Jaivinder Singh Gill, who has more than 25 years of experience in management roles, has constantly highlighted the rapid evolution of banking technology. He currently holds the position of Regional Vice President and Managing Director for Asia Pacific, the Middle East, and Africa at Diebold Nixdorf.

He is deeply involved in promoting digital transformation for financial institutions, enhancing security and reliability for clients. Jaivinder Singh Gill has played an important role in expanding Diebold Nixdorf’s business by introducing advanced banking technologies and managing the smooth integration of operations, including the successful implementation of Windows 11 on ATMs.

In an exclusive interview with International Finance, Jaivinder Singh Gill discusses the evolving role of cash and ATMs in the digital era, the problems encountered while upgrading banking technology systems, and the impact of intelligent self-service solutions and automation on the future of financial services.

With the rapid growth of digital payments such as UPI, how are banks rethinking the role of ATM networks and self-service banking in the overall customer journey?

The rise of digital payments needs to be looked at from the overall payments landscape. Digital payments are helping financial institutions to include a large section of the previously unbanked population into their financial systems at a much faster pace. From a self-service banking perspective, we are seeing a quicker convergence of the physical and digital, evident in UPI-based cash withdrawals from ATMs, real-time cheque truncation/ video teller through self-service, etc.

There’s a perception that cash usage is declining globally. From your perspective, how is the role of cash evolving in modern banking ecosystems, particularly in emerging markets?

Due to the rapid increase in the banked population across the region, more people are now part of the financial ecosystem. This large, banked population requires various channels of transactions, and hence we see a resurgence of the cash withdrawal values across the region. The rise in cash volumes is co-existent with the rise in digital payments, and hence, there is a co-existence phenomenon due to the increase in the banking population base.

What are the key challenges banks face when modernising legacy banking infrastructure while simultaneously building digital-first services?

Today, financial institutions face a unique challenge. While the global payments ecosystem is evolving rapidly, the legacy infrastructure of the majority of FIs makes it challenging to keep up with this evolution. The challenges are multiple and in the form of higher time to market, stiff fintech competition, complex operations, inconsistent customer experiences and a skills gap due to legacy code-based solutions.

How are intelligent ATMs and software-defined self-service platforms transforming the traditional ATM from a cash dispenser into a broader financial service point?

ATMs are now transitioning from being mono-function machines to highly intuitive multi-function banking service points. Modern self-service machines can now bridge the physical and digital payments world by seamlessly integrating via open banking and APIs. These machines can offer modern authentication mechanisms such as biometrics, and NFC-based mobile payments, enabling seamless and secure migration of key teller transactions to the self-service channel.

In what ways can automation and advanced ATM capabilities help banks expand financial inclusion, especially in underserved or rural regions?

Automation enables banks to provide services in underserved regions without expanding physical, full-fledged branch networks. Today’s self-service channel can migrate the majority of teller transactions, offering essential services at lower operational overheads. Today, the modern self-service devices provide 24/7 banking operations, leveraging AI-based remote tools to ensure maximum availability. User-friendly interfaces support local languages and intuitive interfaces. Integration with APIs and open banking enables seamless digital payments on physical channels. Intelligent cash recycling optimises operational costs, layered security protects against emerging physical and cyber threats, and efficient power management with remote capabilities helps reduce carbon emissions.

Cybersecurity and fraud prevention are major parts of the banking infrastructure. How are transaction platforms evolving to ensure secure and resilient financial ecosystems?

With the rise in digital payments and physical-digital convergence, security and resiliency across the payments lifecycle are paramount to ensure consumer trust. Hence, financial institutions today spend a majority of their time evaluating these aspects in any solution they evaluate. Security and resiliency are not only layered but are now embedded in the platforms. Companies are incorporating zero-day trust frameworks, investing in tokenisation, and providing seamless integrations to fraud management solutions. Platforms are building their tech to be ‘Always On, Always Available’, and are building infrastructure that is available on demand, auto scales, is API-driven and micro-services based to ensure a resilient payment technology.

What role do global banking infrastructure providers play in helping financial institutions scale digital services while maintaining reliability in the physical and digital channels?

As the payment tech innovates and volumes rise, payment modernisation is reimagining every customer touchpoint to drive operational efficiencies and deeper engagement: branch, ATM, teller, and digital. With legacy systems, there is a rise in complex integration-related challenges, increasing compliance risks and rising costs to manage all of this as a result. Global tech providers are better equipped to address these challenges owing to their vast experience in managing varied payment systems, implementing intricate transaction sets, and handling large-scale operations.

How do you see the relationship between physical banking infrastructure and digital channels evolving over the next five to 10 years?

The question is not really physical versus digital; that framing is already becoming outdated. Physical infrastructure will increasingly complement digital journeys, especially for services that require trust, assistance, and/or regulatory validation(s). Over time, financial institutions will move towards unified platforms that orchestrate these experiences across touchpoints, making channel boundaries largely invisible to customers.

With increasing pressure on banks to optimise costs, how can modern ATM networks contribute to operational efficiency while improving customer experience?

Modern ATM networks are becoming considerably leaner through predictive maintenance, automated cash management, and AI-driven remote services. Banks/FIs can directly increase consumer availability, streamline cash management, and optimise servicing costs. On top of this, modern ATM software allows addition/modification of services in a faster and leaner way. Taken together, these changes shift the ATM network from a cost centre with a fixed function into something that justifies its place in the broader operation by actively contributing to both efficiencies and enriched consumer experiences.

Looking ahead, what innovations in self-service banking or transaction technologies do you believe will most significantly shape the future of banking infrastructure?

The next phase of banking infrastructure will be driven by intelligence, connectivity, and flexibility. AI-led personalisation, cloud-native platforms, and deeper integration across channels will shape the ecosystem. Contactless, cardless, and biometric transactions will continue to grow. Ultimately, the focus will be on building infrastructure that is resilient, inclusive, and capable of delivering seamless experiences at scale.

The post Modern ATM software allows faster service modification: Jaivinder Singh Gill appeared first on International Finance.

Apart from providing commercial and international services to small and medium enterprises, some of the Bank of Baghdad’s key products include commercial real estate and construction loans, credit services, letters of credit and trade finance solutions. In addition to its services to individual customers which include a full range of savings accounts, the bank is actively involved in providing housing loans, personal loans and auto loans.

The Bank of Baghdad is a member of the Kuwait Investment Projects Company (KIPCO) and has a presence in the Middle East, North Africa and Europe. Over the past years, it has evolved from a local to an international bank, as it continues to perform well despite the uncertainties in global financial markets and the local and regional instability affecting the local economy.

To know more about the bank, which is playing an active role in the reconstruction of Iraq by taking advantage of available opportunities to develop the oil and non-oil sectors, build infrastructure and finance construction, International Finance caught up with Bank of Baghdad CEO and Managing Director Basil Al Dhahi.

Here are the excerpts from the interview.

Can you elaborate on the types of personal banking products you offer, such as savings accounts, checking accounts, and term deposits? How do these products cater to different customer needs?

We offer a range of personal banking products tailored to local customer needs. Savings accounts encourage saving with attractive interest rates, while checking accounts facilitate everyday transactions. Term deposits provide secure, long-term investment options. Moreover, introducing private banking services recently has helped provide full-fledged banking services to all our customers.

Additionally, our electronic payment solutions, including cards and mobile banking, enhance convenience and accessibility, allowing customers to manage their finances smoothly and securely.

What are the specific features and benefits of the Bank of Baghdad’s online and mobile banking services? How do you ensure these platforms meet modern security standards?

The Bank of Baghdad’s online and mobile banking services enable seamless account transfers and real-time transaction monitoring. To ensure robust security, the bank is partnering with leading technology firms to implement advanced security measures. This commitment to safety not only protects customer data but also enhances confidence in using digital banking solutions for everyday financial needs.

Could you provide more details about your corporate banking solutions? What types of services do you offer to businesses, and how do these support various business needs?

Our corporate banking solutions cater to various business needs through services such as issuing letters of credit and bank guarantees, which facilitate secure international transactions, and managing fund transfers of corporate customers at the official Central Bank of Iraq rate. The Bank of Baghdad’s extensive network of correspondent banks ensures businesses can operate effectively, accessing vital resources and support for growth and stability in a competitive environment.

How does the Bank of Baghdad approach financial inclusion? Are there specific programmes or services aimed at underserved or low-income communities?

The Bank of Baghdad actively promotes financial inclusion through its participation in initiatives led by the Central Bank of Iraq, focusing on underserved and low-income communities. By supporting cultural activities and providing assistance to impoverished families, the bank aims to enhance economic opportunities and raise awareness about financial services, ensuring that all individuals have access to essential banking resources and support.

Can you describe your approach to customer service? What strategies do you employ to ensure high levels of customer satisfaction and address complaints effectively?

We emphasise customer service throughout our branch network, which prioritises exceptional service delivery. By maintaining regular communication with customers, the bank continuously gathers feedback from customers to assess satisfaction levels and identify areas for improvement. This proactive approach allows for the timely resolution of complaints and ensures that customer needs are met effectively, promoting trust and loyalty.

What is the Bank of Baghdad’s strategy for expanding its branch network and ATM services across Iraq? Are there any plans for opening new branches or increasing ATM accessibility?

The Bank of Baghdad is strategically expanding its branch network and ATM services, aiming to increase the number of ATMs to over 200. This expansion focuses on high-traffic areas, such as major shopping centres and government offices, to enhance accessibility. By prioritising these locations, the bank supports the transition to electronic payment services and facilitates salary localisation for customers.

How does the bank handle digital transformation and innovation? Are there any upcoming initiatives or technological advancements that customers should be aware of?

We actively embrace digital transformation by leveraging mobile banking to keep our customers informed about updates and new digital products. Looking ahead, the bank plans to launch a dedicated digital bank, which will enhance the customer experience by providing innovative services and solutions. These initiatives aim to streamline banking processes and make financial management more convenient and accessible.

The post Our banking solutions cater to various business needs: Bank of Baghdad CEO Basil Al Dhahi appeared first on International Finance.

Established in 1975 as Qatar’s first private bank, CBQ’s commitment to innovation and customer satisfaction radiates brightly. The distinction of being named winners in multiple categories only underscores CBQ’s dedication to providing cutting-edge solutions and unparalleled service in the banking and finance sector.

International Finance recently caught up with Shahnawaz Rashid, Executive General Manager and Head of Retail Banking, and Dr. Sudheer Nair, Assistant General Manager and Head of Cards and Payments at CBQ, who provided insights into the bank’s recent achievements.

What were the key factors that led to the CBQ winning the award for Fastest Growing Credit Card Issuer – Qatar 2024?

Shahnawaz Rashid: CBQ’s success in the Fastest Growing Credit Card Issuer category can be attributed to its pioneering initiatives in the Cards and Payments sector. From spearheading the contactless payment revolution to introducing innovative digital wallets like CB Pay, instant discounts like CB Fawri, the first cashier-less checkout in the country, and forging strategic partnerships for seamless payment experiences during major events like the FIFA World Cup, Commercial Bank of Qatar has consistently led the industry through innovation and customer-centric solutions.

What factors do you attribute to the significant growth in your credit card issuance in Qatar in 2024?

Shahnawaz Rashid: The economy is experiencing growth, leading to increased consumer spending, and prompting financial institutions to issue more credit cards to meet the demand. With the rise in disposable income among Qatar’s population, people are more inclined to use credit cards for purchases, driving up demand for cards. Advancements in financial technology (fintech) or digital banking services, such as mobile payments or contactless transactions, make credit card usage more convenient and appealing to consumers. Targeting new market segments or demographics, such as younger consumers or expatriates, with tailored credit card offerings and marketing strategies, also contributes to our growth. Changes in consumer preferences, lifestyle habits, or spending behaviours also influence the demand for credit cards. For example, if there’s a shift towards online shopping or travel-related expenses driving the need for credit cards. Changes in regulations related to credit card issuance, interest rates, or consumer protection laws could impact the market dynamics to encourage more people to apply for credit cards.

What role has innovation played in the rapid expansion of your credit card portfolio in Qatar?

Shahnawaz Rashid: Being the leader in innovative digital banking solutions in Qatar, we have leveraged our advanced channels and platforms to contribute to this exponential growth in our credit card issuance. We are also adopting a fully digital onboarding process through CBQ Mobile App, where customers can instantly apply without the need to visit a branch. In addition, we have streamlined the instant card printing process through our automated kiosks distributed all across Doha.

How does the CBQ ensure responsible lending practices amidst the rapid growth in credit card issuance?

Dr. Sudheer Nair: We maintain responsible lending practices through a rigorous risk assessment, setting credit limits based on salary transfers, secured deposits, and healthy credit history, as well as ongoing monitoring of customers spending patterns for signs of any financial strains. We also continuously review the portfolio performance to identify early delinquency trends and revise our credit policies accordingly.

Can you discuss any specific initiatives aimed at capturing market share and accelerating growth in the credit card sector?

Dr. Sudheer Nair: We are currently focusing on several key initiatives to capture market share and further grow our portfolio. These initiatives include introducing new card products and features tailored to specific customer segments, CVP revamps with more attractive benefits, tactical marketing campaigns to attract new bank customers, expanding our current loyalty programme to make it more rewarding to customers with more redemption options, expanding partnerships with merchants for exclusive offers and discounts, and enhancing our digital capabilities for a seamless user experience across our digital platforms (mobile app and internet banking).

What challenges did the CBQ encounter during the process of becoming the fastest-growing credit card issuer in Qatar, and how were they overcome?

Shahnawaz Rashid: Handling credit risk while growing, monitoring inventory closely, and ensuring top-notch customer service were key. We overcame them through careful planning and relentless dedication.

What specific initiatives did the CBQ implement to win the award for Best Card Payment Service POS/ATM – Qatar 2024?

Dr. Sudheer Nair: CBQ has won the award for Best Card Payment Service POS/ATM – Qatar 2024 for successfully implementing the following disruptive initiatives in the payment acceptance ecosystem – Cashierless Checkout Solution & VPOS (Virtual POS).

What key features or services distinguish your bank’s POS/ATM payment offerings in Qatar?

Shahnawaz Rashid: CBQ is the only Acquiring Bank in Qatar that provides a holistic set of payment acceptance offerings and Value-Added Services to its merchants. This includes POS, ECR integrated POS, Cashierless Checkout, E-Payment Gateway, Pay By Link, Virtual POS, Dynamic Currency Conversion, Buy Now Pay Later, VISA Instalment Solution, and CB Fawri (Instant Discount).

How does the CBQ ensure the reliability and efficiency of its POS/ATM networks across Qatar?

Shahnawaz Rashid: CBQ utilises the latest PCI DSS compliant Android Smart POS hardware and has a robust E-payment gateway platform. This reduces transaction time and ensures secure payment acceptance. Commercial Bank of Qatar has its own dedicated and well-trained, in-house POS Service and Support team. This ensures the highest level of service standards while responding and addressing customer complaints.

What measures does your bank take to ensure the security of transactions conducted through its POS/ATM networks?

Dr. Sudheer Nair: CBQ ensures that its POS terminals are compliant to PCI DSS and other network certifications from Cards Schemes such as VISA, MasterCard, AMEX, Diners etc.

How does the CBQ collaborate with merchants to optimise the POS/ATM payment experience for consumers in Qatar?

Dr. Sudheer Nair: CBQ offers payment acceptance devices to meet the business needs of each type of consumer. For example: Food delivery merchants are provided with CB VPOS (Virtual POS), retailers are provided with Smart POS, home businesses are provided with payment links etc. Commercial Bank of Qatar also partners with its consumers to offer specific campaigns or Value-Added Services such as Buy Now Pay Later (BNPL), Dynamic Currency Conversion (DCC), VISA Instalment Solutions (VIS), Instant Discount (CB Fawri) etc., to increase customer footfall at merchant outlets.

How does the CBQ address issues such as transaction fees and processing times to provide competitive POS/ATM services?

Shahnawaz Rashid: CBQ consistently invests in the latest in Payment acceptance technology and POS infrastructure to ensure that such issues are proactively mitigated.

Can you share any success story or case study that demonstrates the impact of your bank’s POS/ATM services on businesses and consumers in Qatar?

Shahnawaz Rashid: CBQ is the market leader in bringing cutting-edge technology to its customers. The convenience and safety of our consumers drive us to deliver the latest and most secure in payment acceptance innovations to the market. CBQ is the First Bank in Qatar, to launch the Virtual POS (VPOS), Payment Link, Cashierless Checkout, and VISA Instalment Solution. Commercial Bank of Qatar was also recognised by VISA as the fastest deployer of Virtual POS (VPOS) in the market.

In 2024, what kind of innovations or enhancements can we expect to see in your bank’s POS/ATM services in Qatar?

Dr. Sudheer Nair: CBQ is heavily focused on sustainable solutions that offer customer convenience and safety. We are exploring key initiatives that are centred around these ideologies to ensure that our customers can transact securely, conveniently, and sustainably.

The post CBQ: Spearheading Qatar’s digital banking solutions appeared first on International Finance.

To give Filipinos a cutting-edge, practical, and economical banking experience, Komo allows its customers to operate accounts in a completely online mode.

Customers get features including interest rates of up to 6%, connectivity with affordable transfers and a host of other new services promoting financial flexibility. Customers get full control over their account, apart from enjoying one of the highest interest rates from any Philippine bank today.

Be it fund transfers, free bill payments or getting a customised debit card, the Komo app is there to make its customers’ lives easier.

Promoting convenience and accessibility

“Komo’s drive for innovation grows day by day in today’s fast-paced world. Understanding how crucial convenience, accessibility and affordability are for users, Komo’s key features easily put them ahead of everyone else in digital banking,” the venture told International Finance.

Komo’s user-friendly mobile app lets the customer easily set up an account and access his/her finances anytime and anywhere. In addition, Komo will also provide credit options soon.

“Applying for loans is also more convenient with Komo as users can apply for loans using the app in less than 10 minutes. Traditional bankers that are making the switch to digital will find themselves transitioning easily with Komo offering free physical withdrawals using your Komo Visa Debit card at any EastWest Bank ATM and up to four times free withdrawals in any BancNet ATM,” the venture remarked further.

All the customer needs to do is to create his/her digital savings account on the Komo app, with just one valid ID, a smartphone, and a stable internet connection.

Talking about Komo’s key products, we have the venture’s savings account services, where the customer can grow his/her money faster with up to a yearly interest rate of 2.5%. Then there is insurance, where one can customise his/her protection plan through the venture’s partnership with Troo Flex Insurance. Apart from the fund transferring services, Komo also has its loan services which come with lucrative features like fast approval, flexible terms, and competitive interest rates coming very soon.

“Digital banking is more affordable with Komo with no minimum deposit and maintaining balance features, and offering one of the cheapest fund transfer fees at only Php 8 per transfer via InstaPay. Komo users can say goodbye to hidden sky-high fees and say hello to transparency and minimal fees that allow you to keep more of what you earn,” the venture remarked further.

Komo also empowers its customers to take control of their finances with features including financial calculators and educational resources to help people make informed financial decisions.

Komo has come up with a new product called ‘Analytics and Personal Finance’, which is the Philippines’ first-ever money management tool in a digital banking environment.

Through Komo’s Analytics, the customer can view his/her expenses and deposits to gain insights, track the funds, and manage their budget. The person can set his/her savings goals through the ‘Savings Calculator’ and learn to build better savings habits, apart from getting insights and controlling authority over his/her financial goals and budget.

Komo Finance has emerged as the ideal solution for Filipinos wanting a more convenient, economical, and secure method to manage their finances. As part of its continuous efforts to enhance the services, the venture has been engaged in a research study aimed at comprehending the experiences and requirements of the Komo platform users. The goal is to garner as much as valuable insights the venture can from its customers, to make the overall experience of banking with Komo a more refined one.

The post Komo: Redefining convenience in Filipino banking appeared first on International Finance.

At the same point in time, we need to be vigilant about our banking activities. This article will create awareness about some of the common mistakes we commit while banking and how to address them.

Paying Bills Manually A Big No

Set up an online recurring payment mechanism for your checking account. However, you need to log in and monitor your automatic payments to avoid accidentally overdrawing your account, especially for bills varying from month to month.

The ‘Automatic Bill Payment’ mechanism makes the whole process easier and faster, and you can also schedule these payments beforehand to ensure that your account has enough money in the lead-up to the automatic transactions.

Blind Loyalty Towards Your Bank

Often we tend to stick with the same bank for years where we opened our first-ever account. However, we don’t get rewarded for loyalty all the time as the latter sometimes provide their best rates, deals, and promotions to new customers.

‘Shop around’ multiple banks for loans, mortgages, and payment cards. Enjoy the lower fees, better interest rates, more services, and sign-up bonus provided by the banks. Choose one bank for your checking account, and another for your savings account.

Forgetting The Credit Unions

A credit union/small bank provides better interest rates, fewer fees, and superior customer service. Here, checking accounts also pay interest rates that compete with interest rates on savings accounts. In big banks, checking accounts come with negligible interest.

Small banks have drawbacks like limited operational hours and fewer branches (or in the extreme case, an online-only presence. Also, check whether the bank’s ATM is part of a network of thousands of ATMs around the country, and if not, whether the bank reimburses/waives ATM fees.

A credit union uses the collective financial power of its members to run accounts, service loans, and earn money investing. They also have lower eligibility requirements, lower interest rates, and the same federal deposit insurance that typical banks do.

Despite lacking physical branches and the variety of financial products on offer, credit unions cover most of the basic banking needs.

Chasing Higher Rates

If your bank lowers the interest rate on your account, jumping to another bank for a higher rate won’t be a prudent option.

All you will get is an extra half-percent interest. On top of that, a new fee could wipe out a year’s earned interest.

Find and stick with banks that fit your financial and lifestyle needs. Interest rates are volatile according to the market situation. Like how they go down often, then can climb back up as well.

Many banks advertise high introductory rates, hoping that it will improve their customer onboarding process. However, these rates often go down, thereby making your bank switch a lost cause.

Ignorance Towards High Fees

Study your account’s “fee schedule,” available on your bank’s website (or you can even ask your bank’s customer executive to obtain the information).

If your bank announces a change in its fee structure, pay attention to it, cause the devil lies in the details. Think about switching banks/accounts. Also think about options like maintaining a minimum balance or going paperless, to avoid some of these fees.

“If your bank is just fee-happy no matter what type of account you have, take your business elsewhere—or just threaten to. Sometimes, bank representatives will waive new fees to hang on to loyal customers,” stated a BankBazaar article, and yes, it sounds like one of the potent solutions.

Paying For A Checking Account? Please, Don’t

Paying money on a monthly basis just to dispose of bills, deposit money and get cash sounds unreasonable here.

If your free checking on the existing bank account comes with ‘terms and conditions’, do web research or in the best case, call up your bank to determine how you can turn your account into a free one.

Can you set up a direct deposit? Explore the option too.

Also, don’t make your money sit in your checking account. Try to invest the amount somewhere else as you won’t earn extra interest by making your cash sitting idle. Try to push the money for a high-yield savings or investment account.

Be Mindful Of Overdraft Protection & ATM Fees

“Overdraft protection” offered by banks lets the customers keep spending after they have emptied their checking accounts. The bank will cover the payments, but the customer will have to return the money eventually with a hefty surcharge fee.

Try to control your spending spree and set aside ’emergency cash’. You can also sign up for a line of credit if your bank account becomes zero, but that option will come with high-interest rates.

Banks also use ATM fees as their revenue source. Some accounts come with a limited number of monthly allowed ATM transactions. If you cross the limit or if you are using an ATM excluded from your bank’s network, the fee will kick in.

Look for a bank/account type that doesn’t charge you ATM fees.

Keep A Tab On Your Account Transactions

The activity takes just a few seconds and a few clicks on your smartphone. It will help you to catch mistakes/discrepancies well before time and avoid the stress of paying extra charges.

Check your account balance regularly, and note down even the slightest of the changes in the monetary figures there. If you’re sharing an account with an automatic payment facility, communicate with your partner about his/her payment history.

Be aware of the ‘Mystery Charge’ or a ‘Recurring Bill’.

Leaving Online Accounts Vulnerable

Protect your online bank accounts with secure passwords and cyber practices. Choose a different password for your financial accounts to protect your most sensitive banking information. Change the passwords after every three months. Scan your social media accounts to remove private information that could help someone gain access to your accounts.

Don’t re-use your Email/Facebook password to login to your online bank accounts. Add two-factor authentication (2FA) to your bank account login.

Don’t Ignore Rewards

Your credit card can give you extra cashback if you use it at a certain gas station/grocery store. Your service fees can go down if you have multiple accounts with the same bank. You can also qualify for a cash sign-up bonus after you open your account.

Just keep an eye on the perks and rewards programs your bank is offering.

The post Check out the common banking mistakes to avoid appeared first on International Finance.

Phishing scams
Phishing scams are one of the most common ones. Under this method, the threat actors send fraudulent emails, texts, or social media messages from a legitimate source, such as a bank, to get the victim to disclose personal information/login credentials. Once scammers have this information, they can steal money or commit identity theft.

It’s important to double-check the sender’s email address or social media handle to avoid falling victim to phishing scams. Keep this simple thing in your mind, legitimate banks and financial institutions never ask for personal information/login credentials over email/social media. If you have doubts about the legitimacy of such emails/messages, contact your bank immediately.

Attacks of this nature are now becoming more frequent and sophisticated. SlashNext, a messaging security company, conducted a study in October 2022, under which it examined billions of link-based URLs, natural language messages, and attachments sent over email, mobile devices, and web browsers over six months and discovered more than 255 million threat elements. That represents a 61% rise in phishing assaults since 2021.

The survey also found an increasing use of personal and mobile communication channels among cybercriminals. Fraud and credential theft topping the list, while the attacks on mobile devices increased by 50%.

According to Jess Burn, senior analyst at Forrester Research, “We’ve been seeing an increase in the use of voicemail and text as part of two-pronged phishing and BEC [business email compromise] campaigns.”

The attackers either give the sender more credibility or make the request seem more urgent by leaving a voicemail or sending a text regarding the email they sent.

Burn said the company is getting a lot of questions from clients concerning BEC (Business Email Compromise) assaults in general.

“Bad actors are turning to traditional fraud to make money because geopolitical unrest is disrupting ransomware gang activity, and cryptocurrency, the preferred method of ransom payment, is imploding recently,” he added. BEC is increasing, therefore.

Criminals launch phishing attacks during the sales and tax seasons. People should be cautious of spearphishing, a more specialized variation of phishing that frequently employs topical lures.

Luke McNamara, principal analyst at cyber security consulting firm Mandiant Consulting, said that the topics and themes “might evolve with global or even seasonal events.”

“For instance, given that it is the Christmas season, we can anticipate seeing more phishing lures relating to sales. Threat actors may similarly attempt to abuse users who are filing their taxes during regional tax seasons by sending phishing emails with tax-related subject lines,” the official commented.

According to McNamara, general phishing themes include emails purporting to be from technology vendors about account resets. In contrast, more targeted efforts by threat actors engaged in cyber espionage may use more particular phishing lures.

“More prolific criminal campaigns might leverage less specific themes,” he noted.

Recognizing phishing emails
Ask yourself the following questions:

Were you preparing for it? Before responding, clicking a link, or downloading any attached files, take a moment to consider your actions if the communication is from an unknown source.

Who is the message’s sender? Is this the email address you were hoping for? Cybercriminals may try to deceive you by using a similar email address. Please verify the email address’s spelling, the domain’s legitimacy, and whether it corresponds to the sender’s name.

Does it demand action from you? Phishing emails typically instruct you to click a link, download an attachment, or reply with personal information. They frequently aim to instil a sense of urgency to elicit a hasty and unreasonable response.

Instead of clicking on the links they provide, you should always verify the email’s legitimacy with information you can obtain independently. While conducting financial activities, avoid clicking on email links and instead log in to your bank account via the official website/app.

Ransomware & malware
Ransomware and malware are malicious programs that can infect your computer, phone, or other devices. This kind of software allows scammers access to your personal information/files, apart from locking you out of your device until you ransom the scammers.

The effects of ransomware attacks are becoming more significant for 21st-century businesses.

As ransomware-as-a-service (RaaS) grows increasingly common, even smaller businesses may now become cybercrime targets. RaaS has made launching software breaches simple and economical, even for inexperienced cyber criminals.

These medium and small businesses are particularly vulnerable as supply chain attacks increase by 663%. A cybercriminal may access the systems and clients’ data with a single malware attack. The scary part is that 70% of these malware attacks also involve ransomware, enabling cybercriminals to demand payments from the targeted companies and their customers.

Businesses must be 24*7 ready for ransomware attacks. Here is what business leaders need to know about protecting their organizations from ransomware in 2023.

Who is susceptible to a ransomware assault?
In the past, when cybercriminals launched a malware assault, they frequently had a particular target in mind.

Cybercriminals wanted to steal large quantities of personally identifiable information (PII) or data with a more excellent resale value, like medical records and financial information, as reselling PII was a significant factor in data breaches. As a result, skilled hackers usually preyed on huge companies with sizable databases containing priceless PII, such as banking and medical institutions in industrialized nations.

Cyberattacks are becoming more common and profitable because of ransomware’s advent. Threat actors can simply make money by encrypting a company’s data and extorting payment in exchange for its decryption. In addition, a new threat has emerged in the form of double extortion ransomware assaults, where cybercriminals get the ransom payment and then resell the targeted company’s confidential data on the dark web to increase their profits.

As RaaS gains popularity, the likelihood of a double extortion ransomware assault increases even further. Cybercriminals without technical expertise can now profit from ransomware attacks thanks to RaaS.

RaaS users are now targeting emerging markets rather than developed ones because cybercrime gangs frequently charge higher costs to attack businesses headquartered in wealthy nations.

It is understandable why thieves employ ransomware to steal 10 TB of data each month because of the potential for enormous payments.

Supply chains are rife with ransomware
A significant factor in the rising ransomware risk is the global supply chain.

Most businesses collaborate with hundreds, if not thousands, of outside vendors and service providers, including MSPs (Managed Service Providers) that handle their cybersecurity. However, a cybercriminal only needs one vulnerable endpoint to introduce malicious software into a network or application, placing the business and its customers at risk.

MSPs must safeguard their clients’ IT infrastructure from malware because they oversee their security. An attacker who gains unauthorized access to an MSP’s network can also readily access the IT infrastructures of the target’s clients. The MSP and its clients are then vulnerable to ransomware attacks.

A 2021 ransomware attack on the MSP software provider Kaseya sought a $70 million ransom payment to restore the data of as many as 70 of the business’s clients. However, because the software stored information on each MSP’s customers, the assault affected 1,500 companies in at least 17 nations.

Ransomware is widespread now
Anyone can rent professional ransomware tools, purchase instructional DIY kits to create and launch attacks or employ a criminal organization to deploy ransomware assaults, thanks to RaaS. Additionally, RaaS is accessible and economical for nascent cybercriminals because these malicious source codes are available for as little as $39.

To collect RaaS income, several cybercrime gangs are adopting a subscription affiliate model with profit sharing. A threat actor is now paying a monthly subscription to gain access to the ransomware tools, code, and deployment help. The gang automatically takes a portion of the ransom money each time a cybercriminal uses the gang’s harmful code to retrieve a ransom.

This strategy makes smaller businesses and organizations in developing nations more susceptible to ransomware. These businesses have become vulnerable targets for a new generation of cybercriminals trying to make a profit, even though attacks on these companies are typically not profitable for significant cybercrime gangs. These attacks are inexpensive to deploy, and their attacks are now costing businesses millions of dollars in ransom payments, clean-up expenses, compliance fines, and lost revenue.

How criminals disseminate ransomware
Cybercriminals frequently combine their methods when trying to gain access to IT infrastructure and introduce dangerous ransomware. Others utilize various techniques to locate flaws and obtain credentials to boost their chances of success. At the same time, some may use ransomware assaults in the hopes of discovering zero-day vulnerabilities.

Phishing assaults, undoubtedly the most popular means to steal passwords or spread malicious URLs, increased by 120% in Q3 of 2022. It is customary for cyber attackers to initiate phishing attempts and obtain access to an IT environment before spreading ransomware because stolen credentials are routinely the top cause of breaches.

Cybercriminals frequently target MSPs to access their clients’ systems and spread other ransomware because many MSPs manage access permissions for the methods of their clients.

Knowing cybersecurity trends is only half the battle won

Unfortunately, cybercriminals always seem to be one step ahead when exploiting weaknesses. To stay current, learning about cybersecurity trends like ransomware-as-a-service is essential, but being aware of them is just half the battle won.

ATM skimming
ATM skimming is when scammers place a device on an ATM to capture your card information and PIN as you use the machine. This information is then used to make fraudulent purchases/withdrawals from your account.

To avoid falling victim to ATM skimming, it’s important to always check the ATM for any signs of tampering, such as loose or extra attachments. Also, cover your hand as you enter your PIN to prevent scammers from visually capturing it.

Skimming is illegally installing equipment on petrol pumps, ATMs, and point-of-sale terminals to steal information, such as card numbers and PINs. With this data, fraudsters can create fake credit or debit cards. According to estimates, skimming results in more than $1 billion in annual financial losses.

Pump skimming for fuel
The typical location of fuel pump skimmers is in the machine’s internal wiring, out of the customer’s view. The gadgets used for data collection save information for subsequent wifi or download.

Guidelines to avoid pump skimming
Select a fuel pump closer to the store and in the attendant’s line of sight. Skimmers are less likely to target these pumps. Use a debit card instead of a credit card. Cover the keypad while entering your PIN. Instead of paying at the pump, think about performing the procedure in another secure premise with the attendant. Contact your bank immediately if you believe you’ve been a victim of skimming.

ATM and Point of Sale skimming
Devices for ATM skimmers often cover the original card reader. A few skimming gadgets are located near exposed cables, in the terminal, or in the card reader. ATMs with pinhole cameras capture a user entering their PIN. The placement of pinhole cameras varies greatly. When recording PINs, keypad overlays occasionally take the place of pinhole cameras. This is because Keypad overlays keep track of user keystrokes.

Skimming equipment stores information for eventual wireless transfer or download.

Tips to avoid falling prey to such crimes
Before using the cards, check the POS terminals, ATMs, and other card readers. Look for anything that is off-centre, bent, broken, or scraped. If you find anything strange, avoid using card readers. Before inputting your PIN, tug on the keypad’s edges. Cover the keypad after entering your PIN to prevent cameras from recording your entry. Use ATMs which are indoors, well-lit, and away from any threats. If you are using ATMs in tourist destinations, watch out for skimming devices. Use chip-enabled cards. Devices that steal chip data are less common than those that steal magnetic stripe data. Be cautious while using your debit card with linked accounts. Instead, use a credit card. Immediately contact your bank if the ATM doesn’t return your card after you cancel a transaction.

Impersonation scams
In this scenario, scammers pose as bank employees/another authority figure to gain your trust and access to your personal information. For example, they may call or email you, claiming to be from your bank, and ask for your personal information/login credentials.

Credit card fraud was one of the most widespread types of fraud in the United States in 2021, according to complaints received by the Federal Trade Commission (FTC). However, that statistic only provides a partial picture of the issue.

The Nilson Report, which tracks the payments sector, predicted that over the next ten years, losses in the United States from card fraud would reach $165.1 billion, affecting every age group. According to Insider Intelligence, only one sort of credit card fraud, card-not-present fraud involving online, over-the-phone, and mail-order transactions, will be responsible for an average estimated $5.72 billion in losses in the world’s largest economy in 2022 and beyond.

When someone uses a credit card to make an illicit purchase, such as purchasing goods on Amazon, this is known as credit card fraud. Other types of credit card fraud include identity theft, using stolen cards, and card-not-present fraud. While credit card fraud is a significant issue, there are precautions to avoid being one of the statistics.

Theft of identity
Identity theft occurs when fraud or another crime is conducted using your personal information, such as your credit card or Social Security number. The Federal Trade Commission received around 1.4 million reports of identity theft in 2021.

Conclusion
Technology and banking scams are becoming increasingly sophisticated, and it’s essential to be aware of the dangers and take steps to protect yourself. Always remember to be vigilant and never disclose your personal information or login credentials unless you’re confident you’re dealing with a legitimate source. Stay safe out there!

The post Staying digitally safe from banking scams appeared first on International Finance.

Over the past two decades, the bank has actively and progressively contributed to the implementation of the state’s policies and guidelines, based on its rights and roles, in order to stimulate Laos’ social-economic development. Owned by the Ministry of Finance (MOF) and operating under the Bank of Lao PDR, LDB also actively complies with both domestic and international regulations.

After 1999, the Bank of Laos issued a policy to restructure state-owned commercial financial institutions, as apart from being localized in nature, these banks also lacked financial capacities and were riddled with overlapping organizational structures, along with other issues such as high operational costs, low competition capacities, limited business operations, and less openness to international cooperation.

Therefore, the government merged two local banks, Lane Xang Bank Limited and Lao Mai Bank limited, as one in 2003, which came to be known as Lao Development Bank (LDB). The purpose of this merger was to revitalize and rebuild strong stability, recreate trust in the society, turn the banking operations into a well-run business and facilitate the national socio-economic development with more qualified and competent personnel. The bank also strives to ensure its clients’ rights and interests, while effecting the implementation and expansion of the Lao government resolutions.

LDB has gone through a range of challenges, as the Laos economy kept on developing. Over the merging period, the policy was also changed and made flexible. With steady growth in terms of total assets, human resources, and technology development, the bank used the former accounting system called “Bank 2000” before migrating to the new Core Banking System “T24” in 2010.

Since March 2010, all LDB branches were connected to the bank’s network, which became online across the country. The Bank has also introduced new products and services such as ATMs, and EFTPOS (Electronic Funds Transfer Point of Sale), apart from becoming a pioneer, in terms of introducing Mobile Banking in the form of “M-Commerce”. ATM-based financial transactions became the first group of banking operations to fully integrate mobile banking into its e-commerce fold, apart from modernizing many aspects of its services. LDB is also providing loan services to promote and develop small and medium enterprises (SMEs), with an aim to strengthen the national economic base, create jobs for local people, and improve their lives.

However, the challenges from the COVID pandemic and economic recession are unavoidable to LDB. So, the privatization policy by the merger with Chaleun Sekong Energy Co., Ltd was applied to the bank in order to improve its performance. The vision behind the merger was also to implement the new policy and directions of the Lao government to transform and improve the structures of state-owned enterprises and commercial banks to become joint ventures. The government agreed to sign the joint venture MOU between Chaleun Sekong Energy Co., Ltd and the Ministry of Finance on 17/03/2021, thus commencing the joint study and discussion on issues such as the organizational structure and personnel and joint venture agreement. Through the study, research, and implementation in a strict and concise manner, LDB achieved outstanding results in the compliance, rules and regulations front. The government agreed to sign the joint venture agreement on 01/09/2021 between Chaleun Sekong Energy Co., Ltd holding 70% while 30% remaining held by the Ministry of Finance, of the shares.

To deal with the challenges of the post-COVID period, Lao’s domestic population will contribute to the government’s policy to stimulate the economic recovery by creating a clean hydropower export industry, supporting Lao eco-tourism with a focus on potential entrepreneurs, promoting the agricultural sector to serve society within the country to meet the needs of local people throughout the country, providing trade-investment support, shops or distributors, and hospitals. LDB is actively working towards these goals to ensure that the businesses have access to finance sources at reasonable interest rates, apart from being able to perform management-related duties smoothly.

Through the joint ventures and management under Chaleun Sekong Energy Co., Ltd, LDB improved and reformed the organizational culture and working approach of its Board of Directors as well as the technical staff. Right now, it has more than 18 branches, 75 service units, 263 ATM machines, and eight currency exchange units across the country. LDB has been solving many issues, apart from determining and declaring the bank’s vision, missions, strategic plan, and business operation directions. Another obvious thing is the rapid business drive of the new standardized corporate governance and new Board of Directors, which is full of knowledge with great ability, expertise, experience, and professionalism, combined with the inspirational leadership of its Chairman, Mr. Sitthisone Thepphasy, who has a broad vision, apart from possessing great leadership-direction on business operations, knowledgeable skills and insights, ethics, and self-discipline.

Following the joint venture restructuring, LDB held a general meeting with the shareholders to approve the organizational structure, which consists of the Board of Directors, the Board of Management, the committees to the Board of Directors, the independent disciplinary committee, division committees, branch committees, and unit committee. All these panels met the international standard on corporate governance, known as the three lines of defence.

Mr.Thepphasy said, “I shall manage and drive LDB’s goals strongly. I would develop the LDB leadership staff so that they become stronger, more courageous, and responsible towards the target of fulfilling teamwork with professionalism and transparency, apart from having a cordial relationship with each other, and maintaining proper behaviours to achieve the target of making the organization stronger and profitable one. They must also ensure that our business operations comply with the regulations, as well as keeping the satisfaction of business partners in mind, so that the customers use our services more.”

LDB has revised its key documents in line with the latest business structure (which changed from the old to the new one), with a goal to adhere to the slogan “Change for the Target to Success”, which envisions the financial institution to be more concise, standardized, complete, harmonious and consistent, apart from sticking to its strategic plan, vision, and business operation approach under the new management, in order to be stronger comprehensively and sustainably, in terms of profits.

In addition, the documents’ improvement programme started with the revision of LDB’s internal regulations. This regulation set is the financial institution’s main document and it is based on the law on commercial bank management and related rules such as relevant regulations of the Bank of Lao PDR.

LDB has the vision of becoming the bank that customers can trust for getting the best services, the best technology, and the best staff responses. To realize this, the bank has taken measures towards reforming and building senior executives with ideas, imagination, teamwork models, and quality management by prioritizing each strategic task to satisfy its customers and partners effectively and sustainably. Apart from that, LDB has goals of reforming the research/study method form, building a professional team or procuring professionals to train and help decision-making in a highly systematic, scientific, and unified manner, to ensure the general interest, along with maintaining the bank’s status of being a profit-making institution with great responsibility and ethics.

Another priority area is to develop tools for analysing investment and cost-balancing approaches as scientific return indicators to facilitate accurate, clear and effective decision-making.

The Chairman of the LDB’s executive committee, Mr. Chanthanome Phommany, while talking about his organization’s highly successful transformation journey, remarked, “In the past 10 months, I would like to confirm that all parties, including the Lao government, the Bank of the Lao PDR, employees and customers have pleasantly welcomed the new board of directors with satisfaction and provided good support. We have goals and strategic plans defined in the 6-month plan before officially signing a joint venture with the government. I and the board of directors have led and managed the organization with a clear vision, have a complete systematic plan, focus on actual work, and transform the new mechanism of the Lao Development Bank to be able to run smoothly and effectively.”

As a result, LDB currently has a significant assets growth at 245% compared to 2021. In 2022, LDB was a profitable financial institution with positive cash flows. The earnings increased at significantly faster rates than Laos’ overall banking industry. ROE was 31% and NPL was only 0.02% at the 2022 end.

Giving his insights to International Finance about LDB’s transformation journey, Mr Phommany added, “We can give you some examples to get an understanding of how we think now. One – we thoroughly analysed the bank financials and business before we devise our strategies. We knew exactly how many thousand dollars are un-utilized, we calculated the exact Cost of Funds, we knew what exactly affects our Cost of Funds, we could precisely tell which branch is overusing funds with fewer returns, we could precisely see which branch overspends (in comparison to their business volumes) and so on.”

“We have defined a clear strategy, with the work of the board of directors in a systematic manner. All goals and action plans are defined in a standardized structure. Two – based on all our research & analysis, we had clear and focused strategies with the work of the board of directors in a systematic manner. Goals and action plans for all verticals & horizontals were well structured. Three – We have recruited employees with the knowledge and experience and we have improved the welfare policy for employees to stimulate and encourage the performance of employees,” he further added.

Mr Phommany also shared examples like LDB creating modern technologies and training its employees to operate via those solutions, in order to transform the company’s image.

Technology was once a pain point for the financial sector in general, especially across small markets. While they require huge budgets to stay in touch with the breakthrough solutions, the investments on the technology front have to bring back monetary benefits too. Therefore, the bank put a lot of effort to upgrade and develop LDB’s digital and core banking systems.

“We have improved the technology continuously and firmly. This could produce a good result as we can see the number of customers who have used our Mobile App (LDB Trust) has significantly increased and so on etc…” Mr. Phommany remarked. LDB has grown in each area in terms of personnel, professionalism, and modernization by applying new technologies in the banking network more and more than ever before.

“Although the technology budget is a huge amount and could be the major challenge for our development, we have some special reserves, which were related to profit generations and market demands. We have to ensure what you develop and offer to the market is suitable for customers’ behaviours. In addition, we also have many internationally recognized and renowned technology development partners. Therefore, all we did was to choose the right tech partners and motivate them to do better,” Mr Phommany said, while talking about LDB’s successful journey on the technology front.

“As of now, we can only say keep watching. We are determined to change the banking segment and we would surely provide what is best for our customers and for our staff,” he remarked.

Over two decades, the Bank has been upgrading its system and introducing various products and services to meet the current and future lifestyles such as deposits, loans, fund transfers, ATMs, Credit and Debit Card (Union Pay, Visa), mobile banking (LDB TRUST), LDB BIZ (Payroll), online statements, and EDC, SWIFT, Western Union, E-border and so on. Both LDB Trust and LDB BIZ have been performing soundly via mobile phone and web-based platforms to provide 24/7 convenient customer services such as money transfers, top-ups, bill payments (electricity, water, loan), easy passes, etc.

LDB TRUST has emerged as a game-changing one, with its mobile banking and E-Wallet facilities, to serve customers in a more convenient, quick, and modern manner with different features in order to process financial banking transactions including paying bills, fund transfers, etc. The users can manage their own money and follow bank statements in real-time by themselves. Apart from financial transactions, LDB TRUST can also be used for gaining market information on the gold price, Bitcoin value, mining, FX rate, and interest rates. Customers and businesses can track their fund transfers; check bills and promote their products as well (for businesses only). Currently, over 50,000 merchants are using the platform.

LDB BIZ is an internet banking solution for corporate customers such as private companies and international organizations. These ventures can process financial transactions by themselves without stepping inside LDB branches. It’s a safe and convenient method, as all the users need to do is log in on the web browser/application via computer, tablet, or smartphone.

Apart from offering international bank transfers by SWIFT (Society for Worldwide Interbank Financial Telecommunications), API, Western Union, and E-Border, LDB puts a special focus on the importance of strengthening and implementing risk management on the compliance related to laws such as Anti-Money Laundering, Combating the Financing of Terrorist (AML/CFT) and Foreign Account Tax Compliance Act (FATCA). LDB not only has created policies and procedures related to AML/CFT and international standards including Know Your Customer (KYC) and Customer Due Diligence (CDD) implementation, but also has the standard automated AML Compliance system, qualified personnel who has knowledge and skills on the AML field and has an AML/CFT program that meets the international standard.

The first one is SWIFT Sanctions screening, which enables LDB to have the continuous assurance that no blacklists and sanction lists are transacted through LDB’s system.

The bank uses this to screen both incoming and outgoing transaction messages. If any of the messages match with the latest sanctions list, the financial institution gets real-time alerts and rejects transactions that are considered true hits.

Then comes the second mechanism in form of FICO Tonbeller compliance solutions or Siron AML, Siron AML Analysis and Siron KYC. The bank intends to use them to protect its products, services and its customers as well as the partners from financial crime. In the context of Siron AML and Siron AML Analysis, these two parts are used to prevent money laundering such as stopping criminals from becoming customers and monitoring suspicious activity. The bank uses Siron KYC to identify customer risk rating, and customer onboarding screening against sanctions and blacklists and is the tool for the bank to implement its customer acceptance policy.

The LDB recently bagged two awards, “Fastest Growing Commercial Bank in Laos” and “Best Employee Welfare Initiatives in Laos” at International Finance awards. This recognition comes as no surprise, given LDB’s track record of being one of the most customer-friendly and reliable banks in Asia.

The post Kicking Off Laos’ Banking Revolution appeared first on International Finance.

Discussing the cryto ban, Felix Yang, an analyst with the financial advisory firm Kapronasia in Shanghai said: “Without government’s control, cryptocurrency could become instruments for drug dealing, capital outflow, terrorists and other illegal activities.” “The Chinese government is not reluctant about the development of blockchain or cryptocurrency under one condition — if it is manageable,” he added.

BTCC, which is one of the oldest crypto dealers globally and the only one having crypto ATM in the country, had shut its ATM operations. All the key crypto-exchange operators in the country have shut their operations in China and moved their operations overseas.

To access the current scenario, China’s Jiefang Daily recently visited the headquarters of BTCC and reported the ATM has no bitcoin to offer for trading. The ATM was shifted to its headquarters after it was lying useless at a café for three straight months.

The post China’s only ATM shuts down after crypto ban in the country appeared first on International Finance.

Sansar reports also mentioned that the IEA in its World Energy Outlook report anticipates Iraq’s contribution to be 45% of the global incremental oil supply in this decade. Overall, IEA forecast predicts Iraq’s GDP will grow 151% between 2011 and 2020.

According to Marcopolis.net, there are nearly 900 bank branches spread across 33mn Iraqis. This means, one branch serves 36,000 individuals. Sabri Al-Khalidi, Iraqi financial analyst told the News Wire “Addressing the Iraqi people’s reluctance to deposit their money into local banks is an issue that needs to be dealt with in a transparent and professional manner.”

It is the responsibility of the government, and measure must be taken for the welfare of Iraq’s financial and economic advancements, Al-Khalidi added.

In a recent Macropolis interview with Chairman of North Bank Nozad Dawood Fattah Al-Jaff said the growth will eventually take place for all the banks to meet targets defined by the Central Bank, mainly due to Iraq’s wide economy. In the near future, several banks will operate in Iraq, and a lot of competition from foreign banks is expected.

“We have given a lot of loans to a variety of sectors in Iraq from agriculture to housing as well as giving bridge loans and loans for fulfilling contracts. We have lot of big loans with the car industry and we have worked successfully with them in importing thousands of cars to Iraq to then sell them to the retailers in the market and to the end users,” Al-Jaff added.

The post Iraq’s GDP to grow 151% between 2011 and 2020: Report appeared first on International Finance.

Bahrain is next in line with 13.6% and Saudi Arabia with 11.5%. The report reads: “Digitisation continues to take the global economies by storm. As a revolution whose uptake in the Middle East and North Africa has gathered noticeable momentum, the digitisation of core financial and banking processes can no longer be termed as a passing phase.”

The MENA region has gained prominence for banks and other financial institutions, especially with the UAE and Saudi Arabia developing as two active markets in the digital space.

Chief Executive Officer of Al Masah Capital Shailesh Dash, said, “The Middle East, being no exception to the global trend, is now on the verge of a massive digital disruption. Businesses and governments are now alive to the fact that in order to optimise operating costs and resources, guarantee customer satisfaction, attract new customers, and gain competitive advantage, digital adoption is a must.”

Al Masah Capital explains the region enjoys a significant population of millenials, who are the driving force in the future of digital banking. The region is now under digital transformation in an effort to boost customer engagement and offer quality services. According to Zawya, major players are creating strong digital presence in the region with banking platforms such as the branch, ATM, e-banking and mobile banking apps.

The post UAE brings digital transformation into MENA’s economy: Report appeared first on International Finance.