Visa celebrates 10th Anniversary in the GCC

Dignitaries and senior executives from government, corporate and the banking sector, were invited to enjoy this momentous occasion representing a significant milestone in the company's pioneering heritage globally and regionally.

The event took place on the eve of the Visa Board meeting, organised in the UAE to coincide with the anniversary, and was hosted by Visa's President and Chief Executive Officer, Mr. Christopher Rodrigues, Ms. Anne L. Cobb, President of Visa CEMEA (Central and Eastern Europe, Middle East and Africa Region) and Mr. Kamran Siddiqi, General Manager of Visa in the Middle East. The Visa team were joined by valued member banks and other business partners in the region.

Speaking at the event, Mr. Rodrigues paid tribute to the work of Visa's member banks, the government and other members of the business community. "Visa has been in the GCC for ten exciting and rewarding years. I am delighted that I can be here to celebrate this important landmark in Visa's history and I would like to take this opportunity to thank our valued member banks, partners and merchants for their support and to encourage their ongoing commitment in this dynamic and high growth market. I look forward to the next ten years."

Thanks to the efforts of the banks and other partners in the GCC, Visa has witnessed double digit growth in the GCC for over ten years. Overall card numbers have risen tenfold. The growth in spend on those cards has consistently exceeded 30 per cent year on year, bringing safety and convenience to cardholders; increasing revenue to merchants; creating new business and reducing costs for banks; and accelerating economic growth.

"The GCC has been pioneering in e-Government initiatives, an example of which is the recent agreement between Dubai eGovernment and the National Bank of Abu Dhabi to launch a co-branded Visa card that can be used for both eGovernment and day to day transactions. This is an area where Visa has globally engaged with public sector entities."

"We have worked closely with the Central Banks and even more closely with their GCC Payments Committee and salute their efforts to ensure further regional integration in the industry. Our special collaboration and business plans with the UAE telecommunications provider, Etisalat, is another area where we see huge opportunities for payment innovation." Mr. Rodrigues added.

Visa was the first payment solutions provider to set up its GCC Regional Office in Dubai in 1996. Since then the company has devoted significant efforts to successfully introduce new technologies to the UAE which have helped to advance the payment cards industry and facilitate processes in the banking sector.

Looking back over the years, Ms. Cobb commented on the milestone, "I remember when we first set up our regional office in Dubai. Back then, we had around 35 member banks and today, we have almost double that number."

"It is a real pleasure to stand here tonight and celebrate your collective achievements in bringing world-class standards to the payments industry in the region," said Ms. Cobb, addressing an audience of banking executives. "Working together, we have made led the development of a healthy payment cards industry in the region, bringing the benefits of cashless payment to cardholders, merchants and local economies."

Looking to the future, Mr. Siddiqi stated, "We will continue to build on the success we have enjoyed over the past ten years working with our partners. In the following years we will reinforce our commitment to the region by continuing to bring world-class standards to the payments industry in the region."