Microsoft has announced its participation as the headline sponsor in the Middle East’s Financial Technology Exhibition and Conference (MEFTEC 2008) which kicked off today (11th February 2008) and will continue until the 12th of February 2008 at the Bahrain International Exhibition Centre.
Positioned as a tightly focused, pure-play financial technology event, MEFTEC attracts top-notch IT vendors looking to do business with banks and financial institutions from across the Middle East, Africa, and South Asia (MEASA) region. The exhibition showcases the latest technologies, equipment and services from 30 countries for financial sector companies in the region. This year’s event is set to be 25% bigger than last year’s event with more than 800 delegates expected to participate.
“Our participation at MEFTEC 2008 indicates the importance of Bahrain's market for Microsoft "commented Charbel Fakhoury, Microsoft Gulf, General Manager, “Microsoft Bahrain has over the years formed strong ties with the government and the financial sector of Bahrain, making the Kingdom an increasingly important and strategic location with nearly 150 active Microsoft partners" he added
Analysts have forecasted that 30 of the world’s top 100 banks will replace their core banking systems within 5 years, and the Middle East is expected to follow this trend. It is estimated that that the region’s institutions will continue to spend a large portion of their IT budgets (up to 30%) on new investments with significant estimates going into electronic payment systems.
“Microsoft continues to research for ways to bring significant benefits for its customers and partners in the financial services industry in terms of cost, agility and customer services. Our participation at MEFTEC demonstrates Microsoft’s commitment to the industry and the region” said Hoda Younan, Financial Industry Sales Manager, Microsoft Middle East.
Working with leading software vendors and systems integrators in the banking and insurance industries, Microsoft implements a strategy on core banking that is cost saving for financial institutions and increases their independence by moving away from mainframe technology and rolling out systems based on open standards. This migration allows institutions to gain more control over primary programming work which would result in the ability to develop new applications and launch new products. Koen Van den Brande, World Wide INDUSTRY MANAGER CORE BANKING for Microsoft will be delivering a speech today entitled A ‘people ready’ perspective on the next generation banking platform.
“Microsoft has a vision for a next generation banking platform which recognises that technology needs to enable banks to become ‘people ready”, commented Koen., “ It is the people and the way they build customer relationships, innovate new products, drive operational improvements and build connections with partners that ultimately differentiates banks” he added.
According to industry estimates, the total spend by Middle East banks in 2008/2009 is estimated to be $2 billion, growing at an annual rate of 15%, among the highest in the world.
Microsoft will be presenting a series of seminars on Microsoft solutions for the industry at its stand in MEFTEC. Key Microsoft partners including Captaris, Dot,Cy Developments, KalSoft will also be showcasing their industry-specific solutions based on Microsoft technologies.
About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft Gulf opened its Dubai-based headquarters in 1991. Microsoft Gulf today oversees Microsoft activities in Bahrain, Kuwait, Oman, Pakistan, Qatar, the UAE and Yemen. Microsoft Corporation’s address on the World Wide Web is: www.microsoft.com Microsoft Middle East's Web site is: www.microsoft.com/middleeast
