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* 2nd SWIFT Regional Middle East Conference focused on challenges facing banking system

The recently concluded SWIFT Regional Conference on "Building the Infrastructure for Growth" in the Middle East, which was attended by 220 financial sector representatives from 21 countries across the region, examined the challenges facing the local banking systems, including critical security strategies
The gathering was the second event of its kind to be held in Dubai and was concluded by His Excellency Sultan Bin Nasser Al-Suwaidi, Governor of the Central Bank of the UAE, who described some of the challenges faced by the banking system.

In his address, His Excellency referred to Basel II, for which the Central Bank has initiated an awareness campaign for all banks in the UAE. He stressed the need for national financial institutions' support for further liberalisation of banking and finance, with regard to the Free Trade Agreement with the US and new World Trade Organisation (WTO) schedules.

He also addressed delegates on the move to initiate a common GCC currency which, he said, would release hidden economic advantages and provide an environment conducive to the creation of greater economic growth. He said the UAE Central Bank was participating with other regulatory authorities in GCC to "lay the foundations for this monetary union." He revealed that steps have already been taken with regard to the choices for the structure of the central monetary authority, the laying down of convergence criteria and the regulatory and supervisory systems required for the set-up of a monetary union.

"Many banks derived great benefit from attending the conference as they were given the opportunity to discuss the challenges currently facing regional banks within the framework of increased globalisation. Experts in the field of security also updated delegates on a range of issues, including trends in payment solutions and SWIFT solutions such as 'cash reporting', a highly important solution for banks that face difficulties with cash payments," said Hazem Mulhim, CEO, Eastern Networks (EastNets), SWIFT regional partner in the Middle East .

The conference highlighted several critical issues concerning future needs of the banking industry and the increasingly important role SWIFT can play as the industry becomes fully globalised.

Jaap Kamp, Chairman of the SWIFT Board, and Senior Executive Vice President ABN AMRO, in his opening statement acknowledged the current debate on membership in the region. "We should take a closer look at the exchange houses. We need to understand their business better." Jaap also urged the institutions and organisations present to play an active role in SWIFT. "The more you contribute, the more you get in return."

Several experts placed emphasis on how a strong payments and securities infrastructure can help financial institutions increase service delivery while reducing problems. The event assumed greater importance with the announcement of the GCC being geared up for a single currency system. SWIFT, with its global experience in similar projects, will be able to offer the region's banking sector cutting-edge expertise in this field.

SWIFT, together with its regional Business Partner - Eastern Networks, exhibited, together with 14 other solutions providers, in the Solutions Zone.

(Source: www.dubaiphotomedia.com )