A core data analytics system, coupled with improved payments infrastructure, can aid banks in better decision making and propel them to further expand into their supply chains.
The city of Dubai proved a worthy host for Sibos 2013, as the event was held in the Middle East for the very first time. Indeed, the event served to emphasise the region’s strong trade growth – Middle East notched a 7.3% YoY trade growth in 2012, despite a mere 2% growth in world trade over a similar period, according to the World Trade Organisation.
The Middle East carries with it large diversities, in terms of wealth and existing industries in each of the 18 countries located in the region. However, the legal and regulatory framework for payment and securities settlement systems in the region is also one of the weakest in the world. Although basic laws affecting general payments and their settlement are in place, specific payment system laws do not exist. Thus, key issues regarding payments infrastructures throughout countries in the region are seldom addressed.
Cash and cheques have traditionally dominated the domestic payments scene, with retail payment instruments far from sound. While the existing clearing system is adequate for a cheque-prevalent society, it is not enough to sustain a rapidly growing economy.
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