|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”.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 23, 2017 03:30 PM EDT Reads: 2,387
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 23, 2017 03:30 PM EDT Reads: 3,227
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 23, 2017 03:30 PM EDT Reads: 1,860
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 23, 2017 03:15 PM EDT Reads: 1,792
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Apr. 23, 2017 03:15 PM EDT Reads: 713
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 23, 2017 02:45 PM EDT Reads: 1,338
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 23, 2017 02:15 PM EDT Reads: 2,297
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 23, 2017 02:00 PM EDT Reads: 1,546
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 23, 2017 01:45 PM EDT Reads: 1,758
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 23, 2017 01:15 PM EDT Reads: 4,655
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 23, 2017 01:00 PM EDT Reads: 1,902
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 23, 2017 01:00 PM EDT Reads: 3,151
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
Apr. 23, 2017 12:45 PM EDT Reads: 1,266
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Apr. 23, 2017 11:45 AM EDT Reads: 2,196
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 23, 2017 11:30 AM EDT Reads: 2,417