Latest news with #VBalasubramanian
Khaleej Times
20-05-2025
- Business
- Khaleej Times
FSS Showcases AI-Driven Payment Innovation at flagship Dubai event
On a sun-kissed morning in late April, inside the luxurious Grosvenor House Hotel in Dubai Marina, global payments technology provider Financial Software & Systems Private Limited (FSS) hosted the second edition of its flagship event in Dubai. The gathering brought together policymakers, banking leaders, and fintech experts from across the Mena region for a morning of high-impact discussions on the transformational power of artificial intelligence (AI) in the payments space. With the UAE rapidly emerging as a hub for fintech innovation, the event's timing and location underscored both regional opportunity and global relevance. The agenda focused on how AI is being applied today to reshape customer experience, mitigate fraud, streamline operations, and ensure regulatory compliance — all while accelerating the shift to a cashless economy. For FSS, the event was also a platform to reinforce its role as a long-term partner to financial institutions across the Gulf. FSS CEO V. Balasubramanian shared the company's overarching point of view on AI, framing it as a catalyst not just for technological transformation but for deep-rooted organisational change. He emphasised that the true value of AI lies in its ability to drive continuous improvement and enable informed, data-led decision-making at scale. 'AI is not just about technology or tools — it is about enabling process improvement and data-driven decision-making at scale,' he stated. Balasubramanian highlighted the importance of 'dual intelligence', urging organisations to think beyond flashy tools and focus instead on leveraging commonly available technologies in innovative ways to achieve differentiated outcomes. He also stressed the need for smart prioritisation, advising firms to pursue a dual-track approach: capitalise on easy, quick wins to build internal momentum while simultaneously investing in high-impact, long-term AI initiatives that generate sustainable value. On the critical topic of ethics in AI, Balasubramanian was unequivocal: 'Responsible AI adoption — built on transparency, fairness, and accountability — is non-negotiable.' He added that ethical frameworks are essential to mitigate risks, build stakeholder trust, and unlock AI's full potential over the long term. Setting a bold vision, he urged organizations to target a 30 per cent impact across systems, workflows, or decision-making as a benchmark for real AI-led transformation. He concluded by emphasizing that trust and regulation are key enablers of AI success: a trusted partner ecosystem can dramatically accelerate meaningful adoption, while proactive regulatory frameworks will shape how AI evolves across industries. A standout use case came during a session led by Imad Ahmed Abdalwahab, Managing Director of Government Payment Solutions at Magnati, who shared how AI is already delivering tangible results. Imad discussed an instance in which a high-risk transaction was identified and blocked by an AI-powered engine in real time — demonstrating how financial security is shifting from reactive protocols to proactive systems. 'AI enables us to act before the threat fully emerges,' he said, adding that the UAE's leadership in fintech governance is helping organisations like Magnati push boundaries safely and effectively. The morning reached a crescendo with the panel discussion 'Reimagining Payments in the Artificial Intelligence Era,' moderated by Benedict Xavier, Global Head of Business Solutions at FSS. The session brought together a distinguished group of industry leaders, including Haishan Wu, Head of Innovation, AI & Data at Zand Bank; Mohamed Chakib Ouabi, Data & AI Value Strategy Lead at Accenture; Devendra Kumar, Head of Digital Channels – Global Transaction Banking at Mashreq Bank; Malaz Mubaid, Chief Executive Officer of Wall Street Exchange; and Sandeep Crasta. The discussion spanned everything from fraud prevention to regulatory compliance, predictive analytics, workflow automation, and customer personalisation. Panelists highlighted how AI enables a more tailored approach to banking — making it possible to anticipate customer needs, detect anomalies, and comply with evolving regulations in real time. A recurring theme throughout the panel was data governance, ensuring that as AI systems become more powerful, their use remains transparent, secure, and fair. The panelists stressed that effective AI must be explainable and auditable, especially in financial services where trust is paramount. They also spoke about the enabling role of national initiatives such as the Jaywan national card scheme and real-time payments platforms, which are pushing the digital transformation agenda across the region. Adding further regional context, Sandeep David Crasta, Head of Sales – Retail Payments, Mena at FSS, contributed valuable insights on how localised AI strategies can drive customer-centric innovation and operational excellence. As the payments ecosystem grows more sophisticated, FSS is investing in modular, secure, and scalable platforms that cater to regional market needs while staying globally competitive. Its AI-enabled solutions are designed not only to increase efficiency but to help banks future-proof their operations in a fast-evolving digital landscape. In a region that is evolving as fast as the jet skis skimming across the Marina waters outside the Grosvenor House, FSS is committed to moving just as quickly ensuring that no institution, business, or consumer is left behind in the digital shift. Through its ongoing commitment to innovation, collaboration, and impact, FSS is not just observing the AI revolution — it is helping to lead it. FSS: A GLOBAL LEADER Financial Software and Systems (FSS) is a global leader in payments technology and transaction processing, offering a comprehensive suite of products and solutions that redefine the payment experience. With a presence in over 25 countries, FSS powers seamless transactions and enhances customer experiences for banks, financial institutions, and fintechs worldwide. The company's offerings include card issuance, merchant acquiring, real-time payments, and reconciliation, secure 3D authentication, and active device monitoring.
New Indian Express
22-04-2025
- Business
- New Indian Express
Puducherry citizens demand accountability, expansion of smart meter coverage, ahead of JERC meet on April 29
PUDUCHERRY: Ahead of the upcoming Joint Electricity Regulatory Commission (JERC) meeting, the Puducherry Civil Society Organisation has demanded accountability and transparency in billing and recruitment practices, expansion of smart meter coverage, and penalisation of power theft, among others. The JERC meeting on fixing Multi-Year Tariff (MYT) petition by the Puducherry Electricity Department (PED) for fiscal 2025-2026 to 2029-2030 is scheduled on April 29. In a detailed memorandum to the Lieutenant Governor, Chief Minister and officials, Puducherry State Students and Parents Welfare Association president V Balasubramanian sought government action on expanding smart meter coverage to all regions, ensuring accountability in billing and recruitment practices, recovering Rs 500 crore-plus dues, penalising power thefts without burdening consumers, and taking meaningful steps to resolve the grievances raised in previous JERC meetings. The outcomes of the issues raised in the 2024 JERC meeting have still not been made public, he said. The PED's five-year business plan for 2025–30 also came under fire for being overly technical and inaccessible. Citizens have demanded a simplified summary that clearly outlines the proposed actions and their likely impact on service delivery and consumer costs. The letter also raises pressing concerns about continued billing irregularities and questions how the government plans to protect consumer rights in light of faulty metering and inconsistent billing practices. "The government must clarify its plans for privatisation of the electricity sector, the timeline for smart meter installation, and measures to address unaccounted power consumption," Balasubramanian said. The burden of financial losses, he argues, is being unfairly shifted onto consumers, prompting renewed calls for a vigilance investigation. Public anxiety is also mounting over the lack of clarity regarding the government's privatisation plans and the uneven rollout of smart meters. While urban Puducherry has seen some progress, residents of Karaikal, Mahe and Yanam are allegedly being forced to purchase meters from private vendors, with no official support or guidelines in place. Citing that the solar energy scheme has also seen delays, particularly in implementing reverse metering mechanisms, Balasubramanian urged the government to provide updates on the initiative and introduce incentives for citizens to adopt renewable energy solutions. Furthermore, the letter draws attention to a staggering `500 crore in unrecovered electricity dues and criticises the government for not taking stringent measures to recover the losses. It also calls for a reduction in electricity consumption by government departments as a step toward easing the financial strain on the system. As part of broader reforms, the forum proposed the installation of advanced metering systems at transformer levels to monitor energy distribution and reduce power theft. They also demanded the elimination of fixed charges and surcharges, which they say unfairly penalise regular consumers while allowing inefficiencies to persist unchecked by defaulters.
