SRMG, SSRC sponsored dialogue forum in Kuala Lumpur today

Updated 30 November 2016
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SRMG, SSRC sponsored dialogue forum in Kuala Lumpur today

JEDDAH: An International Dialogue Forum on “The Impact of Social Security and Economic Development Policies in Preventing Terrorism” will be held in Kuala Lumpur on Wednesday.
The event sponsored by the Social Security Research Center (SSRC) of University Malaya will be held in cooperation with the Riyadh-based Saudi Research and Marketing Group (SRMG).
The scientific supervision of the forum will be conducted by EuroMENA, a specialized research center based in London.
The main objective of the dialogue is to bring together scholars and experts from relevant disciplinary backgrounds to conduct an open discussion on the the role of socioeconomic development policies in promoting peace and in the prevention of violence and terrorism.
Discussions of the forum will be based on social and economic development as a catalyst to counterterrorism and possible factors contributing to terrorism.
Deliberations will identify the actual reasons for terrorism.
The participants will also review the facts relating to terrorism and its misconceptions will be highlighted .
A new conceptual framework will be presented for economic development, social security and countering violence and terrorism. Experts and researchers will analyze the social and economic losses due to terrorism in developing countries.
The event will be attended by a large number of experts and interested parties from both countries, as well as researchers and experts from international organizations.
The Social Security Research Center (SSRC) was established in March 2011 at the Faculty of Economics and Administration (FEA), University of Malaya to initiate and carry out research, teaching and dissemination of evidence-based knowledge in the area of social security, including old age financial protection in order to enhance the understanding of this critical topic to promote economic development and social cohesion in Malaysia.
SRMG is the largest publishing group in the Middle East engaged mainly in providing information products and services by publishing newspapers and magazines covering the Middle East and globally in addition to general trading, advertisement, promotion, as well as printing, production and distribution services.
A set of important recommendations are to be made at the end of the concluding session of the forum.


Fintech makes inroads in US banking market, but revenue share minimal — Accenture

Updated 44 min 7 sec ago
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Fintech makes inroads in US banking market, but revenue share minimal — Accenture

  • Around 19 percent of financial institutions in the US are new entrants, such as challenger banks, non-bank payments institutions and big tech companies
  • New entrants account for 63 percent of financial players in the UK

NEW YORK: Financial technology startups and other new entrants are making inroads in the US banking market, but have yet to capture a threatening share of bank revenues, according to research published by Accenture on Wednesday.
Around 19 percent of financial institutions in the US are new entrants, such as challenger banks, non-bank payments institutions and big tech companies, according to the report. Yet they have amassed only 3.5 percent of the total $1.04 trillion in banking and payment revenues so-far, Accenture found.
In the UK, new entrants have made a larger dent, having captured 14 percent of the total €206 billion ($238.45 billion) in industry revenues, with the majority going to non-bank payments companies, according to the report.
Accenture assessed more than 20,000 banking and payments institutions across seven markets around the world to determine the level of change that digital technologies have brought about in banking.
Since the financial downturn, a growing number of companies across the world have sought to position themselves as cheaper and more user-friendly alternatives to banks by making better use of new technology.
Banking and payments institutions have decreased by nearly 20 percent from 2005 to 2017. Still, one in six current institutions is what Accenture considers a new entrant, or companies that have entered the market since 2005.
Their impact has varied by geography.
Tougher regulations and greater dominance of large banks have made the US a more difficult market for new entrants in areas excluding payments, Alan McIntyre, head of Accenture’s global banking practice, said in an interview.
“You still have a very robust banking market in the US,” McIntyre said.
More than half of new current accounts opened in the United States have been captured by three large banks, which have had more money to invest in digital than smaller regional players, he added.
In the UK the situation has been different, thanks in part to a push from regulators aimed at fostering greater competition in the financial sector and diminishing the dominance of large banks.
New entrants account for 63 percent of financial players in the UK, according to the report.
The report also found new entrants are taking over one third of new revenue, pointing to their potential to pose a greater competitive threat going forward.
In Europe, including the UK, 20 percent of banking and payments institutions are new entrants and have captured nearly 7 percent of total banking revenues, according to the report.