Source: Dubai International Financial Exchange
The Dubai International Financial Exchange (DIFX), which aims to be the region's first truly international stock exchange, has selected EastNets, a leading payment and security solution provider for the government and financial service industry in Europe, Middle East and Africa, to implement SWIFT solutions through EastNets Service Bureau.
EastNets' fully managed service will support the DIFX in fulfilling its aim of becoming the leading financial exchange between Western Europe and East Asia. The solution EastNets provides enables the DIFX to deliver connectivity to brokers, counter-parties, customers and banks via the SWIFT IP Network. The SWIFT Network provides DIFX with a secure communication platform.
The DIFX plans to open on September 26, 2005. "The DIFX has been conceived as an exchange that will be of international stature," said Mr. Steffen Schubert, Chief Executive, DIFX. "It was therefore critical that we select the right partner to handle the implementation of SWIFT for us. The decision to select EastNets was prompted by its impressive record in automation, better risk management by complying to high standards, high levels of security and cost-effectiveness. Further EastNets’ long association with SWIFT and its track record in implementing the solutions went in its favour."
Hazem Mulhim, CEO, EastNets, commented, "As a stock exchange that is set to transform the stock trading business in the region, DIFX has selected the best and most competent suppliers for its various functions and operations. The move to implement SWIFT through EastNets Service Bureau will allow DIFX a single-window access to a large network of banks and ensure secure transactions. In addition, it will provide them real-time communication and 100 per cent security, besides helping them minimize burdens on decision-making, reduce costs and focus on their core business competencies."
"This represents a major success for EastNets with the region's most ambitious stock exchange selecting us to implement SWIFT solutions. We understand the diversity of the business and have become familiar with their requirements. We are fully geared and ready to equip DIFX with solutions that will effectively meet their multiple business needs," Mulhim concluded.