish that ecosystem. A promise to our customers, and a promise to the community. Nested in those headings, there’s feedback loops. It’s
Great management is the key to success in truly
all about having empathy for others, understanding
high-performing organisations. Great managers
each other and our customers to do our best work.
shape an environment that enables teams to do
We need to have purpose about why we are coming
great work. That can include making space, setting
together, and if we don’t know how we’re making a
directions, providing guidance or information, but at
difference then we need to stop and ask why.
the end of the day, most decisions about what work needs to be done are best made by the people that
Fostering a strong sense of community is import-
are close to the customers. Great managers also
ant, as we perform best when we know we have the
know how to stay out of the way when they need to.
17 | 2021
Corporate
Craig Brown
CEO, Everest Engineering
You have talked at length about the new work
how to do it, especially by someone who knows less
model this current pandemic has compelled us
about the problem than they do.
into. Do share with us the disadvantages and the advantages of micromanagement.
The pandemic challenged a lot of bad managers; how do they show their value when all of a sudden
Micromanagement is generally a toxic behaviour
everyone is working remotely, and you can’t con-
that says more about a manager not knowing how
stantly check up on people. I hope most managers
to do their manager job than about the person doing
have found that there are better ways to add value
the actual work.
through leading, coaching and supporting team members and that people are learning to stop with
There is a time for close instruction; when you are
micromanagement.
brand new to a problem space, and you don’t know what to do you probably appreciate someone taking
What are the initiatives taken at Everest Engineering
the time to help you understand what needs to be
to build a strong social community?
done and the constraints of the situation. But while this is close attention, it isn’t really micromanage-
We are continually investing in the fabric of trans-
ment, as we all know.
national culture. We run a variety of social events, including remote ones for the people working from
Micromanagement is considered a bad term. It
home. These can include karaoke sessions, learn-
means someone telling you what to do all the time
ing to watercolour, playing music together, playing
and constantly checking up on you. People don’t
games and more. When people have been in lock-
want some manager telling them what to do and
down, we have worked hard on making space for
18 | 2021
Corporate people to spend social time together.
We’ve talked about fitting out offices like a coworking space. Taking that idea of mixed model work
We also work on our culture in the context of work;
spaces further; not only will people work at home
how do we work with others, how do we solve prob-
and at offices, they’ll also want to have different ex-
lems and how do we actually do our jobs as team
periences at the office.
members and individual contributors. We are continually coming together to discuss what we can do
We think about deconstructing what an office does
to be better at our work. We think about technical
and thinking mindfully about what the purpose of that
practices, communication and interactions and the
real estate needs to be in a modern digital economy.
way we work as a team. We never stop looking for
It is definitely more about social connection and
ways to improve.
collaboration than individual contributor work, but in a day people will move from one mode of work to
We recently conducted a coaching program where
another, and so the office needs to accommodate a
we taught people how to have coaching conversa-
variety of work modes.
tions and then set up a bunch of people to run peer coaching conversations. The people that participat-
Music rooms, professional kitchens, games areas,
ed in the program got a lot out of it, including feeling
open and closed meeting spaces, team and individ-
better about work, about the lockdowns and about
ual working spaces all need to be present and peo-
their careers.
ple need to be able to access the work spaces they need for the mode of work they are engaging in.
Relationships are the platform for business success. Not transactions. What are the initiatives that could be taken by the management to adapt the organization to the changing work culture and the lifestyle of the employees? I am sure that we will eventually gravitate back to of-
Article by Ujal Nair. Excerpts of an email response from Everest Engineering
fices, but we will treat our offices differently to what we did before. We will have a more multi-modal approach to where we work. Offices will become one of the places we work. We will also work at home. Some of us will also hit the road and work while travelling. Organisations that don’t allow flexibility will lose out on hiring the best possible talent. Organisations that learn how to facilitate great remote working experiences as well as provide great office experiences will thrive.
19 | 2021
Corporate
20 | 2021
Corporate Dubai is hosting the current Expo 2020, which commenced on October 1, 2021, to March 31, 2022. Postponed from its original date of October 20, 2020, Dubai got the opportunity to host this event when the Bureau International des Expositions (BIE) general assembly in Paris named the city in 2013. The 438-hectare area houses various country pavilions under the three themes – Sustainability, Mobility and Opportunity. Under the Mobility theme, we discovered the Jamaican pavilion that was nothing short of an explosion of colours in the midst of all the shipping containers. With cafes, music studios and art displays, the Jamaican pavilion has really grabbed attention of the visitors. International
Business
Magazine
had an exclusive interaction with Ainsley Brown, the Senior Director of Regulations, Policy, Monitoring and Enforcement (RPME) for the Jamaica Special Economic Zone Authority (JSEZA). He was pivotal in creating the Regulatory Framework for Jamaica’s Special Economic Zones. The following is an excerpt of the interaction – Tell us everything to look out for at the Jamaica Pavilion in Expo 2020, Dubai. What is the overall theme and the concept of the pavilion?
Ainsley Brown, the Senior Director of Regulations, Policy, Monitoring and Enforcement (RPME) for the Jamaica Special Economic Zone Authority (JSEZA)
scene of a spontaneous street party in shipping containers. The Pavilion is divided into 7 zones: Zone 1 – an introductory space that focuses on connectivity and the map of the country. Zone 2 – displays Jamaica’s history, highlighting important dates and events and the big global impact the small Caribbean island has had, exemplifying common Jamaica saying: ‘We Likkle But We Tallawah’ or we maybe small but we are big. Zone 3 – puts the spotlight on our sporting prowess featuring athletics, cricket, swimming, football & netball. Zone 4 – is the business zone that introduces the Island’s investment and trade opportunities. The zone reflects Jamaica’s ongoing transformation into a logistics and trade hub at the center of the Americas. Zone 5 – is the music zone. Jamaica is the home of Bob Marley, reggae and five other original forms of music, the zone showcases pulsating rhythms of the island in a studio setting where visitors can sample the music of the vibrant island. Zone 6 – showcases Jamaican cuisine the heart of which is our Jerk and our world-famous Blue Mountain coffee. Zone 7 – The Tourism zone highlights the natural beauty of the country and highlights the fun one could have in the sun, sand, sea and surf.
The theme of the Jamaica Pavilion is: Jamaica Makes It Move. The Jamaica Pavilion set in the
21 | 2021
Corporate Give us a brief picture of the current economic situation of Jamaica. (GDP, exports, imports, forex reserves, per capita income, largest revenue generator, recent disruptions)
duction. Other exports include ethanol, cane sugar, alcoholic beverages, coffee, scrap metal, cyclic compounds and manioc. Jamaica’s main exports partner is the United States (42 percent of
appointments and business cards are expected. A Jamaican meeting may be formal, but they typically have a friendly tone and usually start out with small talk.
total exports). Other exports partners include Canada, the United Kingdom, the Netherlands, France, Russia, Germany, Iceland and Norway.
The government has a number of investor-friendly initiatives, notably the Special Economic Zone Regime. Under this regime, the Jamaica Special Economic Zone Authority (JSEZA) is the Agency of the Government of Jamaica responsible for facilitating the development, promoting and regulation of investments in Special Economic Zones (SEZs) in Jamaica. The JSEZA was established in 2016 under the Special Economic Zones Act.
The following are the economic indicators of • GDP USD $13.81 billion (2020) • The GDP per captia USD $4,528.92 (2020). • The economy of Jamaica surged 14.2 % over a year in the second quarter of 2021, following five consecutive quarters of contraction. • The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP • Jamaica’s main industries are: agriculture, mining, manufacturing, construction, financial and insurance services, tourism, telecommunications. • The economy is now recovering for example tourism has rebounded to near 70% of pre-pandemic levels. • Tourism accounts for 31.1% of GDP and 32.8% of employment. • Tourism revenues make up 56.7% of total exports • The agricultural sector is 6.6% of GDP • The mining sector is 4.1% of GDP • Jamaica’s main trading partner is the United States (52 percent of total trade). Others include Trinidad & Tobago, Canada, China, the United Kingdom, Brazil and Japan. • Jamaica is a major exporter of bauxite used for aluminium pro22 | 2021
• Jamaica mainly imports oil, ethanol, wheat, lye, electronic appliances, vehicles, metals and rice. Jamaica’s main imports partner is the United States (42 percent of total imports). Other imports partners include Venezuela, Trinidad & Tobago, China, Brazil, Japan, Canada, the United Kingdom and Mexico. We would like to know about the business culture in Jamaica – the major trading commodities, services provided and some of the investor-friendly initiatives from the government. Jamaica’s business culture is based on respect and polite formalities. A suit, jacket and tie should be worn to meetings. Punctuality is valued and
What are the favorable initiatives taken by the Jamaican government for the startups in the country? The Government of Jamaica established Jamaica’s first-ever Micro, Small, Medium Enterprises (MSME) policy in 2013. The Policy has subsequently been revised in 2018 that set out a framework for creating a more enabling business environment, increasing access to financing, enhancing business development sup-
Corporate port, innovation, and more. The lead implementing agency for the policy is the Jamaica Business Development Corporation with support from the MSME Unit in the Ministry of Industry, Investment and Commerce (MIIC). Under the policy, several multi-sectoral public-private working groups have been established to implement the MSME Policy. One such group is the Business Enabling Environment Working Group (BEEWG) which was formed to facilitate MSME development as well as linkages through various government agencies. It is estimated that the Government of Jamaica spends 30% of GDP on procuring goods and services annually. According to STATIN, Jamaica’s GDP in 2018 stood at J$1,817,994,000,000 – about J$ 1.8 trillion – making public procurement at 30%, a sizable J$545,398,200,000. The government in 2019 undertook two reforms aimed at giving greater access to Jamaican businesses to this pot of money. The two measures, the first, a 20% set aside for MSMEs and the second, a Domestic Margin of Preference are set to add much-needed opportunities to Jamaican businesses. The 20% ‘MSME Set Aside’ is as suggested, a set aside of 20% of Government procurement for MSMEs. For MSMEs that is just over a billion-dollar (J$1,090,784,000) market exclusively for them. The Domestic Margin of Preference gives a national bidder, who is participating in any international bidding, an opportunity to earn a government contract even if its bid price exceeds
the bid price of a foreign bidder by up to 20%. The national bidder, however, must demonstrate that it will include at least 35% domestic content. Additionally, the SEZ regime also has special provisions for MSME investors which lowers the investment requirements for up to 4 years for ease of entry. Moreover, the JSEZA works with other agencies like the JBDC to offer business development support to these SEZ MSME Occupants. Similarly, what are the initiatives taken by the government for attracting foreign investments in Jamaica? “Logistics services has become critical for competitiveness. Better logistics performance is strongly associated with trade expansion, export diversification, ability to attract
foreign direct investment and economic growth.” – World Bank The SEZ regime is one of the chief but not exclusive policy instruments of the Government of Jamaica for the implementation of the Logistics Hub Initiative.
A nation’s development and prosperity are increasingly joined to its connectedness to the rest of the world. In today’s world of globalization, it is not sufficient to simply have market access, the ability to turn that access into market presence is a necessity. Logistics is a critical link between market access and market presence. Logistics is the connector, ‘the glue;’ it is the service that runs through the entire manufacturing value chain that allows the whole global production system to function. The Government of Jamaica (GOJ) has embarked on a strategic initiative to transform the Jamaican economy into a logistics centred one and with it establish Jamaica as a Global Logistics Hub. The Jamaica Global Logistics Hub Initiative is a development model and growth strategy designed to re-position Jamaica as a platform to attract a variety of business along the global
manufacturing and service delivery supply and value chain. The ultimate goal of the Initiative is to further integrate Jamaica into the global supply and value chains. What the logistics hub is intended to do is deepen and expand this participation. 23 | 2021
Corporate Jamaica has many positive elements which make us suitable for a hub: •
The third-largest English-speaking country in the Americas, English being the language of international trade.
•
Just the right size to accommodate simultaneously the activities important to maritime, aviation, information communication technology and manufacturing interests.
•
The island sits between two large land masses (North/ South America) which represent an 800 million to a billion-person market.
•
•
Blessed with being located close to two strategic waterways in the form of the Panama Canal and the Windward Passage, which sits between Jamaica, Haiti and Cuba and is the preferred route in/ out of the region. A readily trainable workforce, naturally deep water harbours and existing port, airport and digital infrastructure while at the same time having great developmental potential.
What Jamaica represents is a centralized location in the Americas where logistics and related activities can all be clustered on one island. Jamaica will become a platform for the use of digital technology to plan the design, production, packaging and distribution of goods; financial services; a strategic depot for the storage of natural resources, ship and airplane repair, legal services, tourism and so on. Many of these activities will take place in Special Economic Zones (SEZs).
24 | 2021
Jamaica’s SEZs are a developmental tool used to enhance the efficiency, competitiveness and productivity in trade, manufacturing and service delivery, namely logistics. These SEZs will be critical for us to deepen our participation in global value and supply chains and put our people to work.
In carrying out its functions as an economic development agency, JSEZA has decided to focus its attention on eight industries that it believes can make a real socio-economic impact on Jamaica in the short to medium term. It is important to note that while these industries are JSEZA’s priority, it is not to the exclusion of any other industry that is not on the negative list. These industries are: 1.
Automotive
2.. Pharmaceutical, Biotechnology and Beauty Care 3.
Creative Industries and New Digital Media
4.
Global Services Sector
5.
Logistics and Supply Chain Management
6.
Food Manufacturing and Agrotechnology
7.
Electronics
8.
Digital/ICT
Give us a brief about the investment process at JSEZA and the support received from the government over the years in the establishment of JSEZA. In carrying out its duties, Jamaica’s Special Economic Zone Authority, Jamaica’s SEZ regulator, must at all times, while it seeks to grow the Jamaican economy, be mindful of the possibility for the erosion of the local tax base. The Authority should be especially mindful of attempts of existing businesses already established in the local economy trying to re-establish their business in whole or part in the SEZ. It is in part of this basis that the Authority will determine whether an applicant has the legal and financial capacity to undertake a SEZ development or SEZ commercial activity. For a developer, the company charged with the responsibility of developing and managing a SEZ, at minimum that means having USD $1.5 million
Corporate in issued and paid-up share capital and investing in the build-out of a space large enough to accommodate at least three occupants. On the other hand, for the occupant, the company that carries out commercial activity in an SEZ, it must have USD $50,000 in issued and paid-up share capital and invest USD $25,000 in SEZ-related machines, equipment, facilities, and more. After successfully becoming a part of the regime, there are a plethora of non-fiscal benefits which can be garnered even from the initial stage of application. There is the Consultation that may be received in order to apply, there is the business acceleration centre (one stop shop) which allows a SEZ to be able to get important documents such as permits with the assistance of the Authority which aids in a smooth business process. Aftercare of its clients is a very important activity for the JSEZA. Benefits from JSEZA and an advisory message for enterprises looking to apply for the SEZ status.
lion to a billion person market in the Americas. Secondly, there are also the fiscal benefits that a company will receive while being a part of the regime. Just to list a few, Corporate Income Tax Headline Rate of 12.5% (possible effective rate of 7.5% with the approval of additional credits) with developers paying no taxes on rental income, Customs Duty Relief, GCT Relief – on all goods and services entering the zone, Promotional Tax Credit (R&D & Training). When our geographic advantages, and SEZ fiscal and non-fiscal incentives are combined with our trained workforce, infrastructure, and our stable government, Jamaica is a very attractive location to invest. Advice to enterprises looking to apply for the SEZ status. Visit our website, you will be able to read more about what we have to offer, get information on our priority industries, frequently asked questions, and how to apply for status. Also, if there is anything that is unclear, they can reach out to the Authority for an initial meeting and consultation.
SEZ fiscal incentives summary
Benefits from investing in the Jamaica SEZ Regime come in many forms. Firstly, there are benefits of being in Jamaica itself, which is a centralized location in the middle of the 800 mil-
opportunities to look out for. The JSEZA has a few investment project concepts, such as: •
Xanadu – this will be centred around the creative industries which is geared towards boosting innovation through creativity.
•
Olympus – this is the major SEZ development that will be focusing on sports, leisure and healthcare management combined with sports and wellness-related apparel and wearables production, warehouse, and distribution.
•
Caymanas – this will have a major focus on logistics and manufacturing. It is very close to the port of Kingston which is the number one transshipment port in the region.
•
PANDORA – Pharmaceutical and Nutraceutical Development, Operation Research Area. PANDORA will be a phytopharmaceutical cluster focusing on herbal medicine to capitalize on their active ingredients. Jamaica has a vast amount of medicinal plants and minerals that have not been explored to capitalize its full potentials. Jamaica is home to over 300 medicinal herbs that have been identified and there is the possibility of other herbs not yet identified and PANDORA is designed to capitalize on this.
What are the upcoming business opportunities to look out for at Jamaica? There are many upcoming business
Article by Ujal Nair 25 | 2021
Finance
Pio-Tech: Customizable business solutions for financial institutions
In the 90s, it was considered normal for business persons, who frequently visited the banks to get familiarized with the staff of the banks. Banks had certain tellers and clerks who became popular among the regular customers for validating their checks (cheques) or for carrying out money transfers easily and swiftly. Today, they are all replaced by apps. Apps that support mobile money transfers, guide in stock investments, help procure credit, deliver insurance schemes and even support local bill payments. Customers love the comfort of handling banking transactions from anywhere and at any time. This has all been enabled by powerful Core 26 | 2021
Finance Banking Solutions.
standards. Blockchain is about one big ledger that nobody administers and hence, nobody could
Some of the most powerful Core Banking Solution
manipulate.
providers today provide an all-inclusive business intelligence solution, a complete customer service
Regulatory bodies and financial institutions are al-
management solution, a solution that manages a
ways on the lookout for any fraudulent transactions.
customer’s journey across multiple touchpoints and
Smart forgeries require smarter anti-forgery tools.
enables banks to comply with all the international
This is where Artificial Intelligence (AI) comes into
regulations and auditing standards in an efficient
play. Software solution providers like Pio-Tech have
and automated manner. Pio-Tech is one such bank-
developed AI-based solutions that could not only
ing solution provider that showcased all of these
act as virtual assistants and compliance adherence
feature solutions, thus winning the coveted ‘Most
tools but also as a weapon against fraudsters. Pio-
Innovative Banking Solutions Provider in Jordan,
Tech’s Bank-BI fraud detection claims to have the
2021’ from International Business Magazine.
ability to detect any fraudulent transactions at its nascent stage.
Trends that dictate future investments Customized solutions cater evolving needs Every industry, be it the automotive, aviation, health or the education, are ruled by the trends that meet
An agile system is something that would be appreci-
the evolving needs. The scenario is the same in
ated not just by the back end developers but also by
the banking industry as well. Artificial Intelligence
the front end ones. With minimum need for human
(AI), Robotic Process Automation (RPA), Big Data,
interventions and maximum auto updates, it not
Machine Learning (ML) and even Blockchain are
only aids intuitive design languages but also helps
some of the technologies that could transform the
in faster troubleshooting; Much to the pleasure of
banking industry.
the end users.
Starting with the transactions, the conventional
RBI, the regulatory body of India, recently released a
and manual method of recording each transfer is
proposal to mandate Core Banking Solutions for the
going to be replaced by a digital recording of all
Non-Banking Finance Companies (NBFCs). NBFCs
transactions that are put into one big ledger. This
are skeptical about the cost of the customizations
is what blockchain is going to be about. It is widely
that would be involved in the incorporation of CBSs
reported that this technology is going to replace
in their operations. Their concerns pertain to the in-
intermediaries and middlemen in the data recording
terest accrual method, the amendments in the mor-
process. Its decentralized nature is also guaranteed
atorium period, the flexibility in the schedules, credit
to reduce the amount of time for each transaction
services and more. The NBFCs fear that implying
and its audits. Apart from reducing human errors,
stringent laws over CBSs would prove counterpro-
blockchain is said to comply with all the auditing
ductive for the overall financial institutions. In this
27 | 2021
Finance Fintech era, NBFCs are investing more in strength-
The Bank-BPM platform is a Banking Processes
ening their IT prowess to serve their customers bet-
Management Platform that integrates with multiple
ter and most of them have already adopted sophis-
systems, enabling data exchange through a smart
ticated systems. Today, the concern is whether the
hub.
regulatory bodies would term them as CBSs or just another Loan Management systems (LMSs)
The Bank-CEP platform provides a ready to implement solution that manages the customer journey
In our pursuit for a banking solution provider that
across multiple touchpoints.
meets the demands of the centralized banks and the NBFCs, we learnt about Pio-Tech. Pio-Tech, a Jor-
The Bank-BI Enterprise Compliance Platform is a full
dan-based software solution provider, has marked
suite of business products that enable banks to effi-
its name in the banking industry for delivering some
ciently and automatically comply with international
of the most effective and creative banking solutions.
regulations and auditing standards.
It has served the purpose of digital transformation and business acceleration across the Middle East
Capabilities of the Bank-BI Enterprise Compliance
and the African Continent.
Platform
One of the reasons for its nomination for the ‘Most
In more than 15 years, Pio-Tech has completed
Innovative Banking Solutions Provider in Jordan,
more than 400 projects with 100 Blue chip clients
2021’ at International Business Magazine was the
across 14 countries largely based out of the Middle
level of flexibility it offers for different kinds of cus-
East and Africa nations.
tomers. Its clientele includes – Jordan Commercial Bank (JCB), Palestine Investment Bank (PIB) Group,
Banking solution providers like Pio-Tech consider
Arab Jordan Invest Bank (AJIB) Group, NCBA Bank
Information management and Risk management
in Kenya, Housing Bank for Trade & Finance, Safwa
as the highest priorities of the financial institutions.
Islamic Bank and similar others. The true innovation
Institutes that have installed these systems have
lies in the fact that the platform delivered for each
reported improved quality in documentation pro-
of these institutes is a Banking Intelligence solution
cesses and removal of redundant intermediate pro-
that is customized by Pio-Tech for each of its clients
cesses. The intelligent business tools have enabled
to meet their specific needs.
retention and building of better customer relationships and customizable product offerings.
Pio-Tech describes Bank-BI as a ‘Performance Acceleration’ platform and an ‘Enterprise Banking Analytics’ solution that aids its clients in delivering performance and executing strategies that enhance services and customer engagement.
28 | 2021
Article by Ujal Nair
Corporate
Shashank Agarwal
Managing Director Salasar Techno Engineering Limited Salasar Techno Engineering has bagged a legal tender worth Rs.170 crore from RITES Limited for Railway Electrification. The deal had been accomplished between the two parties for ‘’Railway Electrification of 25kV OHE works including TSS General Electrification, Civil Engineering works including Tower Wagon Shed, Service Buildings, Staff Quarters, Track works and Signalling and Telecommunication works on existing track of single line section of Udaipur city (Excl.) – Himmatnagar (Excl.) 210 RKM (234.99 TKM) section of Ajmer division of North Western Railway.”
Scan to read the company’s sales performance in 2021
Mr. Shashank Agarwal, Managing Director of Salasar Techno Engineering Limited was delighted on receiving the orders and he stated, “RITES is embracing the country’s agenda of modernizing our railways and Salasar is honored to be a part of it. The electrification of railways in the state makes us a significant contributor to the national agenda of completely electrifying the Indian Railway network and facilitating integrated development infrastructure for overall growth.” Press Release Received on mail from Salasar Techno Engineering Pvt Ltd.
29 | 2021
Finance
How digital loans could change the global financial credit crisis? Many entrepreneurs across the world have, at some point of time, ex-
done at the end of the month.
perienced the burden of acquiring capital or fundings for their business
Sometimes, this proved to be
ventures. The challenges vary from lengthy and complicated proce-
easier when there was a short-
dures to short amounts dispersed by the financier over long intervals.
age of change, which is always
The lack of documented credit history and proper integration of tech-
observed in a cash heavy econo-
nology into the whole loan sanction process further complicates mat-
my like India.”
ters. This is exactly the reason that has led to the current popularity of unsecured loans through Fintechs.
The business models of some of the traditional lenders have
The unsecured business loans are turning out to be the real game
not changed much but the in-
changers for some of the small and medium scale businesses in the
troduction of the digital lending
developing countries. The modern digital lending platforms leverage
platform is helping them improve
technology to optimise the entire loan approval process and even the
their business processes. They
recollection process. With the advent of the digital lending platforms,
are able to improve the volumes
the lenders themselves do not have to take much risk. Now there is a
that they are looking to target.
third party app that comes in and says,’the risk is all ours and the profit
The biggest benefit that the lend-
is all yours’.
ers are enjoying through these lending platforms is that the term
We talked to Amit Kumar, founder and CEO of Galaxy Card, a digital
duration of the loans is much
lending platform in India, to understand how the digital lending struc-
smaller. So now, they are able to
ture has evolved in some of the developing countries of the world. We
lend more money, more times, in
further explore the new possibilities brought about by the digital lend-
the same period as earlier.
ing platforms. Amit elaborates this in detail, Tradition making way for Practicality
“Earlier, if you were taking a 1 lakh amount loan and then repaying it
Amit explains, “In India, we had a ‘buy the stuff now and then pay it lat-
over a duration of 6 months, the
er’ scheme on a monthly ‘Khata’(account) kind of set up with our local
capital was almost blocked for
grocery stores. That was something that was used by almost every-
those six months. But now when
one because we never used to carry cash almost every time. Children
you are taking the loan and re-
in the house would frequently run to these stores where their fathers
paying it in 15 days, 20 days or 50
had opened accounts, buy the stuff and then the payment for it was
days, the lenders are able to circu-
30 | 2021
Finance late that money more often. That
volume. Today, we see a wide spread promotional campaign for digital
itself brings you more chances of
lending platforms from various fintech enterprises. These enterprises
somebody becoming late on their
are now offering their customers with cashbacks and other incentives
payment, accruing interest on the
for using the digital lending platform.
late payment, which automatically increases the revenue for the lenders.” At Galaxy Card, if INR 1 lakh is borrowed, the payment could be done in 100 payments of INR 1,000 each. This way the lenders are always in stock of some capital to lend throughout the six months. This adds to their compounded net revenue and eventually gives them the confidence to cater to a higher risk market, say the small-size businesses. Amit also revealed that
Amit Kumar
founder and CEO of Galaxy Card
the Galaxy Card platform is also committed towards financial inclusion of people from every strata of the society. This way more people would have a credit score to showcase and consequently leave a compounding effect on the national economy as a whole. Incentive-driven growth trajectory The growth of this digital lending segment is more prevalent in countries where the credit bureau records are almost unblemished
Talking about the factors driving the growth of this segment, Amit ex-
and
These
plains, “The incentives are attracting more consumers to these digital
are also the regions where we
lending platforms. Credit cards are more of a long-term credit where-
observe higher levels of business
as with digital lending, one can bunch up a few of the payments and
widely
validated.
31 | 2021
Finance then pay it at one go. This is not
debt traps among the borrowers.
to the growth of the economy.
totally coming out on their cred-
People have little or no knowledge
Borrowers need to be more
it card usage but it is a sepa-
about the scenarios that lead to
financially disciplined and the
rate channel, which is kind of an
a debt trap. All this seems to be
lenders need to have a good
on-demand credit. One who re-
culminating in situations where
acumen of the repaying capacity
ceives the credit can consume it
the credit score records are not
of an individual.
and then throw it away. This also
well maintained or ignored. Due
helps them in keeping the credit
to shoddy bookkeeping practices,
Galaxy Card, presently operating
score in check by keeping the uti-
either borrowers are conned or
in India, has drawn out plans to
lization of the credit cards a little
the lenders are not able to recover
expand in other South Eastern
low.”
the money. Amit observes that in
markets. Amit has the following
many of the countries, the legal
words of wisdom for people who
from
framework is also biased towards
are looking for funds for their
Klarna, a Swedish-based fintech
the defaulter, citing the small
ventures:
company in the UK, Amit explains
amount of money borrowed. The
that the firm had introduced
defaulter takes benefit of the
“The borrower needs to ensure
something called ‘Annual Metro
leniency shown for the Rs 1000
that he/she does not go beyond
Pass’. The pass allows a user to
default and goes on a credit spree
the spending capacity. If you are
make the payment using Klarna’s
with 100 other lenders. This way,
spending more than what you
digital lending platform. This, in
the small time borrower ends up
could repay, then it would be a
turn, guarantees some amount of
defaulting over a huge amount
very bad thing for the credit score
discount to the users. Instead of
from several lenders.
and the entire credit system gets
Sharing
his
learnings
tarnished for this. If you have the
receiving monthly payments from the users, the Metro corporation
Although the government has
option and if you could repay then
received the annual payment
set up a legal framework, people
there is nothing that comes close
from Klarna, in advance itself.
need to be educated about the
to the comfort of digital lending.
Due to the advance payment,
credit facilities and ways to
As long as the repayment po-
Klarna receives a certain amount
circumvent a debt trap. It is not
sitions are clear, be very bullish
of discount from the Metro
just the borrowers, the lenders
about digital lending and go for
Corporation and the metro users
also make mistakes and a legal
any offers that you get.”
get certain benefits for using the
recourse should be available for
digital platform.
everyone. The legal recourse
Article by Ujal Nair. Excerpts of
available to the lenders should
an interview with Amit Kumar by
Long term benefits from short
be made stronger to allow the
Medhaj Nair
term gains
lenders to operate in a healthy manner. Proper cash flow could
The biggest threat to the digital
ensure a healthy entrepreneurial
lending
attitude that could further boost
platforms
are
the
cybercriminals and the fear of
32 | 2021
consumerism
and thus
lead
Finance
InCorp Global announces Investment in CharterNet in Australia InCorp Global, corporate services
“We are pleased to continue
“Being in this partnership with
provider, is pleased to announce
building InCorp’s track record
InCorp
a
of successful transactions and
values of delivering optimal client
are confident that CharterNet,
care and technical excellence to
with its award-winning service
our clients. In staying committed
platform
investment
in
CharterNet. Headquartered in Sydney, Australia, CharterNet offers services that cover the accounting & tax advisory,
outsourced
finance
function and government incentives requirements of early stage and
established
businesses
across Australia. The partnership between InCorp and CharterNet establishes InCorp as one of the leading providers of scale in the Australian market. “Australia is a key market for us and the transaction marks a key milestone in our growth strategy. I am excited to partner with Saeed, Sameer and Shabir and believe that our combined teams and
collective
expertise
will
capabilities employee
and base,
talented
will
be
an
excellent platform to expand in the attractive Australian corporate services market. We look forward to partnering with the CharterNet team to drive continued organic and inorganic growth through providing
great
service
to
our customers.” -Andrew Tay, Principal, TA Associates. “We would like to thank our valued clients and loyal team for the continued trust in CharterNet over the last decade and growing with us. Through this timely partnership, we are very much looking forward to leveraging In-
benefit our clients as they look
Corp’s support, global services,
to expand across Asia Pacific.”
and network, as we embark on
-Atin Bhutani, Group CEO, InCorp
this next stage of growth.” -Saeed
Global
Mirzakhani, CEO, CharterNet.
upholds
CharterNet’s
to our vision to being the most people centric advisory firm in Australia, we are also eager and committed to collaborating with InCorp in defining new growth opportunities
for
our
team
who have been instrumental in
CharterNet’s
success
to
date.” -Sameer Kassam, CEO, CharterNet. “In this exciting phase for CharterNet, we are delighted to work closely with Atin and the rest of the team at InCorp and be uniquely positioned to expand our geographical footprint across the Australasia region through future potential
acquisitions.”
Shabir
Kassam, Chairman, CharterNet.
33 | 2021
Finance
34 | 2021
Finance
The global remittance market started garnering significance when traders started travelling across continents. What began as an in-person delivery system called the ‘Hawala system’ has today evolved into a digital platform where the money is generated and transferred with or without any regulatory supervision. However, the most preferred and legal form of transferring money across the seven seas is still the banking network. As per a report, the global remittance market accounted for USD 49.49 million in 2020. While another report predicts that the market size is expected to reach USD 42.46 billion in 2028. As per the World Bank, the remittance flow to some of the developing nations surpassed the sum of FDI and overseas development assistance. The World Bank has also observed that the remittance inflows rose in Latin America, the Caribbean, South Asia, the Middle East, and North Africa. Whereas the remittance flow fell for East Asia, the Pacific, Europe, Central Asia, and Sub-Saharan Africa. 35 | 2021
Finance
36 | 2021
Finance The growth of the remittance
Goal) target of 3 percent owing to
A
market is attributed to the in-
high volumes, competitive mar-
service provider called ‘Saigon
creasing number of talents mi-
kets, and deployment of tech-
Thuong Tin Bank Remittance
grating to developed or high GDP
nology. But costs are well over
Company Limited (Sacombank–
nations, the rising acceptance of
10 percent in the highest-cost
SBR)’ has earned quite a notabili-
digital transfer networks, ease
corridors. In a 2020 report, it was
ty for its premium services across
of usability, reduced bureau-
estimated that remittances to Ho
Asia. Established in 2016 with an
cratic complexities and lower
Chi Minh City, Vietnam, will reach
initial charter capital of 1 billion
transaction fees. An increase
about 5.5 billion USD, up 8% com-
VND, Sacombank-SBR is linked
in
transactions
pared to 2019. Nguyen Minh
with many remittance partners
through mobile-based payment
Tam, Deputy General Director of
across continents and currently
platforms has further boosted
Saigon Thuong Tin Commercial
registers a charter capital of over
the popularity of the international
Joint Stock Bank (Sacombank),
15 billion VND.
money transfer market. “The re-
said that remittances remitted
silience of remittance flows is re-
through the Sacombank system
Sacombank-SBR
markable. Remittances are help-
in 2020 are expected to increase
owned subsidiary of Sacombank
ing to meet families’ increased
twice as much as in 2019. He at-
– one of the 4 largest banks
need for livelihood support,” said
tributed it to the incorporation of
in Vietnam. During the Annual
Dilip Ratha, lead author of the re-
an API online payment system
General Meeting of Shareholders
port on migration and remittanc-
that created favorable conditions
for the fiscal year 2020 in Ho
es and head of KNOMAD.
for customers to transfer the
Chi Minh City, Nguyen Duc
smallest amount multiple times.
Thach Diem, General Director of
cross-border
Vietnam-based
remittance
is
a
100%
Numerous banks across Asia have improved their remittance services to meet the rising demand. In fact, the World Bank has stated that inward remittance flow to South Asia has risen by about 5.2 percent in 2020 to USD 147 billion. It was further noted that the average cost of sending USD 200 to the South Asian region stood at 4.9 percent in the fourth quarter of 2020, the lowest among all the regions. Some of the lowest-cost corridors, originating in the GCC countries and
Sacombank-SBR Head office in Vietnam
Singapore, had costs below the SDG (Sustainable Development
37 | 2021
Finance Sacombank, announced that its
Vietnam as gifts. However, today
vice. Therefore, when customers
total assets increased by 9 per-
it expands to many purposes,
use our services, we believe they
cent reaching VND 492,516 bil-
such as supporting relatives for
have experienced our above qual-
lion. The shareholder report has
economic development, foreign
ities and advantages. The above
reported a 75.4 percent profit
workers sending money to their
characteristics are also our com-
from Sacombank-SBR in FY2020.
families
and
mitments to partners and cus-
Sacombank-SBR bagged the ‘Ex-
stabilize their lives, and many
tomers from senders – agents
cellence in Remittance Vietnam
more. The youth accounts for a
– recipients in a complete mon-
2021’ and ‘Customer Satisfaction
major portion of the Vietnamese
ey transfer process. We strictly
in Remittance Service Vietnam
population. Many have moved
comply with international stan-
2021’ awards from Internation-
abroad for study and work-related
dards and adhere to Vietnam’s
al Business Magazine, a Dubai-
purposes. This large chunk of the
legal frame works.
based business magazine pub-
population holds great potential
lishing company.
for Vietnam’s remittance service.
For remittance service to bank
The remittance service is keeping
account: Customers will enjoy the
International Business Magazine
pace with the rapidly changing
experience of remittance send-
had an exclusive interaction with
demands and has moved on
ing transactions from abroad to
Tran Minh Khoa (pictured above),
to the digitization trend of the
Vietnam within 60 seconds/ one
Chairman and General Director,
financial and banking market.
transaction. We have showcased
to
accumulate
the prowess of our system where
Sacombank-SBR to understand the potential of the remittance
Earlier, it used to take a few days
the money gets transferred into
market in Vietnam. Excerpts of
to send money to Vietnam but
the
the interview are below –
now it only takes less than a min-
Vietnam in just 30 seconds after
ute. Relatives can transfer money
the sender hits the send button
What are your views on the rise
to Vietnam via technology with
abroad.
of remittance services among
full censorship, accuracy and
the citizens of Vietnam?
safety.
beneficiaries’
account
in
For over-the-counter remittance service: Sacombank is one of
remittances
What are the benefits enjoyed
the four largest banks in Vietnam
are increasingly making very
by the customers through your
with respect to the network size.
important contributions to the
various remittance services?
Beneficiaries go to any transac-
We
believe
that
tion points in Sacombank’s net-
prosperity and development of the Vietnamese people. Due
We supply our customers with
work or Vietnamese banks and
to this, there has been rising
multiple choices of service with
they just provide the given code
competition
remittance
the highest quality. Beneficiaries
to receive money at the transac-
services every day. In the past,
can easily receive money, quick-
tion points in the most convenient
this service was simply seen as
ly – accurately – securely – at
way. In addition, beneficiaries
overseas Vietnamese transferring
the most reasonable fees and
can receive money at any time
money
with the highest quality of ser-
through Sacombank’s ATMs via
38 | 2021
to
in
help
relatives
in
Finance SMS codes from mobile phones
hampered our work efficiency or
without going to the bank offices.
service quality. Our customers have conveyed their satisfaction
For home delivery service: Home
and gratitude for the smooth
delivery staffs are professional,
business operations and the
dedicated, and much experienced
automation of the money transfer
in the home delivery service. Ev-
process at Sacombank-SBR.
ery year, we regularly organize training for home delivery staff on customer care skills, risk safety, prevention of money laundering, and others. Therefore, customers who receive money will often feel
Article by Ujal Nair
attentive, enthusiastic, and safe with the staff. Kindly list out a few initiatives taken for the employees as well as the customers during the Covid-19 pandemic. The steady growth of all of our financial indicators is a feat in itself during the Covid-19 pandemic. Sales, revenues and profits have grown to an all-time high with a marked improvement in our productivity. With timely vaccinations and technological innovations, we have safeguarded our employees. Even during the peak of the Covid-19 outbreak, Sacombank-SBR to
make
investments
continued
improvements in
and
technological
solutions. Employees were able to handle their daily responsibilities while working from home. The work from home culture has not
39 | 2021
Finance
40 | 2021
Finance Investment is the right way for
why most of the central banks
mission, Gilded handles Swiss
building wealth. The kind of
and financial organizations in the
refined gold with 0.999 fineness
wealth that would help develop a
world hold possession of more
and is compliant with all Lon-
better lifestyle for the family, fund
than one-fifth of the global gold
don Bullion Market Association
the retirement period and even
reserves. The fact of the matter
(LBMA) gold bar specifications.
endure the financial crisis. More
is, Gold is the oldest form of cur-
than anything else, the Covid-19
rency. It predates all the current
pandemic has taught everyone
ones and will continue to exist
the importance of maintaining
even after most currencies de-
cash reserves. As governments
preciate in value. The only issue
Southeast Asian countries like
proclaim that the worst is behind
with investment in Gold is that it
India, China, Indonesia, Malaysia,
us, the salaried middle-class pop-
is not immune from theft and im-
and Thailand have a deep-root-
ulation is now venturing into the
purities and is not easily accessi-
ed affinity towards the ‘yellow’
world of investments.
ble.
metal. However, in Europe, only
Molding the new Gilded Age
Switzerland and Germany show similar affections for gold. Mid-
The best investment options in
However, in this digital age, there
the upcoming years include high-
has been a sudden spurt of
yield savings accounts to S&P
cost-effective smartphone-based
500 index funds. It is the urgency
platforms for buying, holding,
for creating an investment port-
selling, and sending digital gold
folio that has shot up the popu-
for long-term savings. These plat-
larity of cryptocurrency across
forms are guaranteeing the high-
the world. The one important
est level of safety, security and
aspect to consider here is the
trust in the gold business. One
risk element in all these options.
such company is the US-based
Generating wealth is one part of
Gilded, which is available over the
With over 13 years of experience
the story and sustaining it is an-
android and Apple iOS platforms
at UBS Holding, Ashraf has held a
other. That is exactly where the
for free.
variety of roles in New York and
economy.
the other two regions with similar fondness. Latin America is generally found to favour gold less. We spoke to Ashraf Rizvi, founder and CEO of Gilded to get more in-depth perspective of the global gold market.
London. Starting as an FX op-
success story of the commodity ‘Gold’ lays in the history of our
dle East regions and Turkey are
Gilded is currently operational in 12 countries including India, South East Asia, Turkey, the Mid-
Even though it is not considered
dle East and more. Registered in
legal tender, its value will never be
Jersey, Channel Islands, with the
undermined. This is the reason
Jersey Financial Services Com-
tions trader on the trading floors in Philadelphia, Chicago and New York, Ashraf was a senior member of the FX team at Susquehanna Investment Management, one of the large independent traders
41 | 2021
Finance institute could contribute to the
collateral that you can pledge for
betterment of society while also
trading purposes. Banks accept
being relevant in the cut-throat
gold as collateral for which you
competitive segment.
could get loans. Accessibility to such secured loans is good for
The Gold standard of Digital investment
Ashraf Rizvi Founder and CEO of Gilded
The gold purchased through Gilded are sourced from the Swiss refineries and stored in a fully-in-
in the world. Sharing his insights,
sured non-bank vault in Switzer-
Ashraf describes, “My time at
land. As soon as the customer
UBS has taught me that the gold
makes the purchase through the
market is about geography and
app, he/she will be provided with
socio-economics. In certain ge-
the gold bar’s serial number, refin-
ographies, the wealthier you are,
ery, and vault location along with
the more you yearn for gold but
a picture of the exact gold bar. It
in countries like India and China,
is further revealed that the entire
everyone wants to own gold, ir-
transaction is recorded on the
respective of their wealth status.
blockchain for added security.
Today, as the currency is devaluing, people want to hold assets
the consumers and the financial system, especially during such pandemics.”
During a discussion over a zoom call with Ashraf Rizvi and International Business Magazine, the
government’s
stringent
hold over gold deposits and possessions by the financial services firm was taken note of. It was largely accepted that the assets should be available to the consumers at all times. The regulators should make sure that the companies are operating legally. They should be properly registered
and
have
proper
Speaking about his operations in
oversight in the places that
Asia, Ashraf Rizvi, founder and
they operate. Ashraf explained,
CEO of Gilded said, “Today, as
“Digital Gold can never be like
the currency is devaluing, people
one of the cryptocurrencies. The
want to hold assets that sustain
reason why many are opting for
value and at the same time have
cryptocurrencies is that most
Gilded is hoping to see the
the freedom to borrow against it
of them have lost faith in their
benefits
more
without having to sell it. Some of
country’s currencies. The more
equally shared during this ‘4th
the big exchanges like the Chica-
you control and prevent people
Industrial Revolution’, which they
go mercantile exchange (CME)
from owning gold, the more you
call the new Gilded Age. The
or International continental ex-
are going to push them into the
company believes that a financial
change (ICE) both take gold as
cyber world and purely digital,
that sustain value and at the same time give the freedom to borrow against it without having to sell it.”
42 | 2021
of
progress
Finance virtual world of cryptocurrencies,
and send it instantaneously over
which is a big risk for the
the network from anywhere to
government because they have
anywhere and at any time.”
no control over there whatsoever.” Gilded and many other similar Achieving
financial
goals
platforms are making gold digital, mobile and easily accessible.
Digitally
It is giving the less fortunate India is benefitting from remittances of around 70-75 billion USD inbound annually. It is one of the largest recipients of inbound remittances in the world. Most of
ones a chance to plan their financial goals, invest in an asset, and
leverage
the
ubiquitous
smartphone device for wealth generation.
it is coming through UAE. There are over a billion people across
On a closing note, Ashraf re-
the globe who do not have ac-
vealed to us, “Gen X and older
cess to the banking system but
generations tend to be more in-
operate a smartphone. Digital
clined towards spending on gold
Gold has the potential to open a
during festivals. Digital gold is
new avenue of opportunities to
appealing to generations across,
all the aforementioned people.
be it Gen Z, millennials or older generations, as it allows Indians
Ashraf predicts, “In the next five years, digital gold will become mainstream payments
just have
like
digital
become
in
India and it will be just another mechanism to own the asset at the end of the day. In due time, it will become bigger than ETFs.
to marry traditions with a digitally savvy lifestyle. Indians can easily buy Gilded gold through a mobile app with minimal effort and gift it to loved ones across the country to celebrate the auspiciousness while saving 6-10% as compared to published Indian gold prices.”
Similar to the physically held Gold, the owners of Digital Gold are already capable of earning a return, lend or borrow against it
Article by Ujal Nair
43 | 2021
Technology
44 | 2021
Technology
45 | 2021
Technology Marriages are like festivals for the
any biased data using ML. Users
and at some point in the future,
families and a milestone for an
can sign-up for the service by
Pawan has revealed plans of in-
individual. It not just bonds two
giving answers to 16 personality
troducing a feature where when
individuals but brings together a
questions, which are used to find
a user signs up, they are already
fusion of two cultures, two ideas,
suitable matches.
informed of a date of the first
two perspectives. In a marriage, it
connection.
is essential that the two opinions
Rahul Namdev, the co-founder,
of the two individuals intertwine
is credited with the patent and
Betterhalf is also looking to au-
and move ahead in the same
the invention of the ‘1-click
tomate the process where even
direction. This is why compati-
matchmaking’ AI algorithm. The
if the user is busy for 3 days, the
bility is an important factor that
algorithm is said to have garnered
app would be sending specific re-
strengthens the bond between a
popularity for being a very fast
quests on the behalf of the users
couple. Since the Dotcom bubble
executing process and having an
and it would also be auto accept-
in 1999, we have seen the rise of
accuracy of about 80-90 percent
ed if it is confirmed by the other
several matrimonial sites which
in matching the community, the
party as well. So when you login
have been developed and are still
interests and other such factors
to the app after 3 days, your au-
upgrading with the aim of bring-
between two individuals. Pawan
tomated connections would be
ing two compatible singles to-
claims that this is one of the
ready. This would also make it
gether. After carefully analysing
first apps in India that offers
easy for both the parties to start
the drawbacks of the traditional
compatibility information through
a conversation as both of them
online
questions about an individual’s
are already a potential match.
matrimonial
platforms,
Pawan Gupta and Rahul Namdev,
interests and expectations.
both MIT alumni from San Francisco ventured into the idea of de-
Keeping vulnerabilities at bay Clicking the right soulmate
veloping an AI-based matchmak-
Taking cue from certain grim inci-
ing platform. This led to the birth
Currently, Betterhalf claims to
dences in the matrimony market,
of Betterhalf.ai in 2021.
have one of the highest number
Betterhalf has extended its verifi-
of connections made per user
cation process wherein the sub-
The USP of Betterhalf is its
with over 2 lakh matches hap-
mission of the government IDs is
Artificial Intelligence and Machine
pening every month over the
compulsory for all profiles. Bet-
Learning based matchmaking
app. Unlike the traditional mat-
terhalf also verifies the gender,
algorithm. The platform’s AI-
rimonial apps, where they have
employment status, the salary
based partner prediction engine
to unlock features, Betterhalf is
status, the community and even
starts learning about a user’s
taking an approach where it is
the address. It is even extending
personality as soon as the user
more focused towards the ben-
its verification to the ‘born and
starts the on-boarding process.
efits for the users. So, Betterhalf
brought up’ status, especially for
Betterhalf’s AI engine uses the
has introduced plans where if a
the NRIs who consider the type
technology at five different stage
user opts for a 6 months plan,
of Visa as well. Each individual
-during
pre-chat
they guarantee 4 connections or
profile verifications are carried
gamification,
its is free till it happens. They are
out manually by 2-3 experts at
post-chat stage and removal of
extending the match guarantee
Betterhalf.
stage,
46 | 2021
registration, product
Technology Pawan explains, “Each user goes
million USD as part of its series
than a thousand users on a dai-
through a rigorous 6-level profile
A funding round from venture
ly basis and is growing at 100
verification
including
capital firms, including S2 Capital
percent week on week, with the
their mobile number, work e-mail,
and Quiet Capital in the month
majority from the age group of
personal e-mail, Government ID,
of May. Prior to this, Betterhalf
25-35 year. Currently Betterhalf.ai
Facebook and Linkedin. Only pro-
was also able to raise around 2.3
user monthly activity grew from
files that receive a compatibili-
million USD as part of its seed
20K MAU (monthly average user)
ty score of over 70 per cent are
funding from Y Combinator, Tribe
to 150K MAU, and monthly reve-
matched. Betterhalf.AI also has a
Capital, and Nurture Ventures.
nues from 10,000 USD to 75,000
private ratings and feedback op-
Their Group partners are report-
USD at 25% Month-over Month.”
tion that helps it to “filter out the
edly already invested in different
non-serious and creepy daters
matchmaking apps in several
Creating new-gen responsible
off the platform.”
other countries. They have been
decision-makers
process,
getting insights from them and it Even after the profile has been
has been boosting their scaling
The team of 40 employees
created, Pawan has come across
process.
at Betterhalf are working and
certain incidents where the us-
listening to the users and are
ers have detected anomalies or
While the online dating app mar-
making sure that the new-gen
inactivity for the connections
ket comes to the size of 10 billion
singles have complete control
suggested. Betterhalf has certain
USD and the marriage service pro-
of their decisions at all times.
parameters installed which could
vider market comes to the tune of
Pawan wants Betterhalf to be
lead to a profile to go offline if the
2 billion USD across the world, in
considered as the next alternative
concerned profile does not recip-
India, the offline and the online
to the traditional matrimonial
rocate to the customer service
matrimony market combined is
websites.
verification team for a long time.
at around half a million USD. Mar-
Pawan claims that due to their
kets such as the casual dating,
It is very important to understand
stringent
process,
serious dating, matrimony, which
that there would be lot of apps
the quality of the profiles and the
is further bifurcated into couples
like Betterhalf that would help
connections have improved con-
controlled or parents controlled,
someone find his/her soulmate.
siderably and hence the retention
is further seeing a boost with the
These platforms only help in
rate on the platform has also in-
next-gen proactively taking the
reducing
creased.
calls in the whole decision-mak-
process but Pawan explains that
ing process. Instead of just being
the offline experience should
a matchmaking process, Betterh-
not be undermined. It is very
alf intends to dive into the entire
essential for the couples to step
The Matchmaking market is esti-
matchmaking/matrimony/court-
out, spend time together in the
mated to grow at a rate of 10 per-
ship/wedding activity under its
real world and learn more about
cent year on year with a forecast-
aegis in the coming six months.
each other’s preferences and
verification
Capital gains in matters of heart
ed size of 26 billion USD by 2026.
the
matchmaking
inhibitions.
This factors into the reports that
Pawan revealed to us, “The plat-
Betterhalf was able to garner 3
form currently is used by more
Article by Ujal Nair 47 | 2021
Technology
48 | 2021
Technology Jack Dorsey recently stepped
ers to probe the conveyances
challenging to adapt to the cloud
down as the CEO of Twitter and
and the benefits that are on offer
because engineers were uncom-
announced Parag Agrawal as the
for an employee. Everest Engi-
fortable with someone else own-
new chief executive. Reportedly,
neering, an Australia-based soft-
ing your servers and more un-
Parag joined Twitter almost a de-
ware engineering firm has been
comfortable with the data sitting
cade ago as a software engineer.
quite vocal about prioritizing em-
He gradually climbed the cor-
ployee wellness. Its 100+ strong
in a shared server with others.
porate rankings to become the
team has built web apps, mobile
CTO and now the CEO. The IIT-B
native and hybrid apps, conduct-
graduate and a Ph.D. holder from
ed debugging and performance
Stanford University was person-
improvements and similar other
ally recommended by Jack as the
projects.
new CEO because of his deep understanding of the company and
We spoke to one of the found-
his working style.
ers of Everest Engineering, Ranganathan Balashanmugam, to
The board members of Twitter
understand some of the mod-
and the brokers at Wall Street
ern-day challenges, trends and
have accepted a software en-
learnings from the pandemic for
gineer as the head of the social
a multi-national software engi-
media platform. So, what exactly
neering company. Ranganathan
are the qualities of a software en-
Balashanmugam is also the CTO
gineer that makes them eligible
of Everest Engineering.
to become the head of a social
Now, it is a lot more mature. Engineers were expected to build applications that integrate with apps that they had no idea about. There was not much prior knowledge or maturity in that space. Even now, there are no standards around that, but now at least, there are enough frameworks and patterns that can support those needs. One big challenge all tech companies face is the adoption of new technologies. The company would have built software and a vast user-base since they have
media organization. First and
List out a few challenges that
foremost are the problem-solving
you have come across as a CTO
and strong analytical skills that
and Software Engineer. Can you
help an engineer to adapt to most
portray an evolutionary timeline
industries or service sectors in
of the kind of challenges engi-
the world. The perennial demand
neers like you have been facing
for software engineers and the
since 2000?
meeting and interacting offline
combined with the privilege of
With the increase of mobiles and
flexible working conditions does
apps, an app can be hit overnight.
not alleviate them from stress
And if the app does not scale the
and other health conditions.
unpredicted demand, a competi-
time, with the rate at which technology is evolving, businesses face challenges to take steps to adapt to the latest technologies that give them a competitive advantage. Many startups come with that competitive advantage and then take over by leveraging the technology.
increasing size of their salaries
tor can come and replace it overIn this era of ‘Great Resignation’,
night. So, the need for building
when employees across sectors
an elastically scalable app has
are re-evaluating their career
become very important. And the
choices and employer perspec-
cloud-first approach became de-
tives, it is imperative for employ-
manding. In the beginning, it was
an existing product and are busy addressing their users, as well as adding new features. Everest Engineering employees after a long time At the same
49 | 2021
Technology
What have been your biggest
tial tool during the pandemic.
changed; it is about forecasting
learnings from this pandemic?
When we were working in the
and
same office, we used to talk and
when the change is gradually
Before the pandemic, a critical
know what was going on with
happening.
number for any business was
watercooler conversations and
profits. So, most of the decisions
other general chit-chats. During
What has been the changing
were based on reducing costs
the pandemic, with a lot of news
face of consumer-led software
and increasing profits. After the
around, people are anxious. There
solutions
pandemic, resilience is another
are a lot of things that change
software solutions in India? We
important
For
every day, like losing or gaining
would like to know the current
example, if you are a physical
a customer. These changes will
trends of both types.
store with no online presence, one
have an impact. It is essential to
essential thing post-pandemic
keep communicating frequently.
I see a lot of adoption of
is setting up online deliveries or
It helps to reduce anxiety.
customer-led software in India.
dimension.
reacting
and
continuously
service-based
Unlike in the past, people expect
having a delivery partner. Some businesses went beyond being
Adaptability is important but
high-quality software and service
resilient in what Nassim Taleb
more important than that is the
or switch to competitors very
calls “Anti-Fragile”. It took a shock
pace of adaptability responding
fast. If one app takes ten steps
to grow the business and work
to change. We all would have
to do something and another
around the factors affected by
heard of the fable of the frog
takes two steps to reach there,
that. A few restaurants created
when dropped in hot water jumps
people choose the latter. And
a good online presence, with
out instantly, but when placed
more importantly, people switch
fast and safe deliveries that their
in a gradually heating water
fast to the new app. Though it
business is far more than when
cannot recognize the change and
sounds fundamental, the trend
they were a physical store.
eventually ends up getting boiled.
is high quality, simplicity, user-
Unlike the frog, adaptability is not
friendliness, and reliability at
just reacting when everything has
some level.
Communication was an essen50 | 2021
Technology What are your experiences in
pros and cons of our Indian
of people who from completely
turning a team of programmers
Education system? How has it
different disciplines and train
into
been affecting the work habits
them to be successful at software
and the work culture at Everest
engineering. They come with
Engineering?
excellent ideas and perspectives.
a
team
of
software
engineers?
And with continuous feedback,
I like that question. We distributed t-shirts at a conference, saying,
With the scale of people graduat-
“Software engineering is not just
ing and the scale of the education
programming”. It is a mindset. I
system in India, it is tough to be
meet many software engineers
specific on feedback. I believe
who think writing code or writing
that there are good students in
better code is the right way to
both great and average institu-
build software. I believe software
tions. They leverage all the sup-
engineering is about keeping the
port the system provides and
client in the center and the prod-
keep moving forward. Some insti-
uct, design and engineering team
tutions are very good at providing
coming together and solving the
that support.
we learn from each other.
Article by Ujal Nair. Excerpts of an email interaction with Everest Engineering
program together. We try to hire people with that To start, we hire people with
attitude of learning and problem-
that
attitude
solving. We have a training and
and coach them. We expose the
coaching program to bring all
programmers to the customer
the people to a common ground.
conversations directly. The de-
We have hired a diverse range
problem-solving
signers, product and engineering team come together and solve the problem along with the customer. It gives them a better understanding of the problem and offers Making
different
perspectives.
programmers
under-
stand why we build a feature with a customer-first approach provides a better approach to software engineering. Regular demos, end-user testing will fine-tune the approach. According to you, what are the
51 | 2021
Technology
Terrible traffic and the rising number of vehicles
proclaims, “The country’s most advanced digital
have made road infrastructure the government’s
infrastructure – which we call our national digital
priority for development and improvement. But the
highway, is finished.”
pandemic has shifted attention on a type of infrastructure that has likewise been underdeveloped but sadly overlooked: digital infrastructure.
Digital Mapping and Converge ICT’s Operational Work across Philippines
With underinvestment in digital infrastructure both from the public and private side, it’s no wonder that
Recently, Converge announced the completion of
fixed broadband penetration rate in the Philippines
its domestic subsea cable network, connecting the
is less than 20%, way behind its regional peers.
submarine segment with its pure fiber terrestrial backbone, linking the whole archipelago from Luzon
Dennis Anthony Uy, CEO and Co-Founder of Con-
to Visayas and Mindanao. With this, Uy proclaims,
verge ICT Solutions Inc., saw this gap and dared to
“The country’s most advanced digital infrastructure
do better. Recently, Converge announced the com-
– which we call our national digital highway, is fin-
pletion of its domestic subsea cable network, con-
ished.”
necting the submarine segment with its pure fiber terrestrial backbone, linking the whole archipelago
“When we say the national digital highway, we mean
from Luzon to Visayas and Mindanao. With this, Uy
the fiber backbone connecting all the major islands
52 | 2021
Technology
Digital Mapping and Converge ICT’s Operational Work across Philippines
across the country. With this in place, we can already
which cause outages in serviced areas. With the na-
fan out to the provinces, and soon serve more than
tional digital highway now having redundancy loops
half of the Philippines’ population,” Uy pointed out.
– think of these as alternative routes – the network is now resilient against outages and service inter-
What makes a good highway? If it’s a roadway, it’s
ruptions.
not just about the length, or the number of cities connected – it’s about the traffic flow too, or how
“With the way our network is designed, we have
many cars it can accommodate at any given time.
achieved a Level 2 redundancy. That simply means we have a layered protection against network fail-
Thus, Converge ensured its “highway capacity” – or
ures,” he explained.
data transmission capacity – is the most advanced in the industry.
The world-class, resilient, and high-speed pure fiber digital highway of Converge is ready for service and
“Our network runs on both 400 Gbps and 800 Gbps
is one step in firming up the country’s digital infra-
per lambda. These refer to the amount of data that
structure.
can be pushed through between and among data centers in our network. The fiber backbone running
With this digital infrastructure, the dream of democ-
on the industry-leading standard of 800 Gbps, the
ratizing connectivity – making it available to every
only one in the country today, makes possible high-
Filipino, regardless of economic standing – is one
speed data transfers that are needed for streaming,
step closer to being a reality.
remote storage, and next-generation technologies,” he said further.
“Digital access is no longer a privilege of a few but a right of everyone. This digital highway of Converge
With its 400 Gbps and 800 Gbps capacity, Converge
is the key to that dream. We will continue to work
encompasses the needs of any sector – from the
hard until every Filipino, no matter where they are or
small, fledgling SME in need of a stable connec-
what economic class they belong to, will have ac-
tion, to an entire government department handling
cess to fast, stable and reliable connection,” Uy said.
massive amounts of national data. And what about service reliability? Fiber can be prone to fiber cuts,
Article received on mail from Converge ICT 53 | 2021
Technology
Trend Micro bags topmost score in the XDR Offering Evaluation
Trend Micro, a global cybersecurity solutions leader recently announced as the leader and scoring highest in the current offerings category evaluation amongst 14 other vendors for its Trend Micro Vision One platform as per The Forrester New Wave: Extended Detection and Response (XDR) Providers, Q4 2021 report. “Trend Micro’s capabilities of providing a full view of the environment from the security stack is unusual and impactful,” stated the customers cited in the report.
Forrester Report Findings As per the Forrester report, “the firm’s Vision
54 | 2021
Technology One platform is the best fit for firms that require a
security, and Product vision.
robust, easy-to-operate security suite. Organizations that want a platform to deliver cross-telemetry
The New Wave report follows a series of recogni-
integration of traditional security tools and top cus-
tions by Forrester this year of Trend Micro products
tomer service will benefit from a relationship with
that comprise the company’s Vision One platform.
Trend Micro.”
The analyst firm named Trend Micro a Leader in The Forrester Wave™: Enterprise Email Security, Q2 2021
Statement from Dr. Moataz Bin Ali, Vice President,
report and in The Forrester Wave™: Endpoint Securi-
and Managing Director, MENA for Trend Micro
ty Software as a Service, Q2 2021. Also, A separate commissioned Total Economic Impact™ study con-
“The new normal has presented enterprises with
ducted by Forrester Consulting on behalf of Trend
daunting challenges which require them to be alert
Micro this year found that Trend Micro Cloud One
at all times to safeguard their digital infrastructures
can deliver a projected ROI of up to 188% over three
from being affected,” he stated.
years.
As per the firm’s announcement, today enterprises
Trend Micro Vision One goes beyond any other XDR
require a robust platform that is well prepared to
offering or legacy EDR solution to connect email,
combat the modern-day threats and offer the re-
endpoints, servers, cloud workloads, and networks
quired respite to the SOC teams, and we at Trend Mi-
– and uses powerful security analytics to correlate
cro considered this to be our responsibility to device
data with Trend Micro’s global threat intelligence.
a solution that is fully equipped to take on this task.
The result is fewer, higher confidence alerts and earlier detection, all from a single location.
This recognition is a testament to the efforts of our teams and further motivates us to endure innovating
It also enables integrations with third-party Securi-
and investing in solutions that are built in to secure
ty Information and Event Management (SIEM) and
the future as we accelerate the journey of digital
Security Orchestration, Automation and Response
transformation.
(SOAR) tools as well as Azure Active Directory to maximize value for customers.
The New Wave report also stressed that Trend Micro possesses loyal customers who are highly confident
As a company with a full suite of industry-leading
in the security efficacy of their solutions. “They refer
products, Trend Micro leverages deep product and
to Trend Micro’s roadmap transparency and above-
domain knowledge of email, endpoint, servers,
and-beyond customer support (including support at
cloud workloads, network, and more to provide an
the prospect stage) as key to its success,” the report
XDR offering that exceeds other providers.
added. Of the 14 vendors evaluated, Forrester gave Trend Micro’s XDR solution differentiated scores in seven out of ten criteria: Visibility, Detection, Investigation, Product architecture, Threat hunting, Product 55 | 2021
2021 Award Winners
AWARDS WINNERS 2020 Country
Name of the Company
Category
Africa
AfricaDev Consulting
Best Financial Consultancy Africa 2021
Africa
African Elite Group
Leading PR Agency in Africa 2021
Africa
Africa50 Infrastructure Fund
Best Infrastructure Investment company Africa 2021
Africa
SuperForex
Best ECN Forex Broker Africa 2021
Africa
Infracredit
Most Innovative Infrastructure Finance Company Africa 2021
Africa
CITITRUST Holdings PLC
Excellence in Financial Services Africa 2021
Africa
CITITRUST Holdings PLC
Leading Investment Holdings Company in Africa 2021
Africa
Nedbank Africa Regions (NAR)
Best Mobile Banking Africa 2021 (Technology Division)
Africa
Nedbank Africa Regions (NAR)
Best Internet Banking Africa 2021 (Technology Division)
Africa
Nedbank
Best Internet Banking Africa 2021 (Banking Division)
Africa
Youssef Fassi Fihri(CEO – SCR Société Centrale de Réassurance)
Best Reinsurance CEO Africa 2021
Africa
SCR Société Centrale de Réassurance
Best Reinsurance in Africa 2021
Botswana
Botswana Stock Exchange
Best Economic Impact Securities Exchange Botswana 2021
Cameroon
Zenithe Insurance
Best Online Insurance Provider Cameroon 2021
Cote d’Ivoire
Ora Bank
Best Commercial Bank Cote d’Ivoire 2021
Ghana
Zenith Bank
Best Corporate Bank Ghana 2021
Ghana
ZeePay
Fastest Growing FinTech Company Ghana 2021
Ghana
CalBank PLC
Best Banking Solutions Provider Ghana 2021
Ghana
CalBank PLC
Most Innovative Mobile Banking App Ghana 2021
Ghana
Zaina Lodge
Most Eco-Friendly Safari Lodge in West Africa 2021
Kenya
Centum Investment Company Plc
Best Investment Management Company Kenya 2021
Kenya
CIC Insurance Group
Best Asset Management Company Kenya 2021
Kenya
CIC Insurance Group
Best Life Insurance Company Kenya 2021
Kenya
CIC Insurance Group
Best General Insurance Company Kenya 2021
Kenya
Credit Bank Plc
Best Internet Banking Bank Kenya 2021
Kenya
Credit Bank Plc
Best Mobile Banking Kenya 2021
Kenya
Credit Bank Plc
Best Digital Bank Kenya 2021
Kenya
Credit Bank Plc
Most Innovative SME Bank Kenya 2021
Kenya
Gulf African Bank
Best Bank In Islamic Banking Kenya 2021
Kenya
Stephen Kabungo (CEO – Ilani Concepts)
Entrepreneur of the Year Kenya 2021
Kenya
Ilani Concepts
Best IT Company Kenya 2021
56 | 2021
2021 Award Winners Country
Name of the Company
Category
Kenya
Kenbright Actuarial & Financial Services Limited
Best Risk and Financial Advisory Solutions Provider Kenya 2021
Kenya
Kenya Women Microfinance Bank
Best Micro Finance Bank Kenya 2021
Kenya
Kenya Women Microfinance Bank
Best Mobile Banking Kenya 2021
Kenya
Upesi Money Transfer
Best Remittance Company of the Year Kenya 2021
Kenya
Kwale International Sugar Company Ltd
Best CSR Company Kenya 2021
Kenya
National Bank of Kenya
Best Bank In Customer Service Kenya 2021
Kenya
National Bank of Kenya
Best Islamic Window Kenya 2021
Kenya
National Bank of Kenya
Most Innovative SME Bank In Kenya 2021
Kenya
Standard Chartered Bank Kenya
Best Consumer Digital Bank Kenya 2021
Kenya
Standard Chartered Bank Kenya
Best Corporate Bank Kenya 2021
Kenya
Standard Chartered Bank Kenya
Best in Corporate Governance Kenya 2021
Kenya
Takaful Insurance of Africa Limited
Most Innovative Takaful Company Kenya 2021
Kenya
Sumayya Hassan (CEO – Takaful Insurance of Africa Limited)
Best Takaful CEO of the Year Kenya 2021
Maldives
Ooredoo
Best 5G Broadband Service Provider Maldives 2021
Mauritius
Bank of Mauritius
Best Regulatory Authority 2021
MWauritius
Bank of Mauritius
Best Central Bank Indian Ocean Region 2021
Mauritius
Benor Capaital Ltd. (TrioMarkets Mauritius)
Best Stocks Provider Mauritius 2021
Mauritius
Benor Capaital Ltd. (TrioMarkets Mauritius)
Most Innovative Trading Technology Mauritius 2021
Mauritius
Benor Capaital Ltd. (TrioMarkets Mauritius)
Best Algorithmic Trading Software for Asset Management Mauritius 2021
Mauritius
MauBank Ltd
Best Mobile Banking Application Mauritius 2021
Mauritius
Mauritius Union Assurance Group
Insurance Company of the Year Mauritius 2021
Mauritius
Sunibel Corporate Services Ltd
Best Financial Services Firm Mauritius 2021
Mauritius
Sunibel Corporate Services Ltd
Best Financial Advisory Firm Mauritius 2021
Mozambique
Moza Bank
Best Regional Bank Mozambique 2021
Namibia
Bank Windhoek Limited
Best Corporate Bank Namibia 2021
Namibia
Ms. Baronice Hans (Managing Director Best Banking CEO Of The Year Namibia 2021 – Bank Windhoek Limited)
Nigeria
DLM Capital Group
Best Development Finance Institution Nigeria 2021
Nigeria
C&I Leasing Plc,
Best Telematics Service Provider Nigeria 2021
Nigeria
FXTM
Most Trusted Broker Nigeria 2021
Nigeria
FXTM
Best Forex Education Provider Nigeria 2021
Nigeria
FXTM
Best Trading Experience Nigeria 2021
Nigeria
Infinity Trust Mortgage Bank Plc
Most Innovative Mortgage Bank Of The Year Nigeria 2021
Nigeria
Korede Adedayo (CEO – FirstTrust Mortgage Bank)
Best Mortgage Bank CEO of the Year Nigeria 2021
Nigeria
AMarkets Ltd
Best Copy-Trading Platform Nigeria 2021
Nigeria
AMarkets Ltd
Best Affiliate Program Nigeria 2021
Nigeria
Anchor Insurance
Fastest Rising Insurance Company Nigeria 2021
Nigeria
AIICO Insurance Plc
Best Auto Insurance Nigeria 2021 57 | 2021
2021 Award Winners Country
Name of the Company
Category
Nigeria
Babatunde Fajemirokun (CEO – AIICO Insurance Plc)
Insurance CEO of the Year Nigeria 2021
Nigeria
Cooperative Mortgage Bank
Fastest Growing Mortgage Bank Nigeria 2021
Nigeria
FBNQuest
Best Investment Banking Company Nigeria 2021
Nigeria
FBNQuest
Best Asset Management Company Nigeria 2021
Nigeria
First Bank Nigeria
Best CSR Bank Nigeria 2021
Nigeria
First Bank Nigeria
Best Internet Banking Nigeria 2021
Nigeria
First Ally Capital
Fastest Growing Financial Services Firm Nigeria 2021
Nigeria
First Registrars and Investor Services Limited
Leading Capital Market Registrars Company Nigeria 2021
Nigeria
Heirs Insurance
Best Digital General Insurance Company Nigeria 2021
Nigeria
Heirs Life
Best Digital Life Insurance Company Nigeria 2021
Nigeria
Heirs Insurance
Most Recommended Insurance Company Nigeria 2021
Nigeria
Identitypass
Most Innovative Verification Company Nigeria 2021
Nigeria
Nem Insurance PLC
Best Marine Insurance Provider Nigeria 2021
Nigeria
Nem Insurance PLC
Best Motor Insurance Provider Nigeria 2021
Nigeria
Stanbic IBTC Bank
Most Innovative Mobile Banking App Nigeria 2021
Nigeria
Stanbic IBTC Pension Managers
Best Pension Fund Administrator in Nigeria 2021
Nigeria
Stanbic IBTC
Leading Custodial House in Nigeria 2021
Nigeria
WEMA Bank
Best Commercial Bank Nigeria 2021
Nigeria
WEMA Bank
Best Digital Bank Nigeria 2021
Nigeria
Rosabon Financial Services
Best Non-Banking Financial Institution Nigeria 2021
Rwanda
Ms. Christine Baingana (CEO – Urwego Bank)
Banking CEO of the Year Rwanda 2021
Somalia
RA International FZCO
Best Integrated Facilities Management Company Somalia 2021
South Africa
A2X Markets
Fastest Growing Stock Exchange South Africa 2021
South Africa
CAPEX.com
Best New Trading Platform for Cryptocurrency South Africa 2021
South Africa
Globex360
Fastest Global Expanding Broker South Africa 2021
South Africa
Globex360
Best Customer Service South Africa 2021
South Africa
Globex360
Most Innovative Broker South Africa 2021
South Africa
Forex Masters
Best Forex Training Company South Africa 2021
South Africa
McD Squared (Pty) Ltd
Best PR and Communications Agency South Africa 2021
South Africa
McD Squared (Pty) Ltd
Best Telecommunication Marketing Agency South Africa 2021
South Africa
Mastercard
Most Innovative Payment Solutions Provider South Africa 2021
South Africa
Mukuru Africa (PTY) Ltd
Most Innovative Financial Services Provider South Africa 2021
South Africa
Nedbank Retail and Business Bank (RBB)
Best Mobile Banking South Africa 2021 (Banking Division)
South Africa
Nedbank Retail and Business Bank (RBB)
Best Internet Banking South Africa 2021 (Banking Division)
58 | 2021
2021 Award Winners Country
Name of the Company
Category
South Africa
Dietlof Mare (Vumatel)
Telecom CEO of the Year South Africa 2021
South Africa
DDP South Africa
Best Property Valuers South Africa 2021
South Africa
Outsource Hub
Best Financial Outsourcing Company South Africa 2021
South Africa
Simply Financial Services
Best Disruptive Digital Life Company South Africa 2021
South Africa
Vumatel
Best Broadband Provider South Africa 2021
Tanzania
ABSA Bank Tanzania Limited
Most Innovative Digital Bank Tanzania 2021
Tanzania
Guaranty Trust Bank (Tanzania) Ltd
Most Innovative Bank 2021
Tanzania
Guaranty Trust Bank (Tanzania) Ltd
Best Digital Bank Tanzania 2021
Tanzania
The Jubilee Insurance Company Of Tanzania LTD
Best General Insurance Company Tanzania 2021
Tanzania
NMB Bank PLC
Best Retail Bank Tanzania 2021
Tanzania
Tandahimba Community bank PLC
Most Innovative Retail Bank Tanzania 2021
Zimbabwe
BancABC Zimbabwe
Most Innovative Retail Bank Zimbabwe 2021
Zimbabwe
Steward Bank
Most Innovative Banking Technology Implementer Zimbabwe 2021
Zimbabwe
Zimnat Group
Best Financial Services Group Zimbabwe 2021
Zimbabwe
Zimnat Group
Most Innovative Financial Services Company Zimbabwe 2021
East Africa
Tracom Services ltd
Best Digital Payment App East Africa 2021
Globe
Hotforex
Best Client Fund Security Global 2021
Anguilla
National Commercial Bank of Anguilla Best Bank in Financial Literacy Anguilla 2021
Anguilla
National Commercial Bank of Anguilla Best Retail Bank Anguilla 2021
Anguilla
National Commercial Bank of Anguilla Best CSR during Pandemic 2021
Bahamas
BankPro
Best Digital Bank Bahamas 2021
Bahamas
BankPro
Best Mobile Banking Bahamas 2021
Bermuda
Equilibria Capital
Best Multi Strategy Fund Bermuda 2021 – For Fund Advance Global
Brazil
Ana Karina Bortoni Dias (CEO – Banco Banking CEO of the Year Brazil 2021 Bmg)
Brazil
Banco Bmg
Best Mobile Banking App Brazil 2021
Brazil
Minerva Foods
Best ESG Processing Plant Investment Partners Brazil 2021
Canada
Armour Insurance Brokers Ltd
Insurance Broker Of The Year Canada 2021
Canada
Armour Insurance Brokers Ltd
Best Auto Insurance Canada 2021
Chile
Banco Internacional
Best SME Bank Chile 2021
Chile
Mario Chamorro Carrizo (Banco Internacional)
Best Banking CEO Chile 2021
Central America
Caye International Bank
Best International Private Bank Central America 2021
BTG Pactual National Commercial Bank Jamaica National Commercial Bank Jamaica NCB Financial Group Limited
Best Investment Bank in Colombia 2021
Colombia Jamaica Jamaica Jamaica
Best Banking Group Jamaica 2021 Best Commercial Bank Jamaica 2021 Best Financial Services Group Jamaica 2021
59 | 2021
2021 Award Winners Country
Name of the Company
Category
Peru
Pacifico Seguros
Best Insurance Company Peru 2021
St. Vincent & the Grenadines
Prime Point LLC
Most Innovative Affiliate Program St. Vincent & the Grenadines 2021
St. Vincent & the Grenadines
Prime Point LLC
Best New CFD Broker St. Vincent & the Grenadines 2021
St. Vincent & the Grenadines
Prime Point LLC
Fastest Growing CFD Broker St. Vincent & the Grenadines 2021
United States
Ethica Institute of Islamic Finance
Best Islamic Finance Certification Provider US 2021
United States
Global Touch
Best Go-to Market Transformation Consulting Firm US 2021
United States
Global Touch
Most Reliable Strategic Planning Services Provider USA 2021
United States
Global Touch
Most Innovative Partner Success Application USA 2021 (The Global Touch-Partner Profitability Calculator)
United States
Global Touch
Best Leadership and Brainstorming Services Provider USA 2021
United States
Ms. Denise Sangster (CEO – Global Touch)
Best FinTech CEO of The Year USA 2021
United States
GrowthChannel AI solution
Fastest Growing MarTech Startup USA 2021
USA
Maidan Holding
Best International Holding USA 2021
USA
Nucleus195
Best Global Investment Research Marketplace USA 2021
USA
Ran Aroussi (CEO – Tradologics)
Best New CEO of the year in the Fintech sector USA 2021
USA
Tradologics
Best New Trading Operations platform USA 2021
Afghanistan
Ghazanfar Bank
Best Commercial Bank Afghanistan 2021
Asia
Forex4You
Best Trading Conditions Asia 2021
Asia
DeeMoney
Most Innovative Payment Platform APAC 2021
Asia
Mr. Khairul Hazmin (COO – Xero Capital Markets Ltd)
Best Forex COO of the Year 2021 Asia
Asia
Mr. Khairul Hazmin (COO – Xero Capital Markets Ltd)
Best COO of Financial Industry in Asia 2021
Asia
Justforex
Best Forex Trading Platform Asia 2021
Asia Pacific
Anzo Capital
Best Forex Client Support Asia Pacific 2021
Asia Pacific
Anzo Capital
Best MT4 Forex Broker Asia Pacific 2021
Asia Pacific
CXM Direct LLC
Best Broker for EA Trading Asia Pacific 2021
Asia Pacific
Fullerton Markets
Best Forex Broker Asia Pacific 2021
Asia Pacific
Fullerton Markets
Best Copy-Trading Platform Asia Pacific 2021
Asia Pacific
Pacific Risk Advisor
Best ESG Risk Advisory Firm APAC 2021
Australia
AIA
Leading Life Insurance Provider Australia 2021
60 | 2021
61 | 2021
62 | 2021
63 | 2021
