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A Madar Research report pointed out that in the UAE Switch alone, which routes local, regional and international ATM transactions over a single network, financial transactions carried out electronically increased by 16% in 2007, while the value of transactions carried with Gulf switches through the UAE Switch increased by up to 12.46% from $96m in 2006 to $108m in 2007.
The report also revealed that technology will remain a top priority among Gulf banks, with an emphasis on ICT systems upgrade, network expansion, and the enhancement of ICT-based services such as e-banking and other electronic banking platforms.
Hazem Mulhim, CEO, EastNets, said:
"EastNets has been deeply studying regional and global trends as part of our strategy to ensure the highest level of reliability and security in our products and services. We believe that enhancing our knowledge and understanding of the dynamics that affect the regional market will enable us to remain highly responsive to the needs of our customers, particularly in this time of unprecedented global economic challenges."
Madar Research has emphasised that increased competition has further boosted the pursuit of technology among banks as ICT-based banking services such as e-banking partly cover the need to establish more branches. In the UAE alone, Madar Research pointed out that the total number of electronic banking service units rose 83% from 24 in 2006 to 44 in 2008, while more than 40% of all domestic financial transactions are done online, as compared to just 10% in 2005.
In line with its strategy to offer products and services that support the development of ICT-enabled banking services in the region, EastNets launched UniRisX eInsurance Service in the UAE and inaugurated the en.finmeX, a new hosted portal that provides online solutions for the financial, corporate and government sectors, as part of its successful growth initiatives in 2008. Furthermore, EastNets signed a strategic partnership with International Finance Corp. (IFC) for the enhancement of technology software development in the Middle East, and sealed a major distributor agreement with Counterparty Link to carry counterparty and entity data.
"Although the global financial crisis has affected several financial institutions, we believe that the region's long-term growth prospects remain strong because of sound fundamentals and judicious technology investments. In this regard, EastNets' growth strategy for 2009 will focus on supporting the region's growing adoption of ICT-enabled services and introducing products and services that extend the electronic banking capabilities of our clients," concluded Mulhim.
Posted by Siba Sami Ammari
