SIMAH hosts LEI ‘Meet the Market’ Forum
SIMAH hosts LEI ‘Meet the Market’ Forum
LEI is a 20-digit, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It enables clear and unique identification of legal entities participating in financial transactions.
SIMAH’s forum came as part of the Annual International Meeting of the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) and the Global Legal Entity Identifier Foundation (GLEIF). The forum was attended by officials and representatives of banking and finance sectors, LEI ROC, GLIEF and other Local Operating Units (LOUs).
GLIEF officially accredited SIMAH last September to act as a full LOU. SIMAH Business launched its non-profit Moa’rif service to identify legally independent entities and companies. Moa’rif enables companies to comply with various reporting requirements, while at the same time enhancing transparency. It helps measure and monitor systemic cross-border payment transfer risk, enables regulators globally to more accurately obtain a view on risk to the financial system, helps individual firms more effectively measure and manage counter-party exposure through a common view of legal entities across the organization, and promotes coordination. Moa’rif has so far issued 191 identifiers.
GLIEF was established by the Financial Stability Forum (FSB) in June 2014 as a not-for-profit organization to support the implementation and use of LEIs, and is overseen by ROC LEI. ROC LEI is a group of 71 public authorities and 19 observers from more than 50 countries established in January 2013 to coordinate and oversee a worldwide framework of legal entity identification, the Global LEI System.
SIMAH Business is designed to provide credit information to all companies and institutions operating on the Saudi market, representing their financial solvency. This allows members to study the credit behaviors of its commercial clients and to assess credit risk in order to make sound decisions.
Hyundai hosts female Saudi drivers in Korea
Three Saudi-based female influencers have visited Korea as part of Hyundai’s outreach to women drivers in the Kingdom, and as brand ambassadors for the carmaker.
The three women include entrepreneur and lifestyle influencer Bayan Linjawi; radio presenter, travel blogger, and fashion lover, Shadia Abdul Aziz; and business-owner and fashion career coach, Reem Faisal.
During their tour of Korea they received detailed briefings about Hyundai and its products, and toured production, design and research facilities.
The program gave them an understanding of the innovative and advanced thinking that underpins today’s Hyundai models, and also included opportunities to experience Korean culture and heritage.
“This is an exciting moment for women and for motoring in Saudi Arabia, and Hyundai is committed to playing an active part in this historic change,” said Hyundai’s Head of Operations for Africa and the Middle East, Mike Song. “Hyundai’s models will appeal strongly to women from all walks of life, from younger more style-conscious drivers, to those who value practicality and quality. Our brand ambassadors are part of our strategy to highlight those qualities to women as they take their place behind the steering wheel.”
Hyundai has identified design and safety as key buying factors for female drivers in Saudi Arabia, and offers these attributes in a variety of segments, including sedans and SUVs. It has identified established names including the Azera, Sonata and Tucson as key products to promote, as well as the new Kona premium compact SUV.
The brand ambassadors will use a selection of these Hyundai models as they join the first ranks of Saudi female drivers, and will share their experiences with fans and followers.
Included in their roles will be being part of digital commercials, social media postings, and event appearances under the umbrella of Hyundai’s Saudi campaign #whatsnext.