Latest news with #SWIFT
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.
Memri
2 days ago
- Business
- Memri
Chinese Social Media Video on China-Iran Railway: This Pierces the U.S.-Led Global Order, Undermines the U.S. Dollar, Reshapes the Global Balance of Power
On June 1, 2025, user 'etr White Sheep' on the Chinese video platform Haokan posted a video titled 'The First Chinese Freight Train Enters Iran! A Crack in U.S. Sanctions.' In the video, the narrator says that on May 31, 2025 the first Chinese freight train loaded with mechanical equipment arrived in Tehran. She said that the railway freight cycle between China and Iran is 15 days, compared to 35 days by sea, and that this 'pierces the U.S.-led global order.' She said that according to World Bank estimates, the China-Iran railway is expected to deliver an annual freight volume of 12 million tons, and that rail transport costs are lower than sea transport. In addition, she said that China and Iran have implemented a local currency settlement, bypassing the international SWIFT system and undermining the hegemony of the U.S. dollar. She asserted that this rail line reshapes the global balance of power, and she said that Russia is negotiating to join the China-Iran railway to link Siberian resources with the Indian market, aiming to build a 'Eurasian land bridge... rewriting the rules of the game.' She added: 'When railways, pipelines, and fiber optics form new arteries across Eurasia, the U.S. will no longer be able to choke global trade with a few warships. This quiet revolution is destined to usher humanity into a new multipolar era.'
Int'l Business Times
2 days ago
- Business
- Int'l Business Times
Piyush Chhabra: Revolutionizing Cross-Border Payments with iOS and SWIFT Integration Solutions
The global payments industry is undergoing a massive transformation, driven by the need for faster, cheaper, and more secure cross-border transactions. At the forefront of this revolution is Piyush Chhabra, a fintech architect who is redefining international money transfers by integrating iOS-native payment solutions with SWIFT's global banking network. His approach leverages cutting-edge technology to eliminate traditional pain points high fees, slow processing times, and a lack of transparency, making cross-border payments seamless for businesses and consumers alike. Traditional international money transfers suffer from several inefficiencies: High Transaction Fees – Banks and intermediaries charge hefty fees for currency conversion and processing. Slow Settlement Times – SWIFT transfers can take 2–5 business days, causing delays in business transactions. Lack of Transparency – Hidden fees and fluctuating exchange rates make it difficult for users to track costs. Regulatory Hurdles – Compliance with AML (Anti-Money Laundering) and KYC (Know Your Customer) rules slows down onboarding. Piyush recognized these challenges early and set out to build a next-generation cross-border payments platform that integrates: iOS-native payment technologies (Apple Pay, Siri Shortcuts, and Wallet integration). SWIFT's global payment network (for secure, bank-backed transactions). Real-time FX (foreign exchange) optimization (AI-driven currency conversion). Despite the rise of blockchain and fintech alternatives, SWIFT remains the backbone of global banking, connecting 11,000+ financial institutions worldwide. Piyush optimizes SWIFT, integrating AI-powered routing for the system to automatically select the fastest and cheapest SWIFT corridor based on destination. His SWIFT integration with AI checks IBAN/SWIFT details before submission, which reduces failed transactions and allows users to get live transaction updates for their SWIFT transfers. Piyush Chhabra's Cross-Border Payments integrated solution with IOS and SWIFT provided the following benefits to the financial services industry by: 🚀 Reduced delays (AI predicts processing bottlenecks). 💰 Lower fees (dynamic routing avoids expensive intermediaries). 🔒 Fraud prevention (machine learning detects suspicious transactions). Banks and payment providers often apply hidden markups on exchange rates, costing users millions annually. Piyush's AI-driven solution scans multiple liquidity providers to offer the best real-time FX rate and Machine learning forecasts currency trends, allowing users to lock rates before they worsen. Piyush's integration of iOS, SWIFT, and AI is just the beginning. His global currency transfer solutions include: Blockchain Hybrid Payments – Combining SWIFT with Ripple or Stellar for near-instant settlements. – Combining SWIFT with Ripple or Stellar for near-instant settlements. AI Compliance Automation – Using NLP to auto-fill KYC/AML forms from uploaded documents. – Using NLP to auto-fill KYC/AML forms from uploaded documents. AR Payment Tracking – Visualizing transaction paths in Apple's ARKit for better transparency. Piyush is redefining cross-border payments by merging iOS's seamless UX with SWIFT's reliability and AI's intelligence. These solutions provide faster, cheaper, and more transparent international transactions. As technology evolves, Piyush Chhabra's model could become the gold standard for global payments, bridging the gap between traditional banking and modern fintech innovation. The future of cross-border payments isn't just about speed or cost. It's about seamless integration into daily life. With Piyush's vision, sending money across borders could soon be as easy as sending an iMessage.
The Hindu
3 days ago
- Business
- The Hindu
The ‘Axis of Upheaval' in the West Asia conflict
As the war between Israel and Iran has resulted in a ceasefire after being layered with America's bombing of Iran's nuclear sites, the narrative of the world being divided into power blocs like those during the Cold War era stands punctured. With Iran having suffered a political and military decapitation of leadership and capacity alike, its main partners, China and Russia, have maintained a distance. Before the conflict, Iran had been central to the narrative of the global order's perceived fracturing between palatable West-led alliances against a Moscow- and Beijing-knitted axis, dubbed as the 'Axis of Upheaval' by American scholars Richard Fontaine and Andrea Kendall-Taylor. In Russia's war against Ukraine, Iranian drone technologies have played a critical role, while Moscow and Tehran, despite certain regional differences, once joined hands to stabilise the government of the now ousted Syrian President, Bashar al-Assad. Meanwhile, as sanctions have gnawed at Iran's economic depth over the years, China has gained much by continuing to buy cheap oil from the country. This has been helpful to Beijing in powering its stagnating growth while giving Tehran much needed cash inflows in a polity and society that is starved of steady financial streams. No treaties However, all this balancing has strategic limitations as well. The axes, at best, are a narrative construct. There are no treaties that bind these states into military blocs, where charters can be mobilised to push the others to join a war if a partner country is attacked. The underpinnings of these partnerships nonetheless go deeper, spilling over into a reconstruction of institutions, currencies, multilateralism and how the world operates today. They want de-dollarisation, alternatives to western payments gateways such as SWIFT, and a strengthening of organisations such as BRICS and the Shanghai Cooperation Organisation (SCO) as well as fundamental anti-West ecosystems. But there is no military treaty to anchor all these, which marks a critical gap in taking on western influence which is pinned using both treaties and understandings. Russia and China, nonetheless, have made statements in favour of Iran as a way of support. Moscow has criticised those backing Israel's actions, including the ambiguity of positions taken by the International Atomic Energy Agency and attempts to manipulate international non-proliferation regimes. Russia's President Vladimir Putin in a telephone call offered mediation, which was sidelined by United States President Donald Trump. The noticeable part was this: it was not that Mr. Putin wanted to mediate, but political and diplomatic support may be the only thing Russia may be able to offer Iran at this stage. Tehran has comprehensive strategic partnerships that it signed with Mr. Putin (2025) and China's President Xi Jinping (2021), which are almost exclusively economic in nature. While aligning with Iran as part of an axis in the long term makes sense if one considers the country's vast energy reserves (many of which remain untapped due to technology-led roadblocks aided by international sanctions), the fact is that neither Russia nor China have the intent or the bandwidth to come to Tehran's aid in a military sense even though the suitability of the current political system under Supreme Leader Ayatollah Ali Khamenei is critical to their own individual interests. Where Russia stands For Moscow, its war against Ukraine has tied down most of its political and military capabilities. The other opaque member of the axis, North Korea, is already providing soldiers to Russia to arrest its depleting military depth. This denies it any capabilities to tactically help Tehran. Previously, with its bases and assets in Syria, providing some air power assistance could have been possible, at least theoretically. However, with the fall of the Assad regime, which has now been replaced by former al-Qaeda leader Ahmed Al Sharaa — ironically, he is prioritising relations with the West pushed by Arab partners — Moscow has lost the only military footing it had in West Asia. China too has come out in support of Iran. While its Foreign Minister Wang Yi in a call with his Israeli counterpart highlighted how Israeli strikes were violating international law, a readout after a call between Mr. Xi and Mr. Putin interestingly demanded that the U.S. (without referencing it directly) orchestrate a de-escalation. While both Russia and China are worried about the wider implications of this conflict, it benefits their strategic postures in many ways. With the U.S. now having joined Israel in attacking Iran, a decision Mr. Trump took while keeping even his closest advisers in the dark, it would bog the White House down once again in West Asia, potentially relocating critical military assets away from the Indo-Pacific and from Ukraine. This would free-up space in both Beijing and Moscow's immediate geographies of interest while also potentially sowing self-inflicted discord within the Trump administration. For now, a brittle U.S.-backed ceasefire is holding Tehran and Tel Aviv at bay. The outlook For Iran, the news on any of the axes front is not good. While Russia and China may prioritise their own positions, the proverbial 'Axis of Resistance' made up of Hezbollah, Hamas, and the Houthis among others is down for the count as Iran's first line of defence and offence in the region. Finally, the future of Iran, irrespective of what kind of political reality prevails, even in a moderate system, may be shaped by the point that only nuclear power can hereon guarantee sovereignty. Kabir Taneja is Deputy Director and Fellow, Strategic Studies Programme, Observer Research Foundation
Yahoo
3 days ago
- Business
- Yahoo
It's easier than ever to transfer money around the world. So why can it be a hassle for Canadians?
When Victoria resident Dick Newson tried to send €1,000 to a friend in France through a money transfer from his Scotiabank account, he didn't expect it to be a hassle. "We were able to submit it and it said 'Done,' " said Newson in an interview with CBC News last week. "Two weeks later, our friend said, 'I don't have my money yet.' " He's not alone in his frustration, according to one banking researcher, who notes that transferring money internationally can be costly, difficult or confusing if your point of origin is a Canadian bank. Typically, an international wire transfer requires information including the recipient's name, the name of their bank and codes including the International Bank Account Number (IBAN), the Bank Identifier Code (BIC) or Society for Worldwide Interbank Financial Telecommunication (SWIFT). Newson told CBC News he had all the codes required, but was frustrated by the bank's website, which he found confusing. "I went to their international money transfer web page and tried to enter all this information and had a lot of difficulty," he said. While Scotiabank's website offers the service for $1.99, Newson said he was told that price didn't apply when he asked for assistance, and he'd have to pay $25 if he went into a branch. Newson told CBC News via email Monday that Scotiabank had "determined that the money had been deposited, but in a business or corporate account, and not the personal one of our friend." In an emailed statement Tuesday, Scotiabank said it's "working closely with our client to ensure that this matter is solved to their satisfaction." But Newson's criticism is not just that the money is missing. He believes the process to send money internationally should be simpler and cheaper, similar to how Interac e-Transfers work to send money within Canada. "It should be as easy going through the bank to do the same thing [internationally]," he said. Canadian banks don't face much competition International trade economist Werner Antweiler points out that Canadian banks don't face a great deal of competition in this country when it comes to handling foreign currency and moving money around the world. "It's an oligopoly. It's only a handful of banks that are in a very cozy spot," said Antweiler, who is a professor of economics at University of British Columbia's Sauder School of Business in Vancouver. "And that means they can keep fees relatively high. Especially those fees that are invisible to most customers." While he wasn't speaking specifically about Newson's situation, Antweiler pointed out that Canada's banks don't have to provide the same level of interconnection that many foreign banks do. "Right now we don't have the kind of simplified system, for example, that's in place in the European Union where transfers are carried out in real time and at a really low cost," he said. "Our Canadian banks make it really hard to hold money in a foreign currency," said Antweilier, noting that issues around transferring money can apply to markets a little closer to home as well. He noted that while you can have a U.S. savings account at some Canadian banks, you can only deposit or withdraw funds with many of those accounts. "I cannot actually transact this account in the United States. It is not linked to the U.S. payment system," he said with regard to his own U.S. dollar account in Canada. Canadian banks even charge to receive money Bank charges to send money internationally can be as high as $45 at institutions like RBC. To receive a wire transfer, banks such as TD Bank will charge $15 — on top of whatever fee the sender had to pay. The Canadian Bankers Association, which represents both banks, points out that international money transfers come with costs because they're more complex than domestic transfers. In a statement to CBC News, the association, which represents more than 60 financial institutions, wrote that the cost to move money internationally remains consistent no matter how much money is sent, "which is why banks usually charge a fixed fee rather than a percentage of the total payment." Antweiler points out that currency conversion is just one part of the process, which also includes anti-fraud measures, and he agrees these procedures cost money. "There are always gonna be transaction fees. But the question is, how high should they be and what is reasonable?" Antweiler also notes that often, exchange rates offered by large institutions are higher than alternative money transfer systems. For example, Canadian bank competitor EQ Bank offers online international transfers using a system backed by British financial company Wise. EQ Bank says its exchange rates are typically lower than the major banks, and they make it clear how much it will cost right off the bat. "I'm gonna send … $300 Canadian … but how much is the recipient gonna receive in their bank account at the end of the day?" said Dan Broten, senior vice-president and head of EQ Bank in Toronto, highlighting his company's belief that the higher exchange rates of a traditional bank also serve as a type of indirect fee. "Many customers when they're dealing with a larger financial institution, it may not be clear to them. It's actually completely hidden," said Broten. Competitors trying to make it easier — and cheaper Canadian alternatives to bigger banks could see opportunity in targeting clients who send money outside of Canada, and some are advertising cheaper international money transfers for their customers. Fintech company Wealthsimple recently launched a new suite of products, with some traditional wire transfers being free for several weeks and providing access to a lower cost alternative system, also through Wise. Wise offers its own accounts, as well as a debit-style card that allows clients to receive and spend in multiple currencies or online. In a statement to CBC News, Wise said average fee it charges is .53 per cent of the money being sent, compared with what the company claims is an industry average of two to five per cent. The lower cost is part of the appeal for companies like Wealthsimple. "You know exactly what you're paying for and it's gonna be significantly cheaper, or no fees," said Hanna Zaidi, vice-president of payment strategy at Wealthsimple. She says her company doesn't need to charge as much for wire transfers because it just doesn't have the same costs as a traditional institution. "We don't have bank branches. We don't have all these administrative fees and overhead that we need to deal with," she explained. The increased competition may drive the traditional banks to respond, with Antweiler pointing out that there's more profit to be made as more customers seek international money transfers. "Entering the market as a new competitor and offering a cheaper product will grab your market share," he said. Victoria man's money still missing Back in B.C., Newson acknowledges he may just have to play the waiting game, but said he'd like to see banks compete more when it comes to making it easier to send money abroad. "I just wish banks would step up to that and say, you know, we would like to make it easier." However he also noted it's been more than a month and he still doesn't have his money back, while his friend in France is also sans l'argent (without cash). "Scotiabank has done what it can from this end," he said, adding that he felt the bank "stepped up" to get him additional details to help. So next time? He says he'll use a competing service that may not rely on traditional banks. Sign in to access your portfolio
