New Regulations to Drive Regional Financial Technology Boom
Posted: 23 May 2005
Stringent new regulations impel banks to focus on IT
STME, a leading regional enterprise storage system integrator, is set to drive awareness of the growing need for financial technology in light of new international regulations such as Sarbanes Oxley and Basel II at this year’s Financial Technology Summit & Exhibition. The summit, due to take place at the Al Bustan Rotana Hotel in Dubai from the 23 rd – 25 th of May, will focus on the changing landscape of the region’s financial industry supplemented by the strategic use of technology as a tool for sustainable growth.
“In light of new regulations such as Basel II and Sarbanes Oxley financial institutions are required to be much more transparent and comply with stringent regulations dictating archival policies. With huge amounts of data being exchanged on a daily basis the storage requirements for archiving this accumulating data ongoing for up to seven years is truly immense,” said Eric Van Hoecke, CEO, STME. “We have been working very closely with a number of companies around the region on making the transition to compliance and transparency strategically and efficiently while best serving business needs. Technology is no longer an option, it has become a necessity to strategically underpin and support a business while playing a big part in increasing revenue.”
“Players in the Middle East financial sector are gearing up for regulatory compliance through investments in their IT infrastructure,” said Adel Helal, SVP & Head of IT Division, Union National Bank. “The region’s central banks are expected to impose these requirements in light of WTO agreements, and in order to drive greater competition and thus ensure higher quality services in the industry. At this juncture, having a well designed storage solution is integral to a financial institution’s business in order to achieve compliance while increasing efficiency, customer service and long term return on investment.”
STME has been operating in the Middle East for over 21 years with resources including strategic partnerships with the strongest storage players in the market such as EMC, coupled with strong market knowledge derived from years of experience.
The Financial Technology Summit & Exhibition, developed and organized by the World Development Forum is a strategic platform for the Middle East Financial community spanning the Government, Banking, Securities and Insurance markets in order to bring the latest technologies for an in depth explanation, examination, and to facilitate the transformation, offer a complete picture of the opportunities, challenges and solutions through a multi stream of sessions focusing on strategy, operation, and ROI and bring together the IT and the Financial Industry elite to take the right technology decisions.
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