Emirates NBD, a leading bank in the region, announced that it had been named the ‘Best Issuing Institution’ in the MENA region by global payments company Visa Inc., based onits strong risk practices and fraud management techniques. R. Sivaram, Senior Vice President and Cards Business Head, Emirates NBD, received the award on behalf of the bank atthe inaugural Visa LEADER Awards ceremony in Bali, Indonesia.
Launched by Visa Inc. at its Security Summit this year, the inaugural Visa LEADER Awardsrecognized 20 financial institutions across Asia Pacific, Central Europe, Middle East and Africa (APCEMEA) for sharing and promoting best practices in risk management.
Emirates NBD won the recognition for the leadership role it has played in promoting and sharing fraud information as well as adopting strong risk practices for cardholders through solutions like Double Secure for E-Commerce and Visa Advanced Authorisation.
“We place a lot of emphasis on risk management, and have worked hard over the years to educate our cardholders about fraud and security,” said Sivaram. “Advances in technology have allowed us to work efficiently with Visa and put safe practices into action.We are delighted that our efforts in this area have been recognised by the experts at Visa.”
The LEADER Awards seeks to recognise and honour financial institutions that demonstrate best practices in implementing secure and reliable fraud management infrastructure, and aims to sustain and enhance risk management standards across the financial services industry. The award is divided into two categories: “Best Issuing Institution” and “Best Acquiring Institution.”
"The LEADER Awards comes at a time when governments across the region are increasing their risk management efforts," said Marcello Baricordi, General Manager, Visa,UAE. "In the UAE specifically, the Central Bank has played an instrumental role in empowering financial institutions to improve their risk management procedures. The impact of this leadership has been significant, and we are delighted to see higher levels of commitment to adopting strong risk practices across the UAE with Emirates NBD in particular, standing out for the stellar performance they have made in the area of risk management."