The trip also includes delegates from the Federation of Saudi Chambers, which will attend high-level economic meetings with representatives from the private sector and senior government officials. Their goal is to investigate investment prospects and enter into several contracts and business alliances.

According to the Saudi Press Agency, the delegation, which is headed by Hassan bin Mujib Al-Huwaizi, Chairman of the Federation of Saudi Chambers, consists of more than 72 business representatives from a range of economic sectors as well as governmental bodies and authorities.

To increase trade and investment between the two nations, the Kingdom and Poland formed a joint business council in August for the 2024–2028 term. With an emphasis on Poland, one of the biggest economies on the continent, the action is a component of the country’s larger plan to strengthen economic ties with Europe.

The agri-food industry in Poland has grown significantly, with exports hitting a record 47.9 billion euro (USD 51.1 billion) in 2023, up €10 billion from the year before. Saudi Arabia and Poland’s trade reached SR33.7 billion in 2023.

Tobacco, machinery, and mechanical appliances are Poland’s top exports to the Arab nation, while the Kingdom’s top exports to Poland are plastics and mineral products.

Since the Slovak Embassy in Riyadh was formally opened in recent years, the relationship between Saudi Arabia and Slovakia has also improved. Furthermore, there are still unexplored investment opportunities due to the notable increase in bilateral trade.

The Saudi-Polish Business Council meeting, a joint forum, and bilateral meetings between representatives will be held by the delegation before it starts its trip to Poland.

The delegation will host the Saudi-Slovak Business Forum in Slovakia, hold meetings between the two countries’ companies, and sign a deal to create a joint business council.

The post More than 70 Saudi firms travel to Poland & Slovakia to boost trade ties appeared first on International Finance.

“Expanding our solution to both the Czech Republic and Slovakia is critical,” said Stephen Ufford, CEO and founder of Trulioo. “Not only are they two of the fastest growing economies in Europe, but they’re also home to some of the fastest growing tech companies in Central Europe,” said Ufford.

Keeping pace with new regulations and technologies in growing markets, however, is an ongoing process. As technology, consumer behaviors, laws and international standards continue to evolve, so do fraud schemes. Today’s fraudsters are well-funded, skilled and equipped with the latest technology, which makes staying ahead of them more difficult than ever before. In fact, according to National Check and Currency, money launderers now employ complex networks and covers and use modern accounting and financial tools to defraud both the traditional and alternative financial industries. These evolving methods have enabled criminals to conceal their identities in a new way, which presents a huge challenge for financial institutions and law enforcement agencies.

“Both member states will be required by the EU’s Fifth Anti-Money Laundering Directive (5AMLD) to implement new provisions that close loopholes, consider new technologies and improve transparency while still protecting personal data and adhering to international agreements,” Ufford continued.

The Czech Republic and Slovakia are both taking steps to thwart rising fraud and money laundering. According to the U.S. Department of State’s report on the Czech Republic, the country’s central European location and openness as a market economy leave it vulnerable to money laundering. In recent years, its government has put legislation in place to combat this high level of fraud and continues searching for solutions to the large scale of fraud faced today. The country also recently became a party to the United Nations Convention against Corruption (UNCAC) as well as the OECD Anti-Bribery Convention.

Meanwhile, the Slovakian government recently approved a proposal that amends an existing act to increase the transparency of ownership of legal entities and the preservation of information. Under the amended act, all legal entities and special purpose asset arrangements are obligated to register and maintain documentation on ultimate beneficiary owners (UBOs). The UBO’s identification details must be recorded by a legal entity each year and for a period of five years after the termination of the UBO’s status, according to Cechova and Partners.

Developed to help businesses automate their customer onboarding processes and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, GlobalGateway powers fraud prevention and compliance systems for hundreds of financial institutions, payments, banks and online marketplaces worldwide.

The post Trulioo extends global identity verification solution to the Czech Republic and Slovakia appeared first on International Finance.

Suparna Goswami Bhattacharya

October 3, 2016

What factors led the transition of BRE Bank from a corporate bank to retail banking and eventually mBank? When BRE Bank decided to establish its retail business, Poland was just past a decade of transition. It has driven Polish nation to a substantial, even if not crucial, change in behavioural model according to banking. Together with democratic system development, a truly commercial banking developed and customers became more acquainted with this model. BRE Bank decided that this was a window of opportunity for a corporate bank to try and run a totally different banking model, concentrated on the individual customer. Firstly, the management board decided to address the existing gap between market and technological trends, and what traditional banking players offer. That is why the first brand to be launched was an internet-only bank – mBank. Amongst arguments for this step was: (1) poor competition in an increasing market (2) rapid growth of internet and mobile phones users (3) the relatively low level of use of information technology in Polish retail banks (4) high level of acceptance of advanced technologies in the targeted groups of customers.

Cezary Kocik, Vice-President of the Management Board, Head of Retail Banking, mBank

This story appears in the Oct-Dec 2016 issue of IFM

What factors led the transition of BRE Bank from a corporate bank to retail banking and eventually mBank?

When BRE Bank decided to establish its retail business, Poland was just past a decade of transition. It has driven Polish nation to a substantial, even if not crucial, change in behavioural model according to banking. Together with democratic system development, a truly commercial banking developed and customers became more acquainted with this model. BRE Bank decided that this was a window of opportunity for a corporate bank to try and run a totally different banking model, concentrated on the individual customer. Firstly, the management board decided to address the existing gap between market and technological trends, and what traditional banking players offer. That is why the first brand to be launched was an internet-only bank – mBank. Amongst arguments for this step was: (1) poor competition in an increasing market (2) rapid growth of internet and mobile phones users (3) the relatively low level of use of information technology in Polish retail banks (4) high level of acceptance of advanced technologies in the targeted groups of customers.

Had internet banking become popular by the time you started mBank?

Well, actually – there was no internet banking when we started. Some other great banks tried to launch analogical products/brands, but never gained too much popularity. In December 2000, the number of people having access to the Internet in Poland was estimated at 6,300 thousand.

At the same time (Dec 2000), the number of bank accounts for individuals in traditional banks had reached 11 000 thou. And the number of current accounts in the so-called electronic branches of traditional banks (including mBank, which started a month earlier) was a little over 89 thousand. So the estimated internet banking share in retail banking in total didn’t reach 1 %. But in West Europe, this share was already reaching more than 10% (e.g. 15 % in Great Britain, more than 10 % in USA).

But the success of mBank was not only based on enabling banking via internet – other banks in Poland tried to do that and eventually failed. We succeeded because of the whole new model of banking, concentrated on offering attractive and simple product via modern channels and with use of new technologies. We succeeded because of the totally unique distribution system and treating customer fair, putting his needs first. We decided to highlight some strategic directions in our day-to-day business, which was: close relations with our customer, community building and reliability information.

Was it difficult to convince customers to opt for internet banking?

I suppose the success of mBank helped people overcome the initial hesitation. We were the first fully internet-based bank in Poland and today, we set the direction of the mobile and on-line banking development. We are one of the strongest and fastest growing financial brands in Poland.

What purpose did MultiBank serve?

MultiBank was a brand created for customers who were more traditional, yet more affluent clients. MultiBank was a ‘higher culture’ bank, with comfortable branches, best customer service and advanced financial products.

Contrary to mBank, it offered customer service in branches, with advisors waiting by the door. Its offer was also way more abundant than mBank’s. It also was extremely valued by people who expected unusually high quality of banking service and products.

I would like to underline that we still service our affluent customers with ‘high culture’. Our branch advisors are still able to offer them the best customer experience and products. Only our logo is different.

What prompted merging everything under mBank?

mBank/BRE Bank decided to change because we wanted to be even more recognisable in the banking market; optimise marketing expenses, integrate corporate and individual banking in one brand and – last but not least: unificate our organisational culture.

The times we live in require significant flexibility and simplicity. In this context, the mBank brand was elected from a range of brands in our portfolio as the best. A global Value-D study (by Millward Brown SMG/KRC) suggests that the brand is very strong, also globally. It is legible, flexible and comprehensible everywhere. It still has large potential. I do believe that it will take us forward in the long term as one of the drivers of our winning market position.

It is confirmed that a single strong brand will help us strengthen our position in the banking market and optimise the use of marketing budgets. Now every promotion campaign builds our image and brand awareness among all our customers irrespective of the segment addressed by our activities.

Each segment is a coherent whole, on the one hand distinguished by the colour range, and on the other hand, consistent through a single brand structure. The new identification system highlights the mBank Group’s adaptability to different customer segments by drawing on the bank’s extensive experience of 30 years in the financial markets.

How are you handling the pressure of mBank being considered the yardstick for digibanks?

Hearing things like that is an enormous pleasure and also a proof that in today’s world it is crucial to invest in technology. But we understand, that in order to keep our business on track, we have to deliver even more than expected now. That is why we are working all the time to introduce new solutions serving our customer best. The truth is that the best way to succeed is to see your customer as the most important and always – whatever the case is – treat him as the most important person in the bank.

In June, the bank’s Supervisory Board approved a new strategy for 2016-2020. Focus will be on clients’ needs and mobility. The main pillars of the ‘Mobile Bank’ Strategy of mBank Group include: being closer to clients, further use of opportunities offered by mobility and regular improvement of business efficiency.

In everything they do, mBank’s employees should be guided by the needs and preferences of the clients. mBank wants to remain synonymous with mobile banking with the focus on comfort, usability and simplicity for the user.

Check out this story in the IFM magazine

– See more at: http://www.internationalfinancemagazine.com/article/Now-we-have-to-deliver-even-more-than-expected.html#sthash.TNKN713W.dpuf

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