Investing in the Future
1 year ago by Jack Evangelides

Investing in the Future

Share this:
As well as the issues common to every region, the Middle East and North Africa also grapples with some unique ones. Luckily, there are many very capable people and organisations working hard and doing their absolute best to help the region overcome these obstacles and reach its full potential. One area of commerce which poses some region-specific issues is finance. In the most developed markets, the most pressing issues in finance are well known and are almost universal. Global macroeconomic prospects, the impact of disruptive technologies and cyber-security dominate high level meetings. In the MENA region, these factors are no less relevant. In addition, issues around intra-regional cooperation are keenly felt and technological groundwork done long ago elsewhere remains in progress. For our part, we believe we have made two valuable contributions to the foundations of sustainable prosperity in the MENA. The first is our database of people and company records, CRiS, which is the largest and most comprehensive in the entire region. What this means for businesses is that if you want to find out who somebody is in the Middle East and North Africa, there`s a pretty good chance that it`ll be able to tell you – and we`re growing and updating it all the time. The benefits of a resource like this to a region famed for its unwillingness to share data are difficult to overstate, and we are harnessing its power to provide due diligence and background checking services that were once impossible. Complying with Anti Money Laundering, Know Your Customer and Anti Terror legislation has become the work of a moment, rather than of weeks. The other piece of the puzzle is our electronic ID verification system. For the first time, it is now possible for commercial operators in the region to check the identity of whoever they`re dealing with - instantly. Commonplace in developed markets for a long time already, e-commerce is impossible without it. For any business that wants to make sure it`s not just compliant but also as secure as possible, this kind of technology is a quantum leap compared to anything that`s gone before. Being able to quickly and reliably find out who somebody is and who they`re connected with is a paradigm-changing bit of progress in a region not famed for its information sharing. Removing the other barriers to cross-border commerce won`t be easy, but in the years to come we`ll be continuing to do exactly that. With intelligence, cooperation and some hard work we can all play our part in crafting a more sustainable and prosperous future that works for the entire region. Written by Christina Massaad, Managing Director *****The above article and the information contained within is intended for public discussion and informative purposes only. It is not intended as and does not constitute legal advice***** Sourced Image: Simple Thrifty Living