Latest news with #RolaAbuManneh
Zawya
3 days ago
- Business
- Zawya
Standard Chartered enhances payment security and efficiency in the UAE with new beneficiary validation solution
Dubai, United Arab Emirates: Standard Chartered announced today the launch of Beneficiary Validation of accounts domiciled in the UAE – a cutting edge solution designed to bolster client confidence and improve domestic payment processes across the UAE. Developed in partnership with the Central Bank of UAE, this innovative solution allows corporate clients to verify payee details before processing domestic payments, ensuring accuracy and security while mitigating the risks of fraud and transaction failures. By integrating this service, Standard Chartered becomes one of the pioneers among international banks in the UAE to offer such a capability locally. Mahesh Kini, Global Head of Cash Management at Standard Chartered, said: 'Introducing the Beneficiary Validation Service marks a significant milestone for Standard Chartered in the UAE. This solution not only streamlines domestic payments but also complements our existing Global Payment Pre-Validation Service for cross-border transactions. It is a crucial step towards building a robust payment infrastructure that supports the adoption of instant payment schemes, thereby catalysing economic activities, while reducing errors and preventing fraud." Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan, at Standard Chartered, added: 'This collaboration with the Central Bank of the UAE marks a significant step in advancing the country's payment infrastructure. The launch of the New Beneficiary Validation solution underscores our unwavering commitment to supporting the UAE's ambitious digital transformation agenda and reinforcing its position as a leader in financial innovation. By enhancing payment security and efficiency, we are not only addressing critical client needs but also contributing to the UAE's broader economic vision of fostering a secure, resilient, and globally connected financial infrastructure.' Payment friction, estimated to cost over US$2 billion annually, is largely attributed to avoidable errors such as typos, incorrect beneficiary details, and formatting issues, according to Swift, the international payment network. The Beneficiary Validation Service addresses these challenges by validating IBAN details prior to transaction initiation, thereby reducing errors and enhancing confidence in the payment ecosystem. Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
Tahya Masr
15-05-2025
- Business
- Tahya Masr
Standard Chartered opens representative office in Morocco
Standard Chartered today announced the opening of its new representative office in Morocco, further expanding its footprint across the Middle East and North Africa region. The launch follows the licence approval from Bank Al-Maghrib and the award of the Casablanca Finance City status by the Casablanca Finance City Authority. The representative office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morrocco, subject to regulatory approvals. She brings extensive experience in client coverage across the region and will be responsible for driving the Bank's local strategy and deepening client relationships. This expansion underscores Standard Chartered's long-term commitment to the region and reflects its strategy of supporting clients in high-growth, internationally connected markets. Morocco's strong economic fundamentals and strategic location position it as an increasingly important destination for global trade and investment. Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan said: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda. We would like to extend our sincere gratitude to Bank Al-Maghrib and the Casablanca Finance City Authority for their invaluable support in enabling the successful opening of our representative office. This launch reinforces our commitment to connecting clients to high-growth markets across continents and supporting regional economic development.' Cynthia El Asmar, CEO and Head of Coverage for Morocco added: 'Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa. Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains. We are delighted to establish our office in Morocco and are ready to support our clients capture the many growth opportunities the country has to offer.' Standard Chartered's new representative office Morocco follows the launch of a fully-fledged banking operation in Egypt in early 2024 and Saudi Arabia in 2021. The office will enable Standard Chartered to broaden and deepen relationships with international businesses, particularly in the agro-industrial, automotive, aeronautics, and renewable energy sectors . Morocco is the sixth largest economy in Africa. Its economy expanded 3.2 percent in 2024 and GDP growth is expected to increase to around 3.7 percent over the next few years. This is supported by a new series of infrastructure projects and the continued implementation of the country's structural reform agenda . Over the past decade, Standard Chartered has collaborated closely with the banking sector in Morocco, developing strong relationships with all major players. The representative office will serve as a platform to deepen those partnerships and deliver tailored banking solutions to multinational and regional clients.
Fintech News ME
08-05-2025
- Business
- Fintech News ME
Standard Chartered and C3 Launch Seventh Women in Tech Accelerator in UAE
Standard Chartered has launched the seventh cohort of the Futuremakers Women in Tech UAE Accelerator, in partnership with C3 Companies Creating Change and Village Capital. The programme forms part of the bank's global Futuremakers initiative, which supports economic inclusion for disadvantaged young people. In the UAE, the accelerator focuses on women-led technology startups, offering training, equity-free funding, and access to professional networks. C3 will lead the programme locally, drawing on its experience in supporting entrepreneurs and building startup ecosystems. Selected startups will be eligible for equity-free funding of up to AED 550,000 (approximately US$150,000) from the Standard Chartered Foundation. Across all participating countries, more than AED 2.2 million (US$600,000) in grant funding will be distributed each year. Participants will also benefit from mentorship, a tailored curriculum, and opportunities to engage with regional and global investors. Rola Abu Manneh, Chief Executive Officer for the UAE, Middle East and Pakistan at Standard Chartered, said: 'The Futuremakers Women in Tech Accelerator reflects our commitment to advancing economic inclusion and empowering women entrepreneurs to thrive. Launching our seventh cohort in the UAE is a testament to our long-standing support for the UAE's entrepreneurial ecosystem, and to helping innovative, women-led businesses access the resources, networks, and funding they need to scale their impact.' The three-year initiative aims to address the barriers women founders face in scaling their ventures. Around 400 women entrepreneurs across the wider region are expected to benefit from investment readiness training, grant funding, and mentorship to support the long-term growth of their businesses. Kevin Holliday, Managing Director at C3, said: 'At C3, we are focused on backing purpose-driven founders with the tools and connections they need to scale. This initiative reflects the power of collaboration in creating real opportunities for underrepresented entrepreneurs across the UAE.' The Women in Tech initiative has supported more than 4,000 women across 17 markets globally since its launch.
Zawya
03-03-2025
- Business
- Zawya
SC Ventures partners with Visa to support SME growth and innovation in the MENA region
Dubai – SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm, has signed a Memorandum of Understanding (MoU) with Visa, a world leader in digital payments, to develop solutions aimed at supporting small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. A signing ceremony was held recently at the Visa Innovation Center in Dubai where Rola Abu Manneh, CEO of Standard Chartered Middle East, UAE and Pakistan, and Dr. Saeeda Jaffar, Visa's Senior Vice President and Group Country Manager for Gulf Cooperation Council expressed both organizations' commitment to fostering innovation and growth for SMEs in the United Arab Emirates (UAE) and beyond. The SME sector in the Middle East is evolving, with businesses moving beyond traditional industries such as trading and construction. This shift is driven by technological advancements and supportive government initiatives, enabling SMEs to explore new opportunities in sectors like fintech, e-commerce, and healthcare. This trend is part of a broader regional effort to diversify economies and reduce dependence on oil, positioning the Middle East as a competitive player across a range of industries. In the UAE alone, SMEs account for over 63.5% of the country's non-oil GDP, making them a central element of the nation's economic strategy. The UAE has been ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) report for 2023-2024, highlighting the country's focus on creating an environment where small businesses can succeed. "This partnership represents a critical milestone in SC Ventures' mission to strengthen the SME ecosystem in MENA region. Through this partnership, we are committed to equipping SMEs with the tools and resources to thrive, expand, and drive sustainable growth in the increasingly digital and interconnected global economy," said Gautam Jain, Operating Member SC Ventures, said. During the 2024 Abu Dhabi Finance Week, SC Ventures signed two MoUs with prominent players 7X and LuLu Financial — to co-create an SME focused startup in the region. The MoU sets the foundation for a proof of concept that will focus on developing a joint offering to promote SME growth. The partnership will include regular workshops and meetings to share knowledge, exchange best practices, and ensure the relevance of the solutions being developed. "Visa is focused on supporting economic growth in the region. This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation as well as to expand their business, improve efficiency, and explore new growth avenues," said Salima Gutieva, Visa's Vice President and Country Manager for UAE. As the SME sector in the MENA region continues to grow, such collaboration are essential in providing SMEs with the necessary resources and support to navigate a rapidly changing business environment. It is estimated that UAE's SME sector alone will reach 1 million by 2030. The partnership between SC Ventures and Visa represents a significant step in the development of the SME ecosystem in MENA. By combining Visa's global payment technology with SC Ventures' expertise in fintech, this collaboration aims to provide SMEs with the solutions needed to support their long-term growth. For further information: Nick Hamilton Director Houbara Communications SC Ventures SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models. For more information, please visit and follow SC Ventures on LinkedIn. Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. Visa Visa (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories. Visa's mission is to connect the world, helping individuals, businesses, and economies thrive. Visa is committed to driving the future of payments and enabling financial inclusion, particularly for small and medium-sized businesses.
The National
27-02-2025
- Business
- The National
Regional CEOs confident but urged to adapt to AI and industry shifts
Middle East business leaders are among the most confident worldwide of growth this year, with 90 per cent of GCC chief executives expecting revenue increases, and 61 per cent planning to expand their workforce. However, chief executives also recognise the urgent need to reinvent their businesses amid the powerful wave of AI-led transformation, the need for climate action and the blurring of industry lines in the search for new domains of growth. The threat of cyber risks also remains a key concern, with 40 per cent of industry leaders identifying it as a top threat. These are among the key findings from PwC's 28th Annual CEO Survey of global and regional business leaders, which had responses from 4,700 CEOs around the world, including a record of almost 300 from across 11 countries in the Middle East. The findings were revealed alongside a roundtable of top regional chief executives, hosted by PwC Middle East. Elda Choucair, chief executive of Omnicom Media Group, Naim Yazbeck, general manager of Microsoft UAE, and Rola Abu Manneh, chief executive of Standard Chartered Bank UAE, provided broader insights while addressing the survey findings. Innovation and agility are driving the agendas for business leaders in the year ahead. Naim Yazbeck described the rate of digital transformation as unprecedented. 'At the pace is AI moving, there are bound to be surprises that may change our course of direction. Disruption can come out of the blue,' he said. The survey found a higher rate of AI adoption among Middle East CEOs than their peers globally, leading to improved time efficiencies, profitability and revenue, in addition to a more tech-savvy workforce. A notable 88 per cent of CEOs in the GCC adopted GenAI in the past 12 months, with 36 per cent highlighting job creation through GenAI - more than double the global average (17 per cent). And for those GCC business leaders who have adopted GenAI, 68 per cent acknowledged improved efficiencies in their own time at work, and that of employees (63 per cent). Looking ahead, survey figures revealed 70 per cent of GCC chief executives believe GenAI will increase profitability within 12 months, compared with 49 per cent globally. 'We're lucky to be in a region where AI is top priority - not just for CEOs, but also for country leaders,' said Mr Yazbeck. 'I don't think, globally, there are as many leaders as committed to leveraging the opportunity.' The survey data has also revealed that over the next three years 91 per cent of CEOs in the region plan to embed AI and GenAI into technology platforms, 86 per cent into business processes and workflows, 80 per cent into workforce and skills strategies, and 79 per cent into new products/services development. Rola Abu Manneh emphasised that AI and digital transformation are at the top of mind for every CEO in the banking sector and highlighted the role of the Standard Chartered AI Council in driving innovation. She said: 'We're investing a lot in AI because of evolving customer requirements and fintech disruptors. If we don't reinvent ourselves, we will not survive as banks. The traditional banking model is no longer there.' She added: 'Reskilling is very important. As an organisation, you will be more nimble, more agile and more efficient.' Elda Choucair, of Omnicom Media Group, said: 'The AI revolution in advertising started at least five years ago. It's been years since we moved from relying solely on human intelligence and capability to build, plan and negotiate. The pace of change is not going to stop. "The name of the game now is the acceleration part, how fast we can upskill and adopt the new technologies that are continuously disrupting what we already have. This comes with a lot of investment into educating oneself.' With 34 per cent of GCC chief executives saying skills shortages were a major concern, Mr Yazbeck touched on skillset challenges. He said: 'AI has moved at an unprecedented pace, unlike any technology before it. Especially in this region, everyone wants to lead on AI. The skill set to support this momentum will need time.' He continued: 'There should be a balance between ambition and what's possible. Upskilling programmes are going to be key for those who want to be leaders in this new era of AI. It will not replace human beings, but people with AI skills will replace those without AI skills.' Many CEOs in the survey spoke of anticipated regulatory changes - such as in technology and climate - as critical external factors influencing the economic viability of businesses over the next 10 years. Mr Yazbeck identified that responsible AI governance is a big challenge, emphasizing the importance of ensuring its enforcement. 'How much countries, governments and the private sector, come together to ensure there's governance around responsible AI is going to be key,' he said. Ms Choucair also touched upon risk, questioning whether regulation is keeping pace with rapid advancements. 'What does regulation look like? Do we have the legal setup to think about these things? Do all the people who do procurement and legal and finance understand AI's impact on our business? Upskilling needs to happen so that everybody can understand the dynamics emerging now,' she said. According to the survey, 71 per cent of GCC CEOs are optimistic about economic growth in their territories - ahead of their global peers. Ms Abu Manneh echoed this. 'As a manager, responsible for eight territories, I see the countries in the region driving growth,' she said. 'We're confident. There is that element of geopolitical risk, but we've always had geopolitics, and you learn to navigate and mitigate the risks.' She also spoke about the importance of the region as a hub for innovation and growth: 'If you look at the regional governments, the strategy, investments in AI technology, as well as in climate change, this is where we mirror the government's vision and align our products, services and our strategy,' she said. Survey figures also indicated businesses in the region addressing the climate crisis to gain a strategic advantage - nearly 80 per cent of GCC business leaders said they had initiated climate-friendly investments in the past five years, signalling a positive regional momentum towards sustainability. Both Standard Chartered and Microsoft executives spoke of company sustainability efforts. Mr Yazbeck explained how technology was helping to push sustainable solutions, such as clean energy, with the region stating clear objectives for renewables. Ms Abu Manneh said: 'It's a journey. It needs everybody to work together, all countries because the financing gap is huge. Sustainability should be part of your organization's DNA. This is also helping to attract talent, as people want to work in a place with a sense of purpose.' Ms Choucair said: 'There's a huge weight on big companies to lead the way, there's a cost aspect, and long-term planning - a lot to come into play in order to deliver on all these objectives.' Last year, almost half the Middle East CEOs expressed concerns about their organisation's economic viability over the next 10 years if they failed to evolve. This year that figure has risen to 60 per cent in the Middle East versus 42 per cent globally, making reinvention an urgent imperative. Partnerships have also been highlighted as critical by chief executives in the survey, as businesses look towards new sources of revenue growth. Nearly half of regional CEOs PwC surveyed were already competing in new industries and sectors, while 72 per cent expected to do a deal outside of their current sector within three years. So how does a company balance the need for reinvention while maintaining operational stability? 'For us, reinvention and operational excellence is one and the same,' Ms Choucair said. 'Your operation has to be reinvented so we become more efficient. It's part of the whole cycle of change and technological advancement - the combination, or the integration between technology and human is really at the heart of what we are experiencing right now.' Ms Choucair emphasised the importance of 'collaboration' and 'striking partnerships that allow you to move in and out of your industry. Human nature is to resist change – but if you don't embrace it, you become obsolete'. Replying to this, Mr Yazbeck added: 'Innovation is going to come through collaboration. Not a single company today can keep on innovating forever.' He continued: 'Every industry is going to be a tech-driven industry and the name of the game, other than collaboration, is going to be who will win the skill set war. Companies and countries who are able to attract key skills are going to be ahead of the curve. Some countries have that partnership culture in their DNA - the UAE is built on partnerships.' Ms Abu Manneh agreed and concluded: 'If we don't move and move fast - there's competition from outside. Expectations have changed, and if we don't change as well, we'll just be left behind.' This page was produced by The National in partnership with PwC
