Enhanced Middle Eastern financial market infrastructure explored at SWIFT Regional Conference

25 March 2008

EastNets has announced that it has participated in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Regional Conference Middle East 2008, held from March 17 - 19, 2008, in Cairo, Egypt. EastNets also held 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 showcased 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 per cent 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.

“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.

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