Gulf News: Can you give an overview of the banking and financial technology market in the Gulf in 2010?
Hazem Mulhim: This year, the technological spending is going to rise due to high oil prices and stringent regulatory requirements. Spending is more by financial institutions in bid to ward off challenges like money laundering and fraud activities.
Gulf News: Countries around the world are stepping up efforts to crack down on money laundering. How does EastNets play a role in anti-money laundering?
Mulhim: We have two different softwares for this process. First is the real-time filtering. The US Department of Treasury had issued names of blacklists (drug traffickers, arm dealers and terrorists). Other is profiling. Our software enables the bank to make sure that financial transactions are not sent to blacklisted names.
Gulf News: How can you address the challenges faced by financial institutions in controlling fraud losses?
Mulhim: Technology grows and at the same time the crime also grows. They work in parallel. It is a continuous process of enhancement and encountering the fraudulent activities. Of course, investing in protection is better than investing in curing.
Gulf News: When you talk of security threats, where is the UAE placed globally?
Mulhim: The UAE Central Bank is very strong and meeting all the global regulatory requirements and enhancing all the time. They are in a very good position.
Name: Hazem Mulhim
Designation: CEO
Company: EastNets
