Latest news with #SIBOS
The Star
a day ago
- Business
- The Star
Exclusive-Ripple to buy stablecoin platform Rail for $200 million
FILE PHOTO: The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo (Reuters) -Ripple will buy stablecoin payments platform Rail for $200 million, the company said on Thursday, weeks after U.S. President Donald Trump signed a law that raised expectations cryptocurrency tokens are about to enter the mainstream. Ripple, a crypto company that issues the token XRP as well as its own stablecoin called RLUSD, has invested heavily in stablecoin infrastructure in recent months. The acquisition - which will close in the fourth quarter of this year pending regulatory approvals - will enable Ripple and Rail to "deliver the most comprehensive stablecoin payments solution available in the market," it said. "As regulations become more clear and the space has grown and matured, this opportunity for stablecoin payments is really ripe, and the acquisition of Rail just really solidifies our market leadership in stablecoin payments," said Monica Long, president of Ripple in an interview. Toronto-based Rail, backed by Galaxy Ventures and Accomplice, uses stablecoins to deploy cross-border payments. It says its transactions are cheaper and can clear in just hours, compared to longer settlement times for fiat payments. Rail says on its website that the company is responsible for 10% of all global stablecoin-based payment activity. Trump in July signed a bill into law to create a federal regulatory regime for stablecoins, which analysts said could allow digital assets to become an everyday way to make payments and move money. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. Ripple said in April that it would also buy multi-asset prime broker Hidden Road in a $1.25 billion deal, one of its largest acquisitions yet, which it said would enhance RLUSD's utility. Ripple launched RLUSD, a stablecoin pegged to the U.S. dollar, last year, as it sought to disrupt the market dominated by Tether and Circle's USDC. (Reporting by Hannah Lang in New York; editing by Barbara Lewis)
The Star
29-07-2025
- Business
- The Star
Citi announces research expansion into private industry, mostly tech firms
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo (Reuters) -Citigroup said on Tuesday it is expanding its research coverage to include private companies, with a focus on rapidly growing tech firms, mirroring a similar strategy by JPMorgan Chase, which has reportedly begun covering non-listed firms. The expansion will focus on about 100 of the most influential private companies, especially in key sectors like artificial intelligence, offering event-driven analysis on product launches, customer acquisitions and new business lines. However, the reports will not include price targets, buy/sell recommendations, or earnings forecasts, the bank said. This comes as several private companies, such as OpenAI, SpaceX and TikTok-parent Bytedance, command valuations that rival or surpass several major S&P 500 firms, blurring the distinction between public and private market influence. JPMorgan Chase has also been offering research coverage for private companies, many of which have high valuations or are delaying listings, a person familiar with the matter told Reuters on Friday. (Reporting by Sneha Kumar in Bengaluru; Editing by Sumana Nandy)
Hi Dubai
30-06-2025
- Business
- Hi Dubai
Dubai Secures SIBOS 2029 as UAE Strengthens Global Financial Standing
Dubai has been selected to host SIBOS 2029, one of the world's premier financial services events, reaffirming the UAE's status as a global banking and payments hub. Organised annually by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, SIBOS brings together over 10,000 leaders from banks, fintech firms, and financial institutions. Dubai's selection reflects international confidence in the UAE's digital transformation, innovation in payments, and leadership in financial infrastructure. The UAE Banks Federation (UBF), in coordination with key partners including Dubai International Financial Centre, Dubai World Trade Centre, and the Dubai Department of Economy and Tourism, played a pivotal role in securing the bid, with the support of the Central Bank of the UAE. UBF Chairman Abdulaziz Al-Ghurair said the decision underscores the UAE's growing reputation as a centre for global dialogue on financial innovation, secure banking systems, and modern payment infrastructure. This will be the second time Dubai hosts the prestigious event, having previously done so in 2013—the first Middle East and Africa destination to do so. Since then, the UAE has deepened its role in global financial connectivity through initiatives such as the SWIFT User Training Centre and the region's first National SWIFT User Group, launched in 2021. Jamal Saleh, UBF Director-General, called the hosting a milestone reflecting the UAE's progress in digital payments and alignment with international standards, powered by the National Payment Systems Strategy initiated in 2019. SWIFT EMEA CEO Marianne Demarchi welcomed the return to Dubai, praising its strategic location and role in fostering industry-wide dialogue. News Source: Emirates News Agency
Arabian Post
27-06-2025
- Business
- Arabian Post
Dubai's Binational Financial Clout Sealed by SIBOS 2029 Bid Win
Arabian Post Staff -Dubai Dubai has been chosen to host SIBOS in 2029, affirming its standing as a global nexus in financial services. The selection reflects growing confidence in its role as a strategic bridge in international banking, marking the beginning of SWIFT's new hosting rotation featuring emerging financial hubs. SWIFT—holder of SIBOS, an annual forum for payments, securities, cash management and trade—has scheduled the conference in Frankfurt, Miami, Singapore, and Paris, with Dubai confirmed for 2029. This shift inaugurates a four-year rotation that now includes key regions such as the Middle East, Africa, Latin America and Asia, signalling intent to broaden engagement beyond traditional centres. ADVERTISEMENT This move underscores Dubai's appeal, anchored in the growth of DIFC, which now hosts nearly 7,000 firms, including the region's fintech core. SWIFT's Rosemary Stone emphasised that expanding SIBOS to diverse locations will lend fresh perspectives vital amid accelerating technological shifts and growing fragmentation risks. SWIFT saw record traffic last year, and the conference consistently draws over 10,000 delegates. UAE Banks Federation and supporting bodies—including DIFC, DWTC, DET and CBUAE—have been credited for bringing SIBOS back to the UAE after its inaugural MENA appearance in 2013. UBF chairman Abdulaziz Al‑Ghurair highlighted that hosting SIBOS 2029 recognises the UAE's leadership in digital payments innovation and its dedication to payment security and efficiency under CBUAE guidance. UBF director‑general Jamal Saleh noted that the federation's National SWIFT User Group, launched in 2021, along with the region's first SWIFT training centre, have built a strong skill base in payments protocols. He said the bid award demonstrates 'global recognition of the UAE's achievements in payments using advanced technologies under CBUAE's guidance'. DIFC's rapid development since 2004 has turned Dubai into SWIFT's 'Gateway to Africa', strategically connecting Europe, Asia and Africa. This position enhances Dubai's role within SWIFT's network of over 11,500 institutions across more than 200 countries. Planners are expected to leverage SIBOS's platform to demonstrate regional innovations, including national payment system strategies, fintech growth, and cyber‑security frameworks. The event offers a showcase for the UAE's ambitions to expand financial inclusion, digital infrastructure, and regulatory maturity. The SIBOS win also supports the federal strategy unveiled by the Central Bank in 2019 to enhance customer experience through secure, innovative payment mechanisms. Observers suggest the conference will spotlight initiatives such as real‑time payment, cross‑border settlement solutions, and cloud‑based financial services. By setting 2029 in Dubai, SWIFT signals that emerging financial ecosystems are not only capable but essential hosts. The planned rotation to include regions beyond the traditional triad marks a pivot in SWIFT's approach, prioritising breadth of perspective as the global banking system navigates fragmentation. UBF and its partners have committed to delivering a polished event, guided by rising standards in event production and stakeholder integration. With backing from SWIFT, CBUAE and government tourism authorities, organisers expect delegates to gain both technical insights and policy‑driven dialogue on future‑proofing global finance.
Zawya
26-06-2025
- Business
- Zawya
UBF: Dubai selection to host SIBOS 2029 confirms global confidence in UAE's leading position
Abu Dhabi- Dubai, United Arab Emirates: UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reaffirmed that the selection of Dubai to host SIBOS 2029, the annual conference, exhibition and networking event organised by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), reflects the global confidence in UAE's premiere position and its vital role in leading initiatives to develop the financial, banking, and payments industry. The UAE was the first country in the Middle East and Africa to be selected by the global financial and banking sector to host SIBOS in 2013. This high-level event was held in several international financial centres such as Singapore, Geneva, Toronto, London, Amsterdam, and Beijing. The selection of the UAE to host SIBOS 2029 reflects efforts made by UBF in cooperation with its partners: Dubai International Financial Centre (DIFC), Dubai World Trade Centre (DWTC), and Dubai Department of Economy and Tourism (DET), and the support of the Central Bank of the United Arab Emirates (CBUAE). SIBOS 2029, to be held in Dubai, will provide UAE banks with the opportunity to highlight to all SWIFT participants UAE's financial and banking industry's development. SIBOS attracts more than 10,000 leaders of financial institutions, banks, fintech companies, suppliers, and service providers from around the globe. UBF renewed the commitment of UAE's banking and financial sector to work with its strategic partners, and in full cooperation with CBUAE, to ensure the full success of this international event. H.E. Abdulaziz Al-Ghurair, Chairman of UBF, said: 'The selection of Dubai to host SIBOS 2029 is a testament to UAE's prominent position as a regional and global financial and banking centre. This selection also reflects international financial and banking industry's appreciation for UAE's efforts and innovative initiatives in developing and simplifying payments, adopting digital transformation to meet the needs of the banking and financial sector, and developing secure and efficient systems in line with the proactive policies of CBUAE, which places the security and efficiency of bank transfers as a top priority". H.E. Al-Ghurair added: 'At UBF, we reaffirm our commitment to work closely with Dubai International Financial Centre (DIFC), Dubai World Trade Centre (DWTC), Dubai Department of Economy and Tourism (DET), and all other strategic partners to provide all the necessary conditions to organise this event in a way that reflects UAE's status as a leading destination for major events and UAE's role in leading constructive dialogues to develop payments system in line with accelerated transformations of advanced solutions and the global economy". SWIFT has been organising SIBOS since 1978 annually in one of the international financial and banking centres that are selected from among major centres contending to host the conference and exhibition, which provides a global platform for leaders of financial and banking institutions, major economic institutions, and technology providers. SIBOS conference and exhibition is one of the most important and largest events that connects thousands of executives, decision makers, technology providers, and thought leaders from across the industry to share experiences and views. SWIFT enables more than 11,000 financial institutions and corporations in more than 200 countries and territories to connect and exchange financial information securely and reliably, enhancing trade and financial transactions. Reaffirming its leading position in payments, the UAE has established the Steering Committee and National SWIFT User Group (NMG) as the first of its kind in the Middle East and North Africa (MENA) region. Since its establishment in 2021, NMG has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system. It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the SWIFT global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE. Moreover, SWIFT User Training Centre, which stands under UBF's umbrella, is also the first of its kind in the MENA region for SWIFT users, and organises training courses and certification of SWIFT users from among UBF members and SWIFT users. Mr. Jamal Saleh, Director General of UBF and Chairman of SWIFT User Group Steering Committee in the UAE, said: 'We are proud of this selection to host SIBOS 2029, the most important international event in the field of payments, which is a fundamental pillar of socio-economic development. This selection reflects the appreciation of the global financial and banking industry for the significant achievements made by the UAE in payments and it use of advanced technologies under the direct supervision of Central Bank of the UAE, which sets the necessary frameworks for the development of payments and accelerate digital transformation in an environment that meets customers' requirements while ensuring compliance with local and international legislation and regulations'. 'Central Bank of the UAE's initiatives in payments meet the requirements of various stakeholders and help achieve the objectives of the National Payment Systems Strategy, launched in 2019 to develop innovative payment solutions and enhance customer experience. It is enhancing the UAE's position in technological development, innovation, and security in the banking and financial sector,' he added. Mr. Jamal Saleh reiterated that UBF and SWIFT User Group Committee are firmly committed to cooperate with local, regional, and international partners to organise SIBOS 2029 at a highest level, reflecting UAE's position as a leading financial, banking, and commercial centre. He pointed out the importance of UAE's efforts in improving local and global payments and enhancing the effectiveness and security of bank transfer system to provide best solutions which increases trade exchange in a reliable and smooth environment. Commenting on this selection, Ms. Marianne Demarchi, Chief Executive, Swift EMEA, said: 'Sibos brings the industry together on an unmatched scale, and we're delighted to be bringing the conference back to Dubai in 2029. The Emirate is a truly global financial hub in a geographically strategic location, and will be a fitting setting for the vibrant dialogue and debates that SIBOS is famous for facilitating each year.' It is worth mentioning that the UAE is the only country in the Middle East and Africa that has been ever chosen to host SIBOS conference and exhibition since its establishment in 1978. -Ends- About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks. For further information, please contact: Sooyin Lee UAE Banks Federation sooyin@
