Enhanced Middle Eastern financial market infrastructure to be explored at SWIFT Regional Conference

It is engaged in the provision of payment and security solutions primarily for the financial, corporate and government sectors in Europe, the Middle East, USA, and Africa.

EastNets has announced that it will be participating in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Regional Conference Middle East 2008, being held from March 17 - 19, 2008, in Cairo, Egypt. EastNets will also hold its annual EastNets Service Bureau (en.SB) User Group Meeting on March 16, 2008, a day before the conference, at the same venue: Conrad Hotel.

During the conference, EastNets will showcase its products and services, emphasizing its en.SB services that enable banks, broker dealers, fund managers, and other financial institutions to outsource connectivity and infrastructure required for SWIFT's internet protocol-based SWIFTNet messaging system. Among the en.SB offerings to be featured are CheckFree Reconciliation, SWIFT Integration Solutions, and the renowned SafeWatch Anti Money Laundering software developed by EastNet's new subsidiary, SIDE International. Such technical support for sensitive transactions is in high demand by the region's financial sector, with an 18% growth in total banking assets expected by 2011.

"The Middle East is in the midst of massive economic growth and rapid privatization, which have boosted regional foreign investments and financial market activity. The region's financial sector must thus ensure that it enhances its market structure, particularly its technological capabilities, to keep pace with such growth. SWIFT's regional conference is the perfect platform for industry and industry-servicing businesses to discuss, debate, and plan for the future of Middle Eastern financial market,"

said Hazem Mulhim, Chief Executive Officer, EastNets.

SWIFT, a global provider of secure financial messaging services, will moderate discussions on how to improve the growth and efficiency of the Middle East's financial sector through sound market infrastructures. SWIFT is acknowledged as the leader in establishing international standards for secure financial messaging services. Its core SWIFTNet FIN store-and-forward messaging service enables more than 8,100 financial institutions in over 208 countries to exchange financial data securely, cost effectively, and reliably. SWIFT also offers its customers a range of solutions that help reduce operational cost, improve automation and support business drivers.

"EastNets values its solid and long-standing relation with SWIFT; we currently maintain all five spectrums of SWIFT partnerships. We share in the organisation's goal of maximizing the security and efficiency of global financial data exchange, and we certainly agree that the Middle East's rapid transformation into an international financial hub requires radical improvements to the region's financial sector. EastNets will capitalize on its technical expertise and vast industry experience to protect the integrity of this essential sector," concluded Mulhim.

Founded in 1984, Dubai-based EastNets operates offices across the globe, providing products and services either directly or on a hosted basis through en.SB. EastNets has been providing technology solutions to financial and government sectors for more than 24 years. The company capitalises on its alliance with some of the world's leading ICT companies to help high-profile companies cut costs and improve business performance.

EastNets offers an impressive product line which includes subsidiary SIDE International's renowned SafeWatch Anti-Money Laundering (AML) software, which is considered one of the world's best real-time transaction filtering software, and Microsoft-certified electronic Identity Management (IDM) solutions. EastNets currently markets its products globally via its offices, and also offers extensive outsourcing services through its EastNets Service Bureau. The company currently maintains all five SWIFT Business, Service, Business Partner Service Bureau, Solution, and Education partnership categories.