|By Business Wire||
|June 14, 2014 07:30 PM EDT||
Embraced by international organizations, public and private sector leaders at the Council of Saudi Chambers (CSC) Headquarters in the Kingdom of Saudi Arabia (KSA), the International Islamic Trade Finance Corporation (ITFC), a member of Islamic Development Bank Group (IsDB), a subsidiary organ of the Organisation of Islamic Cooperation (OIC), and the Global Coalition for Efficient Logistics (GCEL) executed a historic MOU triggering a new era of trade efficiency towards a vast expansion of trade finance for OIC Countries through the HumaWealth Program.
GCEL Co-Chairman, Captain Salloum, and ITFC CEO, Dr. Al-Wohaib, sign the strategic MOU witnessed by Tan Sri Rahman and Engineer Al-Otaibi (Photo: Business Wire)
The HumaWealth 18 month global program will empower the Digital Economy by providing the tools unleashing the power of 21st century technology by delivering a new era of integrated e-commerce, e-finance, e-insurance and e-logistics to achieve new levels of trade efficiency.
The proposed Digital Economy will reduce annual trade costs by USD1.3 trillion (USD75 billion for OIC), increase trade by USD1.2 trillion, providing a USD6 trillion services market opportunity and creating a USD1 trillion SME fund thus generating 100 million jobs.
The MOU was signed by Dr. Waleed Al-Wohaib, ITFC CEO and Captain Samuel Salloum, GCEL Co-Chairman, and witnessed by Tan Sri Abdul-Rahman Mamat, Asia Logistics Council Chairman and Dr. Khaled Al-Otaibi, CSC Secretary-General.
The MOU signing followed the release of the KSA Trade Efficiency Assessment, conducted by GCEL in cooperation with the CSC, Saudi Ministry of Commerce and Industry, Saudi Customs, League of Arab States, Islamic Centre for Development of Trade, ITFC, Nielsen Company and Frost & Sullivan. The report illustrates how the Digital Economy ecosystem will make trade more efficient and transparent in order to facilitate global integration of financial services to the trade pipeline. This innovation will boost the manufacturing, agricultural and services industries within MEA thereby meeting the ambitions of the region’s citizens by creating 32 million jobs.
Similar assessments were conducted with government and private sector experts in G20 countries Indonesia and India (Turkey in process) as well as Malaysia. The results yielded that 80% of trade participants have no system and 88% want the proposed Digital Economy Platform. To date more than 22% of the world’s population comprising 1/3 of the G20 citizens want the Digital Economy. GCEL plans to conduct Trade Efficiency Assessments for the remaining 15 G20 countries to present the voice of the people to their leaders during the 2015 Turkey G20 presidency.
Dr. Al-Wohaib stated, “The trade efficiency assessment findings revealed that the Banking sector ranked last in terms of integration among all the trade pipeline participants scoring an average of 0.90 out of 5, (5 being what today’s technology makes possible. We must continuously seek innovative ways to improve trade efficiency and increase the Trade Finance market, this is the foundation of our MOU with GCEL”.
According to the VISA Commercial Consumption Expenditure 2011 Index, the global B2B market is USD109 trillion. A recent Asia Development Bank study revealed that of USD 4.6 trillion in financing requests received during 2011, approximately USD1.6 trillion were rejected and USD3 trillion were approved representing only 2.7% of the total B2B expenditure market.
Captain Salloum stated, “The 21st century Digital Economy environment is an ecosystem that permits global integration of products and service offerings with intelligent proficiency to match sellers to targeted buyers. This environment is based upon dynamic validated real-time information accumulated and continuously updated through the normal course of trade activities rather than invalidated data and unsubstantiated reviews presently in use.
The main benefit of this ecosystem is that it allows the creation of a smart e-finance matrix that provides financial institutions the ability to reach their full potential in global trade finance. This point-to-world environment enhances the integration of financial institutions in the global trade pipeline. This provides the tools to lower underwriting costs and transaction risks, allow greater control over the use of financing proceeds, increase ability to seize, reroute and liquidate assets when required, as well as ease the burden of regulatory compliance”.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 28, 2015 08:00 PM EST Reads: 430
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 28, 2015 01:00 PM EST Reads: 479
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 28, 2015 12:00 PM EST Reads: 338
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 28, 2015 12:00 PM EST Reads: 553
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 28, 2015 12:00 PM EST Reads: 233
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 28, 2015 11:45 AM EST Reads: 407
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 28, 2015 11:15 AM EST Reads: 416
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 28, 2015 11:00 AM EST Reads: 517
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 28, 2015 10:30 AM EST Reads: 315
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 28, 2015 10:15 AM EST Reads: 259
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 28, 2015 10:00 AM EST Reads: 400
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 28, 2015 10:00 AM EST Reads: 199
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 28, 2015 09:00 AM EST Reads: 184
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 28, 2015 08:45 AM EST Reads: 441
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 28, 2015 08:45 AM EST Reads: 332