Swift ME business outperforms global growth
Dubai, February 6, 2013
Swift, the financial messaging provider for more than 10,000 banks, securities institutions and corporate customers in 212 countries and territories, said its business in the Middle East has outperformed the total growth of its business globally by 45 per cent, underpinning the growing importance of the region as a hub for international banking and finance.
This marks a major milestone for Swift in the Middle East as it continues to expand and invest in this fast growing region, creating a Middle East Consulting Hub and hosting its annual global industry event, Sibos, in Dubai later this year, said a senior official.
"The Middle East region is a vital market for Swift as it has outperformed our other regions and contributes significantly to the growth of our business globally," remarked Swift CEO Gottfried Leibbrandt.
"We are excited with the growth potential this market can bring to Swift and are bringing more resources, services and opportunities to the local financial community,” he added.
Growth in the region is spread across Swift’s traditional financial message-based business (including payments, securities, treasury and trade) and in the rapidly expanding non-network-based businesses such as consulting and services, business intelligence, and connectivity solutions.
The growth in Swift’smessage businesses in the Middle East was led by the securities markets, which saw double digit growth of around 14 per cent in 2012 versus the previous year. This was followed by international payments traffic, which grew by more than 10 per cent in 2012.
Sido Bestani, the head of Mena at Swift, said the Middle East was one of the most dynamic and fast changing regions in the world today.
"Swift has ambitious plans to accelerate local market growth by investing in people and resources and expanding its service offerings through the regional hub," he noted.
Launched in early 2012, Swift’s Middle East consulting hub has a multi-language team of experts who provide business and technical analysis, integration and implementation services, as well as training and support services.
“Given the growing importance of the Middle East to the global financial community, we selected the UAE as the first Regional Consulting Hub. Over the past year we have been building out the team, and it is already providing dedicated support for the region’s corporates and financial institutions,” added Bestani.-TradeArabia News Service