Pradeep Mohan Das

(excerpt from the book, #LeadershipTransitionforEngineers) Do you want to fulfil your #profit and #revenue goals? The engineering #leader must treat his/her organisation as made up of interconnected sub-systems. The #system operates within higher-level systems, called the environment of the organisation. To be successful, engineering leaders should define the purpose and role of his/her system in higher-level systems. Processes, pieces of equipment, managers and workers are all components of sub-systems. Every sub-system must contribute to the success of the system's purpose. Leaders must look beyond the immediate situation and consider a broader context and the long-term implications of a decision. Leaders who can see the big picture can develop strategies that can be used to align the overall vision with short-term goals and tasks. For example, #Apple's late co-founder #SteveJobs was known for his ability to see the big picture. When developing the #iPad, Job saw the potential for developing a new market for digital music and created an eco-system that revolutionized the music industry. When an #automobilecompany is facing slumping sales and rising costs, the management starts with a meeting with sales and marketing departments and adjusts sales projections. Now, the company will audit each department and look for new efficiencies, new ways of doing business and cutting back expenses when money is tight. And the first cut will most likely be marketing expenses. It is not adapting but just reacting to the market. The real problem could be that the automobile manufacturer did not understand what kind of cars the market wanted, how many of them and at what price. They might have collected all the information about the competition. But the competition does not buy cars. The company must understand the environment that its customers live in. They must also know the constraints the environment might place on the buying decisions of their customers. The company must be aware of the external driving forces, their inter-relationships and their impact on the company. This will determine how the company's internal systems and their inter-relationships need to be designed and operated. This comes from the Systems View. To learn more about the Systems Approach for your organization, click below and get your copy of Amazon Bestseller, " LEADERSHIP TRANSITION FOR ENGINEERS," to enable you to fulfil your goals. You can browse through the free sample of the book @ Amazon. https://amzn.to/3OmGP2m https://amzn.to/3tPiX0w Indian Institute of Technology, Kanpur Indian Institute of Technology, Delhi IIT DHANBAD IIT Jodhpur, Rajasthan Indian Institute of Technology, Guwahati Indian Institute of Technology (Banaras Hindu University), Varanasi Indian Institute of Technology (IIT) Goa Bank of Maharashtra State Bank of India Canara Bank Bank of Maharashtra Union Bank of India

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Amazing news! Dubai Government has taken a bold step towards AI governance by appointing 22 Chief AI Officers across government entities. This pioneering move, highlighted by the National News Technology site, underscores the UAE's commitment to driving innovation and leveraging AI's potential to enhance public services and drive economic growth. While this is a commendable step, true success hinges on a robust data foundation. AI systems thrive on high-quality, diverse, and well-structured data. Ensuring data integrity, governance, and accessibility will be paramount for these Chief AI Officers to unlock AI's full potential. As Dubai embarks on this transformative journey, it must establish a comprehensive data strategy that fosters a culture of data-driven decision-making. By laying a solid data foundation, Dubai government can pave the way for responsible and ethical AI adoption, driving efficiency, transparency, and citizen-centric services. Let us applaud this bold step towards AI governance and eagerly anticipate the transformative impact it will have on Dubai’s digital landscape and expanding into the UAE and GCC. P.S. The question for me is, will the private sector follow and maybe the rest of the world? Let’s continue the discussion in the comments and share your thoughts. #AI #DataFoundation #Innovation #UAEGovernment #DataIsATeamSport #DataGovernance https://lnkd.in/d35SraRn

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🌍 Exploring the UAE's Payment Landscape: A Deep Dive 💳 "The State of Payment in the UAE" delves into the dynamic and rapidly evolving payment ecosystem in the UAE, highlighting key players, regulatory frameworks, and emerging trends. Key takeaways: - Robust Growth: The UAE's payment sector is poised for substantial growth, with a projected revenue increase of 3.6% CAGR over the next five years. - Diverse Ecosystem: From government initiatives like Al Etihad Payments to innovations from global giants like Visa, Mastercard, and local fintechs, the UAE's payment landscape is thriving. - Digital Transformation: UAE national banks and fintech companies are leading the charge in digital innovation, with investments in AI, blockchain, and the creation of neobanks. - Strategic Alliances: The sector is seeing significant acquisitions and partnerships, underscoring the UAE's commitment to becoming a global financial hub. For professionals and stakeholders in the financial sector, this report is a must-read to stay ahead in this fast-paced environment. 📊 #UAE #Fintech #DigitalTransformation #Payments #Innovation #FinancialServices

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A rising tide raises all ships, but is the tide turning? Our quarterly UAE banking pulse report is out. It's not news that banks continue to perform very well in this current environment. Progress across the sector continues, but the signs of a slowdown are evident. As the probability of Fed rate cuts in the next couple months increase along with greater nervousness about the extend positive credit cycle, a number of our clients are taking preemptive action. So what's on their agenda? - Strategic cost reduction - Plugging revenue leakage - Value realization from capital investments. If you are a UAE Bank leader and want to see how you compare click on the link to download the report, or drop me a DM. Fernando Plaza Fernando Morillo Suhail Bin Tarraf Vikram Sandhu Ali Khan Shehzad Hameed Dhiraj Kunwar Jayesh Patel Arjun Vir Singh Gaurav Dhar Ronit Ghose Renjit Philip Luke Eley #UAE_Banks #UBF #CBUAE #Cost_reduction #Revenue_Leakage #VRO

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The world of payments is undergoing a rapid transformation, with new technologies and methods emerging all the time. This is driven by factors like growing demand for faster & more convenient #payment options. #visa #creditCard

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The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

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SiFi - Simplified Financial Solutions Company raises $10 million to expand spend management solutions in Saudi Arabia Saudi Arabia-based Simplified Financial Solutions Company (#SiFi), a leading #fintech spend management platform, has secured $10 million in seed funding to enhance its growth in its home market. This funding round, led by Sanabil Investments (part of Saudi’s Public Investment Fund) and RAED Ventures, marks a significant milestone for SiFi as it aims to revolutionize spend management in the region. Founded in 2021 by Ahmed AlHakbani, SiFi is dedicated to helping organizations streamline their spending processes, including vendor and bill payments. The platform offers a range of features such as controlling corporate card usage, limiting expenditures at merchant or geographic levels, and enabling employees to submit reimbursement requests and invoices. Alhakbani was inspired to start SiFi after witnessing the fragmented expense management system while working as the head of customs in Saudi Arabia. With this new funding, SiFi plans to leverage its Electronic Money Institution (EMI) license from the Saudi Central Bank – SAMA to provide a suite of services, including e-wallets and smart corporate cards. Alhakbani emphasizes that SiFi aims to go beyond just expense management to offer comprehensive spend solutions that address human error, fraud, workflow issues, approval delays, and lack of spend visibility. This investment comes at a time when the global spend management sector is experiencing significant growth, driven by increasing internet penetration, technological advancements, and businesses’ focus on efficient spending. The sector is projected to grow at a compound annual growth rate of 10.3% by 2030, with significant adoption expected in regions like the Middle East and North Africa (MENA). SiFi’s competitors in the MENA region include Saudi’s Sanad and UAE-based Pemo and Alaan. However, SiFi’s strong technological stack and strategic support from investors position it well to scale beyond Saudi Arabia, targeting growth in other markets while focusing on its home base. Other notable investors in this seed round include anb seed, Rua Ventures, Byld, KBW Ventures, Khwarizmi Ventures, SEEDRA Ventures, and Tech Invest Com. Despite a global slowdown in VC activity, Saudi Arabia continues to lead in venture investment in the MENA region, driven by government initiatives to foster innovation and diversify the economy away from oil dependence. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE (CBUAE), has partnered with G42's Core42 to initiate the implementation of #OpenFinance in the #UAE. This collaboration aims to establish global standards for open finance and enhance #digital #financialinclusion. Open Finance facilitates secure data sharing and financial transactions, promoting innovation and customer-centric services. Under CBUAE regulations, Open Finance will begin with Open Banking followed by Open Insurance, reaching the majority of customers by 2024. AEP has engaged Ozone API and Raidiam as technology providers within the Core42-led consortium for Open Finance Implementation. This initiative is part of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to advance the UAE's financial services industry, accelerate digital financial services adoption, and provide consumers with innovative and secure financial products and services. The UAE leads globally in implementing a consolidated trust framework and centralised API hub, ensuring secure access to banking and insurance markets with customer consent. With the launch of Open Finance, Al Etihad Payments is strengthening the UAE's financial services sector and establishing itself as a leader in the global open finance movement. This is an exciting development that will benefit consumers and businesses alike. “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial #infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.” - Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE. Jan Pilbauer #openbanking #fintech #digitalbanking #psp #payments #finance #fraud #‍digitalbanking #dubai #abudhabi #eu #innovation #startups #sustainability #law #fintech #ksa #india #crypto #leadership #lawenforcement #technology #banking #management #openinsurance #digitalwallets #wallets The Fraud Fellas‍‍

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Exploring the AI Jungle: For our June episode of the Data Book Club, we debated insight in AI strategy and breakthroughs from AI/ML research from six bestsellers on the topic of #AI. 1. Architects of Intelligence - The truth about AI by the people building it 2. The Book of Why - The new science of Cause and Effect 3. The Coming Wave - AI, Power & the 21st Century 4. Generative Deep learning - Teaching machines to Write, Paint, Compose & Play 5. Genius Makers - The Mavericks who brought AI to the world 6. The Master Algorithm - The quest for the Ultimate Learning Machine We discussed AI strategic themes that included: ▪️AI DNA – How do we build prior knowledge into AI? Avoid training from scratch. ▪️AI Learning Strategies – how do we generalise and remember better? ▪️Emotional AI – approaches for managing 'what' and 'how' we goal seek with machine intelligence. ▪️ Causal AI – how do we move from correlation to understand cause and effect relationships in the world around us? ▪️Imaginative AI – how do we create new possibilities, form new ideas and concepts through to testing them? ▪️Unified AI – how do we combine a unified view across the contemporary machine-learning paradigms? AI/ML research is progressing on many fronts for these questions - its a big jungle out there. 🌴 Examples of ideas we discussed: ▫️Learning by Algorithm competition with the evolution of GAN architecture. ▫️Model-free vs. Model-based reinforcement learning using simulation ▫️Causal AI for understanding cause and effect for true explain-ability and counter factual reasoning. ▫️xLM The many flavours of Language Models - from large to small to visual language models. ▫️Human aware AI - from Artificial Social Intelligence, Agentic AI to Large Action models. ▫️and so much more.   Takeaways ● Prepare for an uncertain and fast moving roller-coaster so 'Built for Change' principal will be important for agile, adaptable, open & flexible architecture. 🤸‍♀️ ● Invest in your AI/ML skills. We are still in the early stages of AI adoption; lot of options out there and still lots to be done. 💪 ● #GIGO remain as true today as ever. Without Good data there is no Good AI. ℹ️ ● Learning could become our most important asset & resource (so how are you managing & securing)? 🎓 A fascinating set of books that recommend as AI will be a central force in our future. So much insight we had to break up over two episodes. What AI strategic themes and research ideas are you most interested in? Our #westpac data book club, is our member-driven community for the curious, data inspired and passionate continuous learners. 📚 #databookclub #ArchitectsofIntelligence #GeniusMakers #BookofWhy #ComingWave #MasterAlgorithm #GenerativeDeepLearning #ArtificialIntelligence #DataScience #AdvancedAnalytics #MachineLearning #DeepLearning

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MENA: $339bn in on-chain transaction (TX) value from July'23 to June'24 gives the region a solid foundation to lead in a #DigitalAsset future. - #UAE leads the GCC with $30bn TX but Turkey tops with $137bn! - MENA TX sizes: 27% > $10m, 27% = $1-10mm, 39% = $10k - $1m, 7% <$10k Indicating a high proportion of institutional, professional, family-office + HNWI participation. - #Saudi & #UAE lead the region in DeFi. These TX account for 7.5% of global volumes. and firmly positioning MENA as a force in the #digitalassets space. Chainalysis TOO MUCH CEX v DEX? Centralized exchanges (CEXs) = the main gateway for #cryptocurrency inflows in #Qatar & Turkey but decentralized exchanges (DEX) & applications are also a sizable share - which bodes well for DeFi. ~% Share of transaction (TX) value CEX vs DEX: - Global 51% vs 28% - Qatar 64% vs 16% - Turkey 55% vs 25% - UAE 47% vs 33% - KSA 36% vs 31% #SaudiArabia's large (32mm), youthful (63% under 30) demographic are crypto-fluent, boosting participation in [advanced] DeFi activities. With the twin regulatory engines of #Dubai + #AbuDhabi , the UAE has strengthened it's position as a hub for DeFi and crypto projects. Globally total value received by DeFi services, (inc DEXs) was up 74% vs 22/23. DEXs saw a monster 87% growth, from ~$6bn to $11.3bn. A key reason is the relative safety (thus far) of the largest DEXs vs CEXs. The top DEXs came through the 2022 market crash with zero fraud/mismanagement losses. DEXs do NOT hold any customer funds by design and are managed by smart contracts that are independently verifiable. These have proven reliable vs humans. (The top 10 inc Uniswap, Raydium Protocol, PancakeSwap, Curve have a 24hr volume of $3bn). Meanwhile CEXs + centralised yield platforms like FTX, Voyager, Celsius, BlockFi etc collapsed due to fraud/corruption + asset/liability mismanagement etc. resulted in a few billion dollars of losses for investors whose assets were often commingled. (24hr vol $50bn, Binance, Crypto.com, Bybit etc) STABLECOINS DOMINATE #Stablecoin (SCs)TX are significantly higher than the global avg in Turkey, Saudi Arabia, UAE - albeit for very different reasons. ~% Share of TX value by coin type, Stablecoin / ALT / BTC / ETH: - Global 45 / 25 / 22 / 8 - Turkey 55 / 21 / 16 / 8 - UAE 51 / 24 / 17 / 8 - KSA 46 / 30 / 16 / 8 For Turkey (and other emerging nations) with a history of economic instability + high inflation, SCs provide people a much needed stores of value. The UAE & KSA have no such issues, both are USD pegged and safely anchored by $trillions of SWF + Oil assets. The growing usage of SCs likely indicates their popularity to access broader digital asset services + trading. These TXs are a key driver behind the launch of the UAE Dirham stablecoin by Tether.io + Phoenix Group. Saudi remains the sleeping giant in this regard - the region is just getting started! https://lnkd.in/drzfxc5b

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#FinTech | The key insights from the UAE Banking Sentiment Index 2024 via PwC 👌 1/ 📊 The UAE banking landscape is evolving rapidly! Rising digital expectations, new players, and tougher regulations are reshaping the sector. How are UAE banks handling it? Let’s dive into the #BankingSentiment report by PwC and DataEQ. 2/ 📉 Despite a 10.7% increase in social media mentions, customer sentiment has dropped. Key drivers? Slow service and digital security issues. Abu Dhabi Islamic Bank leads in share of voice, while Dubai Islamic Bank jumped 3 spots! 📈 #UAEbanking 3/ 💬 Customer Service Woes: 80.6% of complaints were about turnaround times and unhelpful staff. It’s clear—banks need to level up their service game to keep customers happy. #CX 4/ 🛡️ Digital Security Concerns: Fraud cases are on the rise. With digital channels expanding, robust cybersecurity is more important than ever. Consumers need confidence that their money is safe! #Cybersecurity 5/ 💳 Product Woes: Credit cards and loans topped the complaint list. Many customers reported issues with card malfunctions and loan application processes. Banks must address these pain points for better customer loyalty. #FinTech 6/ 🆚 Incumbents vs. Digital Banks: While traditional banks still dominate, digital banks show potential with a better digital experience. However, they struggle with service, showing reliance on automated responses hurts customer trust. #DigitalBanking 7/ 🔍 Key Takeaways: UAE banks must focus on customer service, digital security, and product reliability. Listening to customer feedback on social media can help them stay ahead in this competitive landscape. #BankingInsights 8/ 💼 To stay relevant, banks need to act on these insights and continuously adapt to meet customer expectations. The race to digital excellence is on! 🏁 #FutureOfBanking

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Good insights from MIT Sloan research & McKinsey on lessons learned so far for implementing GenAI : focus, good enough trustworthy #data, #business value , x/func teams, architecture, #cost consciousness and #reuse I would have also added #skills esp data literacy and security to the mix

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Given the UAE's significant migrant workforce, it's no surprise that cross-border digital currencies, underpinned by Digital Ledger Technology, are gaining traction. The strategic benefits of this payment infrastructure include: - Operational Efficiency: Fewer financial intermediaries (banks, clearinghouses) and lower settlement risks (delays, technical failures). - Improved Experience: CBDCs can complement existing options (money transfer services, digital wallets), boosting payment diversity, resilience, competition, and efficiency. - Macro-Level Benefits: Stimulates international commerce and remittances, while safeguarding currency sovereignty and monetary stability. For First Abu Dhabi Bank (FAB), the latest advancements follow the successful pilots with mBridge project and JPMorgan’s Onyx Coin Systems highlighting a growing strategic emphasis on stimulating faster, cheaper, and more inclusive cross-border payments. #CBDC #Fintech #GlobalFinance #UAE #FAB #mBridge #OnyxCoinSystems

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Open banking is a rich opportunity for banks that think beyond their regulatory obligations. In this article for Finance Middle East, Nader Haddad, Antoine Khadige and Marwan Nadda outline 3 actions to help incumbent banks prepare for the #OpenBanking opportunity.

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Saudi fintech Rasan is looking for $224 million in a first IPO in Ryad #Rasan Information Technology Co., a leading player in the kingdom's #fintech aggregation market, is gearing up for a significant milestone. The company, along with its shareholders, is looking to raise as much as 841 million riyals ($224 million) through an initial public offering (IPO) in Riyadh. This marks one of the first IPOs by a fintech firm in Saudi Arabia, signaling a pivotal moment for the industry. Founded in 2016 by Moayad Alfallaj, Rasan has quickly risen to prominence as the kingdom’s largest insurance aggregator. The company operates major platforms like Tameeni | تأميني and Treza, offering comprehensive insurance solutions. In 2023, Rasan reported revenues of 256 million riyals and an income of 46 million riyals, showcasing its robust financial performance. The IPO involves the sale of 5.3 million new shares and 17.4 million shares by existing shareholders, with the price range set between 35 and 37 riyals per share. Saudi Fransi Capital and Morgan Stanley are acting as joint financial advisers, bookrunners, and underwriters for the offering. Bookbuilding for institutional investors will run until May 16. Rasan’s #IPO is part of a broader wave of IPO activity in Saudi Arabia, with the kingdom’s stock exchange seeing a surge in listings. This trend highlights the growing appetite for share sales and investor confidence in the region's market. Recently, the kingdom has witnessed several successful IPOs, including Dr. Soliman Abdul Kader Fakeeh Hospital and water treatment firm Miahona, which saw substantial oversubscriptions. The technology sector in Saudi Arabia has had limited listings, with notable exceptions like the heavily oversubscribed offering by food delivery firm Jahez in late 2021. Rasan's IPO, along with potential listings from buy-now-pay-later company Tabby and online cosmetics retailer Nice One, indicates a shift towards diversifying the stock exchange beyond traditional banks and industrial companies. The article on Hindustan Times in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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Today every company needs to have an AI Governance and Risk Management Framework in place. NIST Trustworthy and Responsible AI NIST AI 600-1 Artificial Intelligence Risk Management Framework: Generative Artificial Intelligence Profile

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Evolving Consumer Expectations Present Transformation Opportunities for Kingdom of Saudi Arabia’s Banks and Fintechs – New Capco Survey https://lnkd.in/duV6XJqs #2024Trends #blockchain #banking #futuretechnology #financetechnology

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