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Meeting of the minds Sibos 2013, one of the largest global gatherings in the financial services industry, kicks off in Dubai today Sadiq Shaban The four-day gathering of the world’s most prominent financial experts and institutions called Sibos (SWIFT International Banking Operations Seminar) is being held in Dubai starting today. The conference dubbed “Dubai - Celebrating 35 years of Sibos” will run until September 19 at the Dubai World Trade Centre (DWTC). The high-profile annual event is expected to see the crème de la crème of the global financial industry marking their presence. Little wonder though that the event is being hailed as a platform that shapes the future of the global financial industry through collaboration and meeting of minds. Despite being held since 1978, the Dubai conference will be the first in the Middle East. Sibos is an annual conference that brings the most eminent names of the financial world together and entails several exhibitions and networking events organised by SWIFT. Over the years the conference has grown into a premier business forum for the global financial community to debate and collaborate in the areas of payments, securities, cash management and trade. This year more than 7,000 decision makers and top experts from leading banks, financial institutions, regulatory authorities, market infrastructure, technology partners, and international corporations are expected to turn
up for the event. Sibos 2013 will include sessions by key speakers and panel discussions on Islamic Finance, the role of financial centres in the Middle East, financial inclusion, regulations, trade corridors, and trends in Middle East transaction banking. Discussions are largely going to focus on three broad themes namely regulation, operational excellence, and worldwide shifts particularly in global dynamics and trends. With a top crowd of key decision makers and topic experts from financial institutions, market infrastructures, multinational corporations and technology partners gracing the occassion, curtains are all set to be rung up on the season’s most premium business forum. The organisers are expecting aroud 12 conference tracks, a hundred speakers and as many conference sessions during Sibos 2013. More than 200 exhibitors are participating in the event, paving way for a variety of networking events. The conference also provides a huge opportunity to engage with leading financial industry figures to debate the latest developments and trends. The Venue This year’s event assumes special importance because it is coming to Dubai for the first time and overlaps with the celebration of Sibos’ 35 years and Swift’s 40th anniversary. Dubai was a natural choice for the conference
since the emirate is known to be a world-class centre for business and tourism. Rated one of the best places to live in the Middle East, Dubai is one of the most innovative cities in the GCC and a leading regional commercial hub with state-of-the-art infrastructure and a world-class business environment. Seen as a financial centre where there is a massive scope to do business Dubai provides investors with a unique and comprehensive value added platform. With a competitive cost structure and an extensive foreign trade network, Dubai is bracing to host to Sibos 2013 in its own unique style. —sadiq@khaleejtimes.com
Speakers John Ahearn, Global Head of Trade, Citi
Robert Blair, Managing Director, Client Access Executive, J P Morgan
Beniot Coeuré, Member of the Executive Board, European Central Bank
Mohamed Al Ansari, Chairman and Managing Director, Al Ansari Exchange
Vincent Brennan, Head of Group Operations and Payments, Bank of Ireland
Abdul Aziz Al Ghurair, CEO, Mashreq Bank
Philip Bruno, Partner and Leader of Americas Payments Practice, McKinsey & Company
David Watson, Managing Director, Global Head of Client Access Products for Global Transaction Banking, Deutsche Bank
Osama Al Rahma, CEO, Al Fardan Exchange Ahmed Alhassan, VP, Head of ITG Division, ACI Worldwide Samir Assaf, Group Managing Director, Chief Executive Global Banking and Markets, HSBC Scott Bales, Chief Mobile Officer, Moven Michael Bellacosa, Global Payments Product Management, Bank of New York Mellon
Bruce Burdumy, Vice President, Global Banking and Financial Markets, IBM Ann Cairns, President, International Markets, MasterCard Claudia Cassinari, Head of Payment Market Infrastructures, EMEA, SWIFT
Axelle Wurmser, Head of Transversal Projects and SWIFT Coordination, BNP Paribas Securities Services Satoru Yamadera, Director, Head of International Standardization Group, Institute for Monetary and Economic Studies, Bank of Japan Bai Yi, President of the Treasury Management Dept, Huawei
Mary Chong, Partner, KPMG Advisory, China
Xingrong Zhang, Head of Banking Research, Strategic Development Department, Bank of China
Massimo Cirasino, Manager Financial Infrastructures, World Bank
Angus Letcher, Head of Market Advocacy and Business Strategy, Deutsche Bank
sibos
khaleej times | ADVERTISING SUPPLEMENT Xpress Money
Knowledge-sharing base Covering most aspects of the banking and financial industry, Sibos 2013 is set to host a series of conferences and workshops that highlight the pressing concerns of the sector. Seasoned experts from across the world come together on one platform to share ideas and expertise that hold potential benefits for the region. Here’s a selection of topics Khaleej Times recommends: September 16 Securities regulation 9:30am — 10:30am Addresses the current state of security in the market alongside maintaining levels of compliance in worldwide firms while meeting local requirements. Islamic finance: Will it ever be a truly global alternative? 4pm — 5pm Covers the jurisdictions that lie behind the practice and its position in conventional banks and the global economy. Effective e-Payments as a booster of e-Commerce 4:15pm — 4:45pm The growth of e-Commerce has also let to the growth of electronic means of payment. How does this affect current financial methods? September 17 Mobile workforce — Hype versus reality 9:30am — 10:30am The act of balancing security with flexibility while keeping in line with policies. Plus, it covers the pros and cons of investment required and benefits it possesses. Planning for unpredictable futures 9:30am — 10:30am There are a number of challenges that lie ahead — some predictable, others unexpected. The session introduces basic principles of forward thinking and future planning. Cyber: The battle continues 2pm — 3pm The advent of technology has its fair share of troubles. Cybercrime sees an increase and there is a need for banks to rise up to the challenge and practice security
on the same wavelength. Experts share the latest to protect organisations.
regionally and globally. Success stories and future plans to be discussed.
Harmonising global transaction banking standards and practices across boundaries: What are the critical next steps? 2pm — 3pm From improving efficiency to delivering promises, regulatory and technology initiatives have a significant impact on transaction baking practices. Explore the opportunities that await corporations.
Global Innovations in Collateral Management 2pm — 3pm Addresses operational and credit risks involved in collateral management in a dynamic regulatory landscape. Also shares an update on new initiatives.
Connecting to growth — Investment opportunities in the Middle East 2pm — 3pm Two modules focused on the region’s infrastructure and capital markets will address the booming opportunities in the sector following the UAE and Qatar’s status upgrade to “Emerging Markets” bestowed by MSCI. Mobile banking: New technologies that improve the customer experience 4pm — 5pm Highlights current concepts on generating value through technology use via social media and user experience. Discover how to attract new clients and foster relations with existing ones. September 18 The International Payments Framework 2013 and beyond: Its vision, mission and plans for the future 2pm — 3pm With the global expansion of the International Payments Framework Association, its members are set to integrate low-value credit transfers cross
Workshop — Shaping the future of standards 3:30pm — 5pm The interactive workshop looks into unexplored dimensions in business practice and its domain. September 19 Africa and Middle East Day 9am — 9:30am The opening session discusses social, economic and technological trends that affect the region along with the challenges present for financial services providers. Growing trade corridors 9:30am — 10:30am Special focus on trade corridors in the MENA region. Highlights the remittances trend along with diversification of an economy away from oil in the vicinity. Middle East: The role of financial centres 2pm — 3pm The session looks at the scope and scale of ambitious financial centres present in the Middle East. What are the factors that attract sustainable inward investment and how do local company benefit from it. For more sessions, please refer to the Sibos official website: www.sibos.com/conference/sessions. page?navtab=tab2
Delivering best customer experience Xpress Money is one of the fastest growing money transfer brands in the world with a thriving presence across five continents
Dubai is gearing up for the financial industry’s largest annual conference, exhibition and networking event, SIBOS 2013, organised by SWIFT. The emirate will play host to dignitaries from across the world at this colossal convergence. Let’s take a moment to reflect upon the socio-economic fabric of the city-state. A melting pot of different cultures, Dubai is a hub of international migration of both skilled and unskilled workers from across geographies, who contribute a great deal to the smooth functioning of this city’s well-oiled machinery and also make up a huge chunk of the global remittance industry. As one of the fastest growing money transfer companies in the world, Xpress Money, welcomes all the delegates of SIBOS 2013 to this burgeoning economic hub. With its regional headquarters in the UAE, Xpress Money has intrinsic knowledge of this key remittance hub and would love to share its experience and expertise with the delegates visiting SIBOS 2013. Why is the Middle East & North Africa (MENA) region crucial in the global remittance scenario? • Global remittance flows are expected to grow at an average of 8.8 per cent annually during 2013-2015. • Remittances are expected to touch $515 billion in 2015, according to the World Bank Report 2012.
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Over the last few years, the MENA region has risen to become one of the top five remittance sending regions in the world. The region has experienced the fastest growth of remittances in 2012 with inflows of an estimated $49 billion, growing by 14.3 per cent over 2011. Amongst the top 10 remittance-receiving countries in the world, as per World Bank — countries such as India, Pakistan, Bangladesh, Nigeria, Egypt and Lebanon feature prominently in the list. These ethnicities form close to 80 per cent of the total expat population in the Middle East countries. The estimated outflow of remittances from the GCC rose to $82.96 billion last year from $73.69 billion in 2011 and this upward swing is expected to continue for the next few years. Apart from the traditional cash-to-cash wire transfers of remittances, a plethora of innovative and convenient modes of payout are coming into play. Account transfers, mobile money transfers, online transfers, remittance cards are just some of the examples, and Xpress Money has a product portfolio encompassing all of the above. Apart from the safety and security of the money being
Xpress Money works towards delivering the best customer experience to its users who cut across regions, cultures, languages and customs
transferred, convenience is the name of the game when it comes to remittances. Visit Xpress Money at stand A80 to meet with two of the most seasoned professionals in the global remittance industry and engage in an invigorating conversation on the trends, outlook and the potential of the rapidly growing remittance industry. Sudhesh Giriyan, Vice President and Business Head along with Pushpak Damania, Regional Vice President — Business Development, MENA and AFPAK of Xpress Money would be happy to meet and share their insights into the ever-growing remittance business. Xpress Money is one of the fastest growing money transfer brands in the world with a thriving presence across five continents. Established in 1999 in the UK, the brand has grown by leaps and bounds and has spread its geographical presence across 150 countries in little over a decade. Working with some of the largest banks and non-banking financial companies, Xpress Money has established one of the largest remittance networks in the industry. Present across 170,000 agent locations currently, it is focused on rapid expansion to the far corners of the globe. Its service is simple, fast and safe and one that works towards “Bringing Home Closer” to millions of migrants who live and work away from their homes. As a company, Xpress Money works towards delivering the best customer experience to its users who cut across regions, cultures, languages and customs. The brand has dedicated itself to being a dependable money transfer service; it customises and localises its services as per the unique needs of a variety of users, hence offering services across various platforms such as cash-to-cash, cash-to-bank account, cash-to-mobile, online money transfers, cash-to-card and door-to-door delivery service. Xpress Money is committed to working towards developing innovative payment solutions to support the growing expatriate community across the world.