Latest news with #DIFC
Arabian Post
a day ago
- 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.
Fintech News ME
a day ago
- Business
- Fintech News ME
Dubai Named as First Sibos Host Outside Traditional Regions for 2029
Swift, a Belgium-based member-owned cooperative and provider of secure financial messaging services, has announced the host cities for its flagship Sibos conference through to the end of the decade, naming Dubai as the 2029 host, marking the first time the event will be held outside the traditional rotation of Europe, North America, and Asia-Pacific. The announcement signals a strategic shift in Swift's approach to the global event, with an expanded focus on financial inclusivity across emerging markets. Starting in 2029, Sibos will rotate every fourth year to regions in Asia, the Middle East, Africa, and Latin America. Swift stated that this broader rotation aims to reflect the diversity of its network, which includes over 11,500 institutions across more than 200 countries and territories. 'Swift is a convener of and for the global financial industry and as the breadth of our network continues to grow, we're delighted to be able to expand Sibos to more locations around the world,' said Rosemary Stone, Chief Corporate Officer at Swift. 'No other event brings the industry together on the same scale as Sibos, and the addition of even more perspectives to the event's debates and discussions will be increasingly valuable as the industry navigates rapid technological change and the growing risk of fragmentation.' Dubai's selection highlights the Middle East's rising significance in global finance. Often referred to as the 'Gateway to Africa,' the city's Dubai International Financial Centre (DIFC) has grown into a key financial hub since its establishment in 2004, now hosting nearly 7,000 companies and a major portion of the Gulf's fintech ecosystem. The Sibos 2029 edition will follow events in Frankfurt (2025), Miami (2026), Singapore (2027), and Paris (2028), the latter of which will mark the 50th anniversary of the event. Sibos, which began in 1978, brings together stakeholders from across the financial services sector to discuss topics in payments, securities, cash management, and trade. It regularly draws over 10,000 delegates and is awarded to host cities through a competitive bidding process that considers financial significance, logistical and technological infrastructure, and venue capacity. The conference shifted online in 2020 due to the COVID-19 pandemic and has maintained a virtual attendance option since resuming in-person events in 2022.
Zawya
2 days ago
- 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@
Business Wire
2 days ago
- Business
- Business Wire
Swift Announces Expansion of Flagship Sibos Event as It Names Paris and Dubai Future Hosts
BRUSSELS--(BUSINESS WIRE)--Swift today named host cities for its global flagship event, Sibos, up until the end of the decade, and announced an expansion of the premier financial conference to strengthen financial inclusivity for growing economies across Asia, the Middle East, Africa and Latin America. Following Frankfurt (2025), Miami (2026), and Singapore (2027), Paris will host Sibos for the first time in 2028 – a milestone year marking five decades since inception of the conference. The French capital employs around 340,000 people in the financial industry, according to Paris Europlace, among the highest of any financial hub in Europe. Dubai will follow with hosting duties in 2029. The Middle East is a key strategic region in global finance, bridging Europe, Asia and Africa - facilitating trade and investment flows. Dubai - often referred to as the Gateway to Africa because of this strategic location - is home to the Dubai International Financial Centre (DIFC), a global hub that has grown significantly since its foundation in 2004. The DIFC is now home to almost 7,000 businesses as well as the majority of the Gulf Co-operation Council's fintech industry. The 2029 edition will also initiate a new rotation for Sibos. The global event has traditionally rotated among established financial centres in three regions: Europe, North America and Asia-Pacific. Beginning with Dubai, Swift will hold the event every 4 th year in growing economies across Asia, the Middle East, Africa and Latin America, to better reflect the diversity and inclusivity of its global infrastructure that serves more than 11,500 institutions in over 200 countries and territories. Rosemary Stone, Chief Corporate Officer at Swift, said: 'Swift is a convener of and for the global financial industry and as the breadth of our network continues to grow, we're delighted to be able to expand Sibos to more locations around the world. No other event brings the industry together on the same scale as Sibos, and the addition of even more perspectives to the event's debates and discussions will be increasingly valuable as the industry navigates rapid technological change and the growing risk of fragmentation.' The Sibos expansion comes as Swift's infrastructure is used more than ever. Swift recorded record traffic last year and the highest year-on-year growth in 15 years, underlining its growing utility to institutions around the world. Sibos, which was first convened in 1978, creates an opportunity for the Swift community to come together to exchange ideas, debate and collaborate in the areas of payments, securities, cash management and trade. It regularly attracts more than 10,000 delegates from the financial services sector. Host cities are selected through a competitive bidding process several years ahead of the event. As well as being a financial centre, key considerations include both technological and logistical infrastructure, as well as having a conference venue that is large enough to host a large scale event. In 2020 Sibos went digital as a result of the Covid-19 pandemic, and virtual attendance has remained an option since the event resumed in-person in 2022. About Swift Swift is a global member owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Our messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community's access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. Headquartered in Belgium, Swift's international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift's global office network ensures an active presence in all the major financial centres.
Gulf Today
3 days ago
- Business
- Gulf Today
DIFC announces consultation of new Variable Capital Company regulations
Dubai International Financial Centre (DIFC) proposes to enact new Variable Capital Company (VCC) Regulations. The proposed regulations seek to significantly enhance investment structuring and asset management options for proprietary investment in the DIFC. Jacques Visser, Chief Legal Officer at DIFC Authority, said: 'DIFC Authority is pleased to announce the public consultation for our new Variable Capital Company Regulations. The proposed regime offers a unique vehicle with flexible share capital structuring for proprietary investment activities.' The proposed VCC framework is designed to accommodate proprietary investment activities and will not require DFSA authorisation or a requirement for a regulated fund manager, unless the vehicle engages in regulated financial services activities. This positions the VCC as an efficient vehicle for investors seeking the benefits of collective investment activity, or segregated investment strategies, whilst leveraging the flexibility and reduced procedural requirements for managing share capital. Key features of the proposed VCC Regulations include: Structure: A VCC may be established as a standalone company, or an umbrella structure with either incorporated or segregated Share Capital: Share capital is equal to net asset value, providing flexibility for issuing and redeeming shares and enabling efficient capital inflows and A VCC is not restricted to paying dividends out of its profits but can make distributions from capital based on the VCC's (or relevant Cell's) net asset segregation: A VCC enables segregation of assets and investment strategies through incorporated or segregated cells, facilitating different risk profiles and the ringfencing of asset liability, whilst allowing for economies of scale through centralised management and oversight. The proposed VCC model will be of particular interest to family-owned businesses, high-value multi asset holdings and complex proprietary investment portfolios, such as secondaries structures, that wish to benefit from consolidated management and the structuring options and flexibility that a VCC provides. Meanwhile, Wealthbrix Capital Partners Limited, a newly launched independent wealth management firm, today announced its official market entry from Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA region). Founded by a team of seasoned professionals from private banking and asset management, the firm brings together over 150 years of collective leadership experience and a track record managing more than USD30 bn in AUM from Middle Eastern, Asian, and European clients. Wealthbrix enters the market with a clear purpose: to deliver a client-first approach to wealth management that is independent, holistic, and agile - reflecting the ambitions of global upwardly mobile wealth creators and the shifting centre of gravity in global capital. 'This is the Dubai moment - an inflection point where global capital, regional ambition, and client expectations are converging,' said Dr. Hamad Buamim, Chairman of the Advisory Board, Wealthbrix Capital Partners Limited. 'Today's wealth creators want more than access to products. They expect a partner who can build and preserve their legacy, support their ambitions, and provide unbiased, high-impact advice.' This launch comes at a pivotal moment for wealth managers. An estimated USD85-100 tn in global wealth is expected to change hands by 2050 in what is being called the 'Great Wealth Transfer' – including approximately USD1 tn in the GCC alone. This represents an unprecedented opportunity driven by next gen millionaires. This is juxtaposed by the UAE benefitting from this seismic shift, with more than 6,700 new millionaires having relocated to Dubai in 2024 alone, over 68,000 HNWIs and UHNWIs now based in the country, and more than 30,000 expected to arrive over the next five years, solidifying the UAE's status as a leading global hub for the new generation of high-net-worth individuals. A growing share of global capital is concentrated in two fast-expanding, high-growth segments: Mid-Tier Millionaires (MTMs) with investable assets between USD5 mn and USD30 mn, and UHNWIs with over USD30 mn. MTMs alone account for nearly USD55 tn in global wealth and are growing faster than the broader HNWI population. Often self-made and globally mobile, many in this group sit between upper-tier affluent and ultra-high-net-worth tiers - requiring a more tailored and sophisticated approach than standardised models typically provide. Meanwhile, the UHNWI population is projected to surge by 38 per cent over the next five years, with Asia and the Middle East driving the fastest growth globally. Together, MTMs and UHNWIs represent a rapidly expanding opportunity - one that sits at the heart of Wealthbrix's mission. These clients demand more than transactional advice; they seek a holistic approach that reflects their ambitions. This is where Wealthbrix steps in: bridging the gap between legacy models and modern client expectations through an independent platform that combines global structuring expertise with regional insight. Whether it's wealth preservation, succession, asset diversification, or fundraising, Wealthbrix is purpose-built to meet the needs of this influential and under-served segment. WAM
