CloudVests-Jordan organized AWS Architecture Best Practices Conference, with a carefully selected line-up of world-class keynote speakers from AWS, Little Thinking Minds and CloudVests.
During the conference the following topics were covered:
The fruitful event increased market awareness and knowledge about the ROI of AWS Architecture Best Practices implementation.
ProgressSoft’s Chief Solution Architect
The examined fall of the Euro in the last quarter of 2022 and the potential fall of other universally recognized currencies is urging not only economists but the financial sector, to analyze the opportunities, risks, threats and trends in the upcoming period.
With that, there are 3 emerging trends that seem to be leading the financial sector in the first half of 2023. While those trends may not get fully realized within the same year, they are worth investigating by financial institutions, after all, no one can tell if we will be skating smoothly on the Alps or hopping the discrete trenches of the Himalayas!
Since 2008, cryptocurrencies have been disrupting the financial sector, with the aftermath opening new doors for the adoption of blockchain and Distributed Ledger Technology (DLT) in financial solutions and services. This is evident first and foremost in the global transition towards central bank digital currencies, which is anticipated to fully reform the concept of money.
Whether central bank digital currency issuance is accelerated by central banks in 2023 or not, banks are anticipated to expand their research and development in potential solutions they can build to offer new blockchain-based or DLT-based technologies.
These technologies will be utilized by banks to find new opportunities to reform the concept of money within the M0-M2 money spectrum, this includes managing assets that require smart contracts, or implementing delivery-versus-payment and payment-versus-payment services over DLT networks.
Open banking is becoming not only a trend but also a de facto standard that is expected to rule the banking industry for the next two decades. The list of already licensed digital banks had exceeded 350 holding assets of over 200$Bn so far.
It is expected that the concepts of virtual and digital banks will become a norm and the number of operating digital banks will double or triple within 2023. It is also expected that new licensed institutions and subsidiaries operated virtually by banks will arise.
Open banking requires financial systems and services to consider remote registration utilizing new compliance tools including Electronic Know Your Customer (eKYC), federated identity management and authentication, and Public Key Infrastructure (PKI) based electronic signatures. It also impacts not only the nature of omnichannels, but core banking systems. And the move to a fully cloud-native solution will be a must-have.
Accordingly, Payments Hub is a necessary solution that offers a fully digital, cloud-native, and compliant solution with SWIFT, ISO, and ANSI standards. It is the recommended platform to offer a spectrum of open banking functionality and integrate with local and international payment and blockchain networks.
Banks already recognize the need to either keep up or join forces with fintechs, and the result of this type of collaboration is expected to be seen between 2023 – 2025. On the other hand, many fintechs will also remain hesitant to collaborate with banks, despite their rooted expertise in the domain and larger customer base.
Despite all this, all parties involved in the financial sector, including customers, and banks and fintechs themselves, will benefit from this collaborative trend for several reasons: fintechs will make use of lower startup costs and higher customer retention rates, whereas banks will accelerate their digital transformation initiatives. As for customers, they will benefit from lower transaction costs and a massively enhanced portfolio of services!
عقدت مدونة أمنية جلسة حوارية يوم أمس بعنوان “نظرة على عوالم الميتافيرس من نافذة شبكات الجيل الخامس”
خلال الجلسة تحدث كل من:
السيد طارق أبو عيسى – مدير هندسة الشبكات والاستراتيجيات في شركة أمنية
السيد يزن نوفل – خبير في مجال التقنية والتسويق الالكتروني، مؤسس موقع ديناصورك
السيد عبيدة أبو قويدر – مهندس اتصالات
Zain Jordan and Zinc organized yesterday an awareness session titled “Understanding 5G what impact will it have on our lives? ” with the participation of the Chief Expert – Middle East Region – Business and Strategy – Huawei Technologies Co. Ltd Mr. Abhinav Purohit
Al Kawthar Leasing Company – a private shareholding company owned by Arab Jordan Investment Bank – AJIB, selected ICS BANKS Finance Leasing Solution from ICS Financial Systems – ICSFS, the global software and services provider for banks and financial institutions.
After carefully evaluating alternative systems, Al Kawthar recognized ICS BANKS Finance Leasing to be the most reliable, cutting-edge software solution to deploy for their operation; based on its innovative and fully integrable technology covering the full leasing cycle, with limitless expansion possibilities as the company’s operation grows in the future.
Al Kawthar Leasing Company operates on financing assets such as production lines, vehicles, various types of machinery and devices, as well as medical and laboratory equipment, and residential projects. In addition to their Sharia-compliant Islamic Financial Leasing.
Mr. Haitham Thuwaib, General Manager of Al Kawthar Leasing Company stated:
“We are pleased to have chosen ICSFS’ advanced and reliable software ICS BANKS, we are confident that it will be instrumental to our financial leasing services with its user-friendly and multilingual environment, and we believe that our partnership with ICSFS will be fortified by their unmatched technical support, not to mention their proven track record of swift and effective system implementation; ensuring our ability to smoothly launch our operation without delay.”
Mr. Wael Malkawi; Executive Director of ICSFS said:
“Finance Leasing is renowned to be the most sought-after financial instrument globally, offering flexible financing options for all production processes and capital assets needed by companies panning various economic sectors. ICSFS has demonstrated tremendous success implementing its ICS BANKS Islamic Finance Leasing Software with a myriad of well-known and esteemed local and international partners, and we continue to invest in upgrading our technologies to ensure their abilities in keeping-up with changing market demands coupled with digital Innovations.”
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.
AFAQ Group renowned event’s organizer, has announced their new event Jordan Web 3.0 Summit on March 12-13, 2023
The first-of-its-kind event in the Levant region will bring together government officials & regulators, Web 3.0 speakers, investors, blockchain developers, crypto traders, NFTs creators, early metaverse adopters, financial institutions, fintech startups, DeFi & Dapp projects, in a highly interactive expo and conference
“While the world is quickly turning decentralized, studies show that the region is widely adopting Web 3.0-based technology and becoming a promising market as well as a central hub,” commented Khaldoun Nusair, AFAQ Group Chairman.” At this early stage, Afaq Group is thrilled to take the initiative of creating meaningful connections between governments, businesses, and communities toward better utilization of this evolution.”
With a carefully selected lineup of world-class keynote speakers, the conference will explore Web 3.0 initiatives, innovations of blockchain and crypto technology, NFTs and Metaverse trends, and the future of decentralized finance
It is worth mentioning that the event will feature Jordan Web 3.0 Awards, providing prestigious recognition in a variety of blockchain and decentralized web-related categories, all voted for by an esteemed jury of international experts
Visitors can learn more and get their free tickets at www.web3jo.net
Orange Jordan launched the first 5G technology pilot in its Abdali Boulevard shop, offering visitors the opportunity to explore the most advanced technology in the kingdom first-hand, with its immense, unprecedented potential before the official and operational launch of the service in Jordan.
The unique experience included a simulation corner in the shop, enabling all those interested to enjoy and experience 5G technology.
Chief Wholesale/ Information Technology and Networks Officer at Orange Jordan, Engineer Walid Al Doulat, said that the company remains committed to investing in its digital infrastructure, which proved high efficiency and continuous expansion, to provide 5G technology, noting that the company’s investments in Jordan exceed JD 1.3 billion.
Eng. Al Doulat added that 5G technology is set to drive digital transformation forward and enhance the competitive environment to help make Jordan a regional telecommunications and information technology hub, especially amid the increasing reliance on digital infrastructures and their constant development, in line with the national Economic Modernization Vision.
Chief Consumer Market Officer at Orange Jordan, Mrs. Naila Al Dawoud, addressed the transformational impact of the 5G technology in the local market across several sectors such as education, manufacturing, health, transportation, entertainment, and gaming, powering a leap thanks to low latency, super speed, and new potential.
With 5G technology, the business sector will experience enhanced performance, reduce investment costs, increase productivity, and explore new business models and ways, she added.
Al Dawoud said: “As a responsible digital leader, Orange seeks to keep everyone connected to all that matters to them and enrich digital experiences with the latest technologies and added value. We look forward to offering more to our customers through the 5G technology that will pave the way to smart cities and innovative use cases of the Internet of Things, artificial intelligence, augmented reality, and virtual reality to support a more integrated digital ecosystem”.
The 5G pilot is part of Orange Jordan and the Telecommunications Regulatory Commission’s efforts to enhance the kingdom’s digital infrastructure and offer the most advanced technology to drive progress in ICT and all sectors.
In line with the Orange group strategy, Orange Jordan plans to launch the 5G technology and adopt the best practices, supported by the expertise of the global group that launched this technology in several countries.
خلال تغطيات منصة تك عربي كشريك إعلامي لأحداث المنتدى الأكبر من نوعه في المنطقة (منتدى الاتصالات وتكنولوجيا المعلومات) والذي أقيم في قصر الملك حسين للمؤتمرات بتنظيم من جمعية شركات تقنية المعلومات والاتصالات (انتاج), تشرفنا بلقاء نخبة من المشاركين في المنتدى من أصحاب المعالي والعطوفة وصناع القرار والخبراء والمختصين في مجالات التقنية والريادة والاستثمار إضافة إلى ممثلي الشركات بفئاتها المختلفة والأجنحة الدولية المشاركة. في هذا الملف, نستعرض أهم هذه المقابلات حيث يمكنكم الضغط على الرابط الخاص بكل منها لعرض المقابلة كاملة.
ICS Financial Systems Ltd – ICSFS, the global software and services provider for banks and financial institutions, has participated in the Uzbekistan Economic Forum 2022.
Hosted by the Uzbekistani Government, with the support of the World Bank and Asian Development Bank (ADB); the forum was held in the historic city of Samarkand on the 2nd and 3rd of November, 2022.
ICSFS showcased its award-winning ICS BANKS® Digital and Islamic Banking solutions and engaged in discussions regarding the impact of fintech on the banking and financial sector in Uzbekistan and the region.
Launched with the theme “People at the Heart of Economic Reforms”, The Uzbekistan Economic Forum brought together high-level representatives of Government, policymakers, international business and financial institutions, investors, NGOs, and international media. The forum facilitated a unique opportunity by discussing the financial and economic developments, market opportunities, and the roadmap for privatisation in Uzbekistan and Central Asia. Furthermore; Participants engaged policymakers regarding initiatives aimed at improving the investment climate, as well as maintaining macroeconomic stability to enhance living standards and promote a sustainable, inclusive economic growth.
ICSFS is delighted to be part of this important forum as it allowed us to further solidify our standing in the Uzbekistani banking and finance sector, and contribute towards the development and expansion of this sectors’ services to corporates and individuals; in alignment with ICSFS’ aspiration to support the thriving investment climate in the region. Through its comprehensive digitalised architecture, our ICS BANKS Digital Banking Solution provides revolutionary software solutions and exceptional customer experience, paving the road for our clients to become market leaders
– Mr. Wael Malkawi; Executive Director, ICS Financial Systems – ICSFS
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS ISLAMIC BANKING and DIGITAL BANKING software solution suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.
Financial crime compliance risk and payments solutions provider, Eastnets, has been named as multiple category leader in the Chartis Research “Financial Crime Risk Management Systems: Watchlist Screening and Monitoring Solutions, 2022, Vendor Landscape (Part II)” report.
It received the leader rating in all three of the Chartis Research RiskTech Quadrants® for Name Screening, Transaction Screening, and Transaction Monitoring.
Eastnets also received a “best-in-class” score for Transaction Screening for data methodology underlying the strength of its data platform and artificial intelligence (AI) data analytics-driven solution.
There are two Eastnets solutions covered by the report. The first is SafeWatch Screening, which includes the industry-pioneering ChainFeedTM product based on blockchain technology. This provides a secure encrypted solution with Real Time List Loading (RTLL) to update sanction lists automatically, with zero downtime, eliminating human errors and the risk of cyber threats. SafeWatch Screening includes an advanced algorithms and detection engine including fuzzy matching logic with features to reduce false positives. Together with its advanced analytics and business intelligence-driven dashboards provides powerful compliance insights.
The second solution assessed is SafeWatch AML, which includes advanced AI and machine learning capabilities. It offers AI-driven transaction and relationship analytics to create risk scores and identify anomalous behaviors. Unsupervised AI models optimize and calibrate alerts, significantly reducing false positives. It also includes an Investigator Tool, using graphing technology to connect relationships providing context to suspicious transactions.
The report includes a highly competitive field of 24 vendors with Eastnets scoring strongly across the board. Chartis Research, part of Infopro Digital, is a leading provider of research and analysis on the global market for risk technology.
Commenting on the report’s findings, Nick Vitchev, Research Director at Chartis, said, “Eastnets’ strong, well-packaged set of solutions, combined with its expanding presence across the broad market spectrum, is reflected in its category leader rating for name screening, transaction screening and transaction monitoring. The company has grown into a truly global player in this area, with significant market gains; in our analysis, we also recognized the technical capability of its solutions across the space.”
Saeed Patel, Group Director of Product Development Management at Eastnets added, “2022 has seen an unprecedented level of regulatory change with growing demand by financial institutions to manage regulatory risk in real-time. At Eastnets, we strive to raise the bar in customer excellence through providing innovative solutions. We are delighted to be recognized as a leader in all categories in this Chartis report. We’re dedicated to helping financial institutions to be safe and to deliver business benefits over and above regulatory obligations.”