The Bankwatch

Tracking the consumer evolution of financial services

Archive for the ‘Middle East’ Category

Borse Dubai launches $4bn bid for OMX


The Dubai Stock Exchange has launched an effort to purchase the Nordic/ Baltic market.  This is reminiscent of the issues last year, with the UAE firm trying and being blocked from managing the American ports.

Finextra: Borse Dubai launches $4bn bid for OMX

Borse Dubai has launched an unsolicited $3.98 billion (SKr27.7bn)
bid for OMX, trumping Nasdaq’s offer for the Nordic and Baltic market
operator.

Shares in OMX were suspended on Friday morning
amid frenzied speculation that Borse Dubai was gearing up to launch a
formal takeover bid.

Borse Dubai – a holding company for
the Dubai International Financial Exchange (DIFX) and the Dubai
Financial Market (DFM) – is offering SKr230 in cash for each share of
OMX. The exchange says it already “controls” 28.4% of the
Stockholm-based firm.

Written by Colin Henderson

August 20, 2007 at 00:44

Posted in Middle East

Business General Gulfnews.com | Media targeting a divided audience


As much as we think we have issues with marketing in North America, its not as bad as elsewhere, and indications are that it will only become more irrelevant to follow old methods.  Within the Banking industry there generally remains a resolve to ignore the evolution that is happening, and its useful to watch reactions in other countries as a reminder.  Within the Middle East, particularly UAE, and Saudi Arabia, where internet is relatively newer, there are lessons in watching and listening.

Consumers in Saudi Arabia have more devices per household that US, and even India is close, despite being relatively, poorer, than either country.

Gulfnews: Media targeting a divided audience

The average internet-accessing family in Saudi Arabia owns 11.9 electrical devices per family (3.4 TVs, 1.4 computers and 7.1 other devices such as mobile TVs) – the highest per household of the 17 countries included in an OMD study on the modern family unit.

The US in comparison has 11.1 while India has eight.

This article refers to the fragmentation of mass communication, and the impossibility in using old methods of mass marketing to achieve realistic goals.

Consumers have more viewing options, greater control over the content they watch and a shorter attention span on one source, say marketing analysts. People who once turned to newspapers, magazines, the radio and TV for entertainment are now being presented with alternatives such as the internet and mobile devices.

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Written by Colin Henderson

July 22, 2007 at 22:10

For Low income Un-banked | Emirates Bank to Launch Global Remittance Services through SMS Technology and Salary Cards


Mobile payments around the world continue to evolve more rapidly than North American or European Banks, with a few exceptions, are adapting to.

This example, form Emirates Bank in Dubai, is aimed at unbanked in the Middle East is a classic example. It is provided by a North American company.

Emirates Bank Group

In a pioneering effort to provide financial services to the thousands of un-banked people across UAE, Emirates Bank has signed an agreement with Infospan Inc, a California based technology company, to launch a unique global service that will enable users to send and receive money instantly around the world. Emirates Bank is planning to reach-out to a large, underserved and fast growing market offering competitive rates. The service will be available through a variety of channels including SMS, call centers, and ATMs.

Note the multi channel delivery including ATM’s.

Written by Colin Henderson

July 17, 2007 at 12:17

UAE online banking provides some useful examples


Some startlingly high statistics from Habib Bank AG Zurich on their online banking in UAE. The market there is interesting to watch, because they got a later start that North America and Europe, but they are generally going straight to what we might consider full multi channel solutions.

UAE MONEYworks – Online Banking

MW: Do you have any up to date figures on how many people in the UAE are using online banking? Or any form of online financial transaction? SP: What we can tell you is 65.22 per cent of HBZ credit customers and 55.06 per cent of the HBZ deposit customers are using our e-services.

The market there is interesting to watch, because they got a later
start that North America and Europe, but they are generally going
straight to what we might consider full multi channel solutions.

By using a combination of services in the push / pull format, events and alerts are delivered to cell phones via HBZgsm as they occur. Based on the information revceived, users can use HBZweb tofurther query accounts or initiate new transactions. Similar functionality can be achieved on the road via HBZpda or HBZwap.

Written by Colin Henderson

July 9, 2007 at 00:55

UAE onlinie banking provides some useful examples


Some startlingly high statistics from Habib Bank AG Zurich on their online banking in UAE.  The market there is interesting to watch, because they got a later start that North America and Europe, but they are generally going straight to what we might consider full multi channel solutions.

UAE MONEYworks – Online Banking

MW: Do you have any up to date figures on how many people in the UAE are using online banking? Or any form of online financial transaction? SP: What we can tell you is 65.22 per cent of HBZ credit customers and 55.06 per cent of the HBZ deposit customers are using our e-services.

The market there is interesting to watch, because they got a later
start that North America and Europe, but they are generally going
straight to what we might consider full multi channel solutions.

By using a combination of services in the push / pull format, events and alerts are delivered
to cell phones via HBZgsm as they occur. Based on the information revceived, users can use HBZweb to
further query accounts or initiate new transactions. Similar functionality can be achieved on the road
via HBZpda or HBZwap.

Written by Colin Henderson

July 9, 2007 at 00:54

Dubai becomes Iran’s business hub


 Interesting perspective that the mainstream Western News has missed. 

DUBAI, United Arab Emirates — “Dubai is the most Iranian of cities,” said Mohammed Reza, an Iranian expatriate who has lived in the Gulf emirate across the waters from the Islamic republic since 1998.

According to the Iranian consulate in Dubai, at least 400,000 of the UAE’s 4.1 million residents are Iranian.

The numbers have almost doubled since 2003. Iran’s status as an international pariah, which has increased since President Mahmoud Ahmadinejad’s election in 2005, has forced many nationals overseas.

Source: Dubai becomes Iran’s business hub – Business – Middle East Times

The reason is quite rational.

Heavy taxation and the difficulty of acquiring letters of credit have given businessmen few options but to seek opportunities elsewhere.
“If an Iranian company deals with European companies, the European side is always more comfortable dealing with a Dubai-based company as the rules and regulations are not volatile like in Iran,” said Mohammed Safavi, general manager at trading firm The Link.

 

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Written by Colin Henderson

March 21, 2007 at 12:11

Posted in Middle East

Iran Debuts Online Banking


BankNet 360 – Iran Debuts Online Banking

For the first time ever, Iran is offering online banking services.

The Post Bank of Iran, based in Tehran, Iran, will offer 24-hour service to its web customers, allowing them to access financial services online as well as make internet purchases accessing funds in their Post Bank accounts.

To promote and stimulate e-banking, the service will be open to one million of the best students in Iran.

Mohammad Soleimani, Iran’s minister of Information and Communications Technology, said Iran’s fiber optic infrastructure is ready to develop digital communications and electronic banking.

A specialized government group has been formed to help reinforce digital communications and internet security in the nation.

Written by Colin Henderson

August 17, 2006 at 18:33

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