The Asian Banker

Middle East's growth ambitions hinge on payments infrastructure investment
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.

Sep 24, 2013 | Esther Tan

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.


Please login to read the complete article. If you already have an account, you can login now or subscribe/register.

Categories: Cash, Treasury & Trade, Channels, Payments, Technology & Operations, Transaction Banking
Keywords: Sibos 2013, Middle East, API, Big Data
Add a new comment:

Allowed tags: <b><i><br>

Comments (0)

Show Less
White Papers
About us | Jobs and Internships with us | Contact us | Advertise with Us | | Privacy Policy | Copyrights Requests | Legal Notice | Feedback
RSS FeedRSS Feed | Follow us on Linkedin Twitter Facebook
Copyright 2014, The Asian Banker. All Rights Reserved .