Financial services currently account for up to 27.6 per cent of Bahrain’s GDP
Al-Falak Electronic Equipment & Supplies Co., a leading provider of technology-based end-to-end solutions in the Middle East, has announced that it showcased its Axway managed file transfer (MFT) solutions during its participation at MEFTEC 2010, the world's premier financial technology event for emerging markets that was held recently at the Bahrain International Exhibition & Convention Centre (BIECC). Al-Falak also offered free Proof of Concept evaluations to potential clients as part of its exclusive offerings at MEFTEC 2010.
Al-Falak has recently signed an agreement to offer MFT solutions from Axway, the Business Interaction Networks company, as part of a strategy to capitalise on the growing importance of advanced IT solutions in the Middle East's financial sector, particularly in Bahrain where financial services currently account for up to 27.6 per cent of the country's GDP.
“Through our partnership with Axway, Al-Falak is now able to deliver a more cost-effective, practical and reliable solution for our customers to gain control of their data. Al-Falak's ongoing efforts to expand our product range for financial customers aims to capitalise on the increased demand for compliance-related solutions in Bahrain and other key financial markets," said Bob Hall, Regional Sales Manager, Software Products Division, Al-Falak.
"MEFTEC provided us with a great opportunity to generate visibility for Al-Falak and create awareness about the strategic advantages of the Axway Managed File Transfer solutions. Platforms not designed to meet today’s regulatory compliance requirements, such as FTP and SFTP, are still being used by many businesses to handle complex file and data sharing requirements, which presents substantial difficulties and significant risks. In this regard, we prepared a highly engaging and interesting exhibition, highlighting the advantages of our MFT solutions particularly in terms of securely sharing or moving information between business partners," added Hall.
Al-Falak pointed out that businesses using unsecure tools such as FTP and SFTP to handle complex file and data sharing requirements are facing difficulties in managing the transfer of information between disparate entities. Al-Falak has introduced Axway MFT solutions to allow companies to move information as part of planned and unplanned processes, regardless of size and complexity, between trading partners, suppliers and customers across different formats, applications and technologies while keeping up with regulatory standards.
- During 2000-04, Qatar’s nominal GDP is estimated to have grown at a CAGR of 12.5%
- Al-Falak partners with Axway to provide managed file transfer solutions in the Middle East
- Total exports of Bahrain in 2004 stood at BD2.83bn, an increase of 13.4% over 2003
- Employment in Bahrain's financial services sector up
- GDP booming in GCC