Cybersecurity in a Multi-Cloud World

Andrew Milroy, Head of Advisory Services APAC, OVUM

Commonly, enterprises have cybersecurity solutions for individual clouds, but often fail to take a connected and holistic approach to cybersecurity. Multi-cloud environments require greater visibility of technology assets, particularly data moving between.

This session discussed the cybersecurity challenges posed by multi-cloud environments and how cybersecurity postures need to adapt to multi-cloud environments and the key cybersecurity solutions required.

ABOUT OVUM

Ovum is a market-leading dataresearch and consulting business focused on helping digital service providerstechnology companies and enterprise decision-makers thrive in the connected digital economy. They create business advantage for our customers by providing actionable insight to support their business planning, product development and go-to-market initiatives.

Technology Intelligence is the Future of Software Asset Management

Laxman Dhamsam, Managing Director, Snow Software ASEAN and India

During this roundtable session, Snow Software unveiled their single integrated platform for technology insight and manageability across on-premise and cloud environments.

Taking a technology intelligence approach recognises that traditional software is only one part of the equation within the increasingly complex IT landscape.

ABOUT SNOW SOFTWARE

Snow’s mission is to provide complete insight and manageability across all technology. They offer the platform and support you need to transform your business, from discovering assets to driving action.

 

Digital Disruption Within

Sarat Mohanty, Head, Global Trade Finance Client Implementation, Standard Chartered

Whilst digital disruption is moving in a much faster pace externally, internal disruption within the organisation is also becoming a sought-after skill for future survival within the organisation.

Technology function that owned and led the digital space for the last 4-5 decades, will have to disrupt itself in the coming years. How will technology function lead the way internally by not losing its pole position when it comes to digitisation?

This workshop shared a perspective & open discussion on how the future technology function will thrive in the age of digital disruption that is happening internally.

ABOUT STANDARD CHARTERED

Standard Chartered offers banking services that help people and companies to succeed, creating wealth and growth across our markets. Their heritage and values are expressed in their brand promise – Here for good.

With more than 86,000 employees and a presence in 60 markets, their network serves customers in close to 150 markets worldwide. They’re listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

BP’s Digital Transformation Journey: Preparing Ourselves for the Next Generation

Kurt Bergmans, Head of Global IT Service Operations, BP PLC

Our industry is changing faster than at any time in our lifetime. New digital business models are the principal reason why over half of the names of companies on the Fortune 500 have disappeared since the year 2000; and yet, we are only at the beginning of the “Fourth Industrial Revolution”. Successful companies recognise the opportunity to do things differently.

In this case study Kurt shared Vision 2020, which defines the identity, purpose and ambition of BP’s global IT organisation to modernise IT and be at the heart of BP’s Digital Transformation.

“We are currently on a journey to transform our processes, tools and most importantly our people to stay relevant and become more agile in an environment where change is constant and predictability a thing of the past.”

 

ABOUT KURT BERGMANS

• Senior executive with over 20 years in international IT management, with roles ranging from COO to global programme director and currently Head of global IT Service Operations at BP.
• Successful track record in managing global clients with a revenue of over €80 million annually
• Vast experience in service delivery, service management and service improvement for large international companies/multinationals
• Excellent client relationship skills with a good understanding of client needs and ability to translate these needs into solutions
• Proven people management skills with a focus on team building and motivating employees
• Excellent vendor and partner management skills
• Strong focus on building and managing cross-geographic and cross-cultural teams and programs
• Proven track record in reducing costs of running international programs as well as increasing program revenues
• In-depth knowledge of budgeting, pricing, planning, implementing and managing remote and onsite IT services for MNCs
• Vast experience in managing multi-million euro IT contracts for international clients including Shell, ExxonMobil, Baker Hughes, Merck, Malaysia Airlines, Deutsche Bank, Barclays, Credit Suisse, Johnson &Johnson, BASF, and Dell.

There’s a Better Way to Work Together than Email

Arturo Arrarte, Head of Growth for APAC, Slack,
Brian D’souza, Solution Engineer, APAC, Slack

“As leaders, we acknowledge the fundamental challenge common to all organisations is one of coordination: the creation and maintenance of alignment over time. Email is the default coordinating point for communications and information, but inside a company it works so poorly.”

Slack offers a new choice, a better way to work together, by replacing email inside your company.

During this keynote presentation, the team from Slack, demonstrated how Slack solves the fundamental challenge of coordinating and aligning teams by moving from email to a collaboration tool.  They demonstrated how to:

  • Improve alignment with team-first channel-based communication
  • Maximise the ROI of your existing software by integrating apps into Slack
  • Improve employee engagement and productivity

 

ABOUT SLACK

Slack is the collaboration hub that brings the right people, information, and tools together to get work done. From Fortune 100 companies to corner markets, millions of people around the world use Slack to connect their teams, unify their systems, and drive their business forward.

The Modern Digital Workplace

Moderator: Richard Wong, Vice President Head of ICT, APAC, Frost & Sullivan

Panellists:

Mikael Larsson, Vice President IT, Volvo Group

Chakib Abi-Saab, Group Chief Technology Officer, OSM Maritime Group

Vivienne Tan, Enterprise IT Director, Nanyang Technological University

This panel discussion explored how technology is changing the landscape of our businesses and daily life.

 

 

 

One Transformation – 3 Journeys

Frederic Ducros, Chief Transformation Officer, AirAsia Group (outgoing) & Director, transform.ng / ng.li

 

 

 

 

 

 

 

 

 

 

 

During the opening keynote presentation, Frederic explored the 3 journeys necessary for a deep and lasting transformation.

  1. Transformation from a vision in one head, to many visions in many heads, to a shared vision in all heads
    – How exploring and confronting with reality and others views, through experiments and open spaces, may help refine and realise a strategy, especially when entering new spaces.

 

  1. Transformation from the work of one hand to work in all hands
    – How getting the basics right, the way we run and approach processes, projects and products will help you get out of your own way, and drive real innovation and transformation.

 

  1. Transformation in all hearts
    – How shifting from ‘bringing change to people’ to ‘bringing change with people’ then ‘bringing change through people’ will help you adopt a better role for Digital, IT and Transformation Office heads and teams.

 

ABOUT FREDERIC DUCROS

Frederic worked for 20 years in consulting with KPMG, Deloitte, Oracle and agi.li.

  • Frederic is now Chief Transformation Officer for AirAsia, where he helps the executive team, management teams, and change agents (a.k.a. “Founders’ Circle”), by driving and supporting:
    drive the end-to-end review and continuous improvement of all processes across all entities and departments, and the selection/deployment of approaches, tools and technologies to map, monitor, run and automate processes to run the business more efficiently.
  •  improve and coordinate the way (and tools and technologies with which) management, change agents and all staff capture ideas and opportunities, and select, start, monitor, and close projects that bring the value and transformation needed.
  • drive and pace the collective, iterative, refinement of new ways of working, with executives, heads of departments, and staff.
  • lead the development of 1000+ change agents, via reverse learning, experiential activities and games, action learning sets.

How do you know you are okay?

How do you know you are okay?

When it comes to cyber security issues, the question CEOs and their boards need to ask is not, ‘are we okay?’ But, ‘how do we know we are okay?’

Article from New Zealand Management Mag by Annie Gray.

 

While there is definitely an increase in awareness of cyber security risk at an executive and board level, the Government Communications Security Bureau’s experience over the past few years shows there still needs to be greater understanding of how leaders can best drive cyber security risk management, says the GSCB’s Director-General, Andrew Hampton.

He says the GCSB’s National Cyber Security Centre’s survey of cyber security resilience, based on face-to-face interviews with security professionals from more than 250 organisations, suggested that while most organisations are heading in the right direction, more work needs to be done to improve cyber resilience.

And he pointed towards four areas – governance, investment, readiness and supply chain.

Hampton, whose bureau contributes to New Zealand’s national security by providing information assurance and cyber security to the Government and critical infrastructure organisations, told Management, in reply to written questions, that a key challenge for leaders is knowing the right questions to ask.

“One of the key things is that leadership must recognise that effective cyber security risk management is not just an IT thing – it requires a whole of business approach.

“There are a range of questions that boards and executive teams should be asking as part of their risk assurance and management processes.

“They are in four key areas; knowledge of information assets, the potential impact of a cyber event, understanding your vulnerabilities and preparedness to respond.”

• Information assets: What are our most important information assets? How are we protecting these assets? Are we managing the risk to an acceptable level in accordance with our business objectives and do we have a security framework in place?

• Impact: What would be the impact of a cyber-attack? What are the cyber security risks to the organisation? What is the potential cost of a cyber-attack and the damage to our brand?

• Vulnerabilities: How well do we know the vulnerabilities of our systems processes and data? Do we have inventories of all of our IT systems? Are we following best-practice advice and do we conduct regular audits and security risk assessments?

• Response: What is our plan for dealing with a cyber security incident?  Do we have an incident response plan and if so, how often is it tested?  As part of response planning what is our communication strategy for dealing with a cyber incident?

In essence, Hampton says the question boards and CEOs need to ask is not, “are we okay?” but “how do we know we are okay?”

Hampton says there are many measures and frameworks for ensuring resilience.

“At a governance level it is not necessary to fully understand these frameworks but it is important to understand how an organisation measures up in terms of their compliance with them.

“In order to measure boards must first understand what normal looks like for their organisation. They should establish a baseline for security assessment of the organisation’s cyber security.”  This includes:

• Understanding what your most important information assets are;
• Prioritising security risk based on knowledge of your sector and systems;
• Identifying critical assets that are key to delivery of your business objectives; and
• Understanding how the organisation identifies and keeps track of what is happening to its systems and data.

“In March our United Kingdom counterparts, the UK National Cyber Security Centre published a cyber security guide for boards. This is a really useful resource that sets out how boards can get the information they need to make well informed decisions on cyber security risk, understand and prioritise risk, then take the necessary steps to manage those risks.  It is well worth checking out.” See https://www.ncsc.gov.uk/collection/board-toolkit.

So, if CEOs and board members could concentrate on just one or two areas, what does Hampton think it should be?

You need to “think ahead and be prepared”.

• Understand where your most important information is and ensure it is protected;
• Foster a strong security culture; and
• Understand the threats you are facing.

For more information see
https://www.ncsc.govt.nz/newsroom/nationally-significant-organisations-c…

 

CYBER SECURITY: DON’T FORGET THE HUMBLE PHOTOCOPIER

For all the focus on securing the desktop and network, it’s easy to overlook office multifunction devices as an IT asset that merits equal scrutiny for the security team. Yet, there’s just as much, or more, business critical information passing through and stored on these devices as the desktop.

Every page that’s scanned, printed or copied gets stored to a hard drive, and if not properly protected or securely deleted, is potentially vulnerable to exploitation, says Ross Wilkinson, a network and document security expert from Fuji Xerox New Zealand.

“Since these devices are connected to the network there’s a potential route of access available to external parties that needs to be protected,” he says.

Wilkinson points to Faxploit, a vulnerability that was discovered in mid-2018 that affected all-in-one printers and multifunction devices around the world.

“At a basic level, if hackers had the fax number for one of these machines, they could remotely connect and deploy malware that would compromise its security and give the hackers access to the device at an admin level, which could then in turn grant them access to the entire network.

“In the hacking game access is key, and once they’re in, the only limits are the hackers’ imagination. Because there are so many of these devices around the world, it served as a real wake-up call to many IT experts and vendors.”

He says that in response a number of manufacturers have issued software patches and updates to their devices. Many organisations are also looking at the fax function of their devices and determining if this is really still necessary.

“However for some organisations, the rather antiquated fax machine isn’t going away anytime soon. There’s still a surprisingly large amount of fax traffic worldwide, particularly in highly regulated industries like legal firms, pharmaceuticals and healthcare and government bodies where only a hard copy of a document is legally recognised. Until the rules and regulations governing those industries change to reflect advances in technology, the fax machine will be here to stay.

“Thanks to a quick response from most print providers the threat from Faxploit has tapered off, but as always in security it’s a cat-and-mouse game.”

Wilkinson says there are seven avenues hackers could use to access an office multifunction device:

1. Unauthorised use (i.e., logging in as someone else).
2. Eavesdropping or tampering with network traffic to, or from, the device.
3. Tampering with admin settings to open vulnerabilities.
4. Software tampering to revise the software running the machines.
5. Audit log tampering.
6. Stealing document data stored on the device.
7. Data breach through accidental misuse.

As to what organisations can do to better protect their data Wilkinson points to:

• Create unique user IDs for each person using the device: This makes all print jobs and actions accountable to a specific user and helps to prevent unauthorised access – both on-site and remotely.

• Restrict USB keys and portable memory devices: While these can be convenient for scanning and printing, they’re also well-known vehicles for deploying viruses and malware. Newer MFDs now include a number of features for better data portability, so instead of a USB you can print directly from your phone or scan directly to OneDrive or SharePoint from the machine’s touchscreen.

• Implement image overwrite (if not already configured): This is an admin setting on most MFDs where after every print job the image is overwritten (digitally ‘shredded’) on the device hard drive, ensuring it cannot be easily recovered or exploited if anyone were to access the device’s memory.

• Change the default admin credentials: You would do this on any other device on your network, so treat your MFD the same way.

• Disable functions and services you don’t use: Most MFD models come with an array of possible functions, features and ports that are mostly enabled by default. If you’re not using them, just turn them off.

• Implement a follow-me type print solution. This means that a print job is only released when a user is at the printer, ready to collect it. Also ensure that this solution (there are many available) uses modern encryption standards to encrypt your print data, and that it is kept in sync with your computer access directory, so that users who are no longer with the organisation lose any access to the MFDs.

 

Publishing Information

NZ Management Magazine Issue:

Page Number: 9

 

If you would like the opportunity to have your articles published on our website and included in the industry insights weekly newsletter, submit your content to stacey@focusnetwork.co for consideration.

Fintech startups play a key role in Saudi Vision 2030

Fintech startups play a key role in Saudi Vision 2030

With regulatory, infrastructural, and talent challenges getting resolved, Saudi Arabia might be on the cusp of a fintech revolution

Article from  International Finance Magazine by Samuel Abraham

 

Saudi Arabia is attempting to create a fintech ecosystem from the ground up with the active support of the government. Fintech innovation is part of Saudi Crown Prince Mohammed Bin Salman’s Saudi Vision 2030 to transform the Saudi economy away from its reliance on oil to a more technology driven modern economy. The government reinforced its plans by creating one of the world’s largest sovereign wealth funds, with an estimated asset size of $2 trillion. The fund will be deployed to transform the economy and create employment.

The Saudi government showed its clear intent to support fintech innovation by creating Fintech Saudi in 2018. Saudi Arabia has seen fintech innovation before, but typically fintech companies created in Saudi Arabia prefer to relocate elsewhere when they needed to scale. This tendency to relocate was driven by the lack of infrastructure, talent, and supporting regulations. Fintech Saudi’s motive is not only to ensure that more fintech startups are created in Saudi Arabia but also to ensure that they stay in Kingdom when they grow. Fintech Saudi was launched by the Saudi Arabian Monetary Authority (SAMA) under the Financial Services Development Programme. So, which are the forces behind the fintech innovation in Saudi Arabia? How does fintech innovation in Saudi Arabia differ from the UAE? What are the challenges and the prospects for fintech startups in Saudi Arabia and how do they fit into the Vision 2030 plan?

In a report published to mark one year of Fintech Saudi’s operations in April 2019, Nejod Al Mulaik, the director of Fintech Saudi notes the key milestones reached in the development of the fintech community. This include the launch of the fintech regulatory sandbox, the first Fintech Tour, and the release of the Fintech Access Guide. The April report by Fintech Saudi identifies 20 fintech startups in Saudi Arabia. As reported by International Finance in June, SAMA had licenced an additional 14 fintech startups in the middle of this year. 11 of the 20 Saudi fintech startups identified by Fintech Saudi in its April report are in the payments space. A majority of the 14 fintech startups licenced by SAMA in June were in the lending or payments spaces.

Tech entrepreneurship the cornerstone of Vision 2030
Entrepreneurship, especially involving technology, is a cornerstone of Vision 2030 and a critical lever for achieving goals such as finding new sources of economic growth and employment, according to Nawaf Al Sahhaf, the CEO of Badir Program, a tech incubator allied with the elite King Abdulaziz City for Science and Technology, which is actively nurturing Saudi startups including fintechs. “Over the last few years, the Saudi government has recognised the potential of entrepreneurs and invested heavily in creating a startup ecosystem by implementing large scale public programmes focusing on supporting startup technology companies,” Sahhaf told International Finance.

Ammar Bakheet is a leading Saudi entrepreneur and founding partner and CEO of Raqamyah platform, which was one of the Saudi companies to receive a fintech licence from SAMA early this year. “Saudi Arabia is pushing for fintech adoption by Saudi banks and financial institutions. The sandbox team are acting as enablers for new companies to come and offer fintech solutions to the market. I have to insist that this role of the Saudi government is very positive,” Bakheet told International Finance. Raqamyah is one of the fintech startups planning to operate in the peer-to-peer (P2P) lending space for SMEs.

A key motivation for innovators in the fintech space in Saudi Arabia is the government’s efforts to move toward a cashless economy. Bakheet told International Finance that Raqamyah platform is inspired by the fact that the government is very keen to encourage fintech startups to provide fintech solutions for underserved segments like SMEs as the government believes it is very important for the SMEs to play a bigger role in the economy. In fact, the Saudi Vision 2030 seeks to raise the contribution of SMEs to the GDP to 35 percent from 20 percent currently. It underscores SMEs and startups as an important pillar of the economy that will support innovation, create jobs, and drive exports.

Payments ripe for disruption
Typically, payments innovation is one of the first frontiers of fintech innovation in nascent fintech ecosystems globally. Islam Al Bayaa, head of advisory at KPMG Al Fozan and Partners, told International Finance that Saudi Arabia is also likely following the same model. “Although Saudi Arabia is probably not currently as developed as some of the recognised fintech centres, but given the young, tech-savvy population, there is potential for rapid development in the Kingdom. Globally we are seeing trends both where tech is migrating from initial payments offerings to other broader offerings and vice-versa from other offerings to include payments platforms. These trends are likely to emerge in Saudi Arabia also,” Islam Al Bayaa said.

The potential for payments disruption is immense in Saudi Arabia as currently less than 20 percent of the payments transactions are digital and given the government’s target of achieving 70 percent digital payments transactions by 2030. Network International is a fintech payments company that has been included in SAMA’s fintech regulatory sandbox this year. Samer Soliman, managing director of Network International for the Middle East, told International Finance, “The Kingdom of Saudi Arabia is one of the largest payments markets in the Middle East and Africa and we see great opportunities there over the medium term. Digital payments adoption is low at the moment, only around 15 percent of transactions, but the government has initiatives in place to drive this up to 70 percent by 2030. When you couple that with the largest GDP in the region and a large population under 25, you can see excellent potential in the Saudi market.”

Nawaf Al Sahhaf, the CEO of Badir Program also told International Finance that in fintech, payments innovation is a priority given the government’s goal for achieving a largely cashless society by 2030. The opportunities for fintech innovation in payments are also because of the legacy challenges in the banking system in Saudi Arabia. At present the majority of debit, prepaid, and acquirer processing is processed onshore by banks to meet regulatory requirements – in fact only credit cards can be processed out of the country. The banks use legacy infrastructure and, following the trend across the globe, many of them are keen to outsource this function to avoid major investment in upgrading their systems as they have to meet growing demand. This outsourcing trend will also help drive payments innovation in Saudi, as the banks increasingly look to fintech companies to acess sophisticated products, said Soliman.

Currently payments fintech startups in Saudi Arabia are looking for ways to disrupt existing payments services with their own propreitary technologies, given that a market of the size of Saudi Arabia which is heavily cash dependent is primed for disruption. “Looking at the banks, at the moment, 80 percent of all processing is insourced across the Middle East and Africa and that’s particularly true in Saudi Arabia. You will see the benefits of payments technology like Network International’s coming through as banks increasingly seek to outsource these functions, avoid the considerable capex involved in upgrading their own systems and benefit from the economies of scale that fintech companies like Network International can offer,” said Soliman. Alongside this trend on the merchant side, is the government’s plan to build out a digital payments economy and move two million SMEs into taking digital payments by 2030. “These two trends mean technological advancement across the Saudi payments ecosystem is inevitable,” added Soliman. One of the factors driving payments innovation in Saudi Arabia is the surge in ecommerce transactions. Rising ecommerce inevitably drives payments innovation in countries with low digital payments penetration and young populations like Saudi Arabia.

Fintech ecosystem relies on collaboration
The collaborative model of fintech disruption in which established banks and financial institutions collaborate with emerging fintechs instead of solely competing with them is also set to take root in Saudi Arabia. This is because banks have a significantly high cost structure and conducting small transactions, say in the sub SR1 million category, is not cost effective for banks. Says Raqamyah’s Ammar Bakheet, “ Collaborating with fintechs helps banks fill the gaps as well and overall it is a win-win situation for both. They can now target segments they were not targeting earlier.” Bakheet adds, “Take our company for instance, our ledgers could have banks, financial institutions, individual lenders. You may ask why banks will like to partner with us and lend when they can do it themselves? In the words of a CEO of a bank – there are things that we do not know or are not willing to do, but now more than ever if there are other people doing it, we should be willing to partner with them and do it.” Sahhaf of Badir Program backs up the fact of the collaborative relationships in the financial industry. “Digital transformation continues to be a key focus within the financial industry. We are witnessing a more pronounced collaboration between banks and the fintech community as they are working actively to partner and collaborate to create new structures, products, and services,” he adds.

Scopeer, a Saudi fintech startup, is the first crowdfunding platform in Saudi Arabia. Again, the main target of Scopeer is to fill the funding gap in Saudi Arabia by providing alternative financing options for SMEs and startups. The CMA last year granted fintech experimental permits (ExPermit) to Scopeer and another fintech startup Manafa Capital to create equity crowdfunding platforms. At its launch, Scopeer had said that it plans to attract up to 10,000 investors, funds, investment firms and qualified investors, as well as individual investors who can invest up to SR20,000 in a company. Two disruptive fintech startups that have come out of Badir Program’s cohort are Tammwel and Qoyod. Qoyod sells cloud-based accounting software to startups and SMEs using a SaaS subscription model. With 600 SMEs onboard, the startup helps local businesses cover their accounting and bookkeeping needs as well as allows them to meet the unique statutory requirements of the Kingdom. The Badir Program incubated fintech startup Tammwel is an online platform that helps loan seekers to compare providers in terms of interest rate and credit score in order to help them get the best financial solution. Currently, Tammwel has more than 50,000 customers.

Is there enough talent for tech startups in Saudi Arabia?
Most of the infrastructure and regulatory requirements being met, the other key need for the fintech startup ecosystem in Saudi Arabia to flourish is the human capital base. Although there are growth and job opportunities in the market, Saudi startups might struggle to hire for technical skills according to Badir Program’s Sahhaf. “The exponential growth in the number of tech startups emerging across the Kingdom has made competition for talent extremely high. Central to the concern of the industry’s talent shortage, all companies regardless of their size reveal that the key issue lies in filling vacancies with qualified local candidates as there are some jobs hardest to find talent in Saudi Arabia such as programmers, cybersecurity specialists, system architects, and engineers. In fact, the talent crunch is not just a concern in Saudi Arabia, but a global problem,” adds Sahhaf.

Seeing the sunny side up, Islam Al Bayaa of KPMG tells International Finance that the government and tertiary institutions are committed to improving the human capital in the technology space and the government’s efforts should provide the solution. According to a Gulf News report, 58,726 Saudi students were studying in the US in 2018. The largest segment of students in the US were studying engineering and IT (22,240). Ammar Bakheet is of the opinion that the impact of the returning technology educated Saudi students is already being felt in the tech startup ecosystem in Saudi Arabia. “I see nationals coming back home after studying in the US and other countries who are willing to work in startups. To give you an example, we as a startup were looking to hiring people for the role of credit and financial analysts. We received 70 applications in response to an advertisement of which 25 to 30 were of students who had graduated at a foreign university and had come back home.”

The UAE startup ecosystem is different

Most of the startup innovation in Saudi Arabia is driven by Saudi nationals compared to the expatriate driven innovation in the UAE. While UAE startups attract more foreign funding, Saudi startup funding seems to be more national driven. UAE has free zones and other enablers that helps it to attract foreign investors and multinationals. Saudi Arabia’s Vision 2030 is focused on seeing a new pool of talent and new Saudi corporates dominating the future economy. The government’s decision to send large numbers of students to foreign universities over the last seven to eight years dovetails with this fact. With regard to funding, Saudi startups are beginning to attract the attention of foreign venture capitalists with the Saudi government is opening up the market. KPMG’s Islam Al Bayaa says, ”As is indicated, it’s a different model in Saudi Arabia. This probably gives rise to some strengths and weaknesses when compared to the UAE model. But what’s more important is that we expect to see tailored models in the Kingdom developed by Saudis for Saudis.” Islam Al Bayaa expects the trend of foreign funding to develop quickly in line with economic transformation in Saudi Arabia as barriers like regulations improve. He also says that foreign investment is not be the only solution. According to Bayaa, domestic funds will invest in Saudi startup ventures if the structures are right. Badir Program provides funding avenues through personal networks, angel investors, and crowdfunding for its cohort of startups. “While Saudi Arabia is heading in the right direction in creating a robust entrepreneurship ecosystem, it needs to up the ante in making local startups visible and appealing to venture capitalists all over the world,” says Sahaff.

A breakout Saudi fintech startup is a matter of time
How does the future look like for fintech innovation in Saudi Arabia? The recent regulatory reforms have focused on reducing the roadblocks to tech entrepreneurship. Another significant boost to the sector has been the rise of accelerators and incubators across the country. The country has over 40 business incubators and several accelerator programmes, 50 per cent of which have some form of government affiliation. Overall, the startup ecosystem in the Kingdom has become much more structured in recent years and is expected to grow with the support of government and private sector players, says the Badir Program’s Sahhaf. Badir Program, which is now present in eight cities in the Kingdom is focused on its KPI of creating 600 startups and 3,600 jobs by 2020. According to the 2019 Global Entrepreneurship Monitor report, around 76.3 percent of the adults in Saudi Arabia see good opportunities to start a business – the second highest out of 49 countries analysed. What are the chances of a breakout global or regional startup emerging out of Saudi Arabia? A break out global Saudi tech startup may already be here – Foodics, a foodtech startup started with the support of the government by two Saudi entrepreneurs offers a cloud-based all-in-one restaurant management system. Started in 2014, Foodics today has global clients in countries such as Thailand and Turkey. A global Saudi fintech startup could be next.

 

 

 

If you would like the opportunity to have your articles published on our website and included in the industry insights weekly newsletter, submit your content to stacey@focusnetwork.co for consideration.

Interview with William Chong from JLL

William heads up JLL’s Workplace Analytics and IOT (Internet of Things) practice in APAC, a full-time multi-disciplinary group dedicated to delivering innovative and ethical Analytical/IOT solutions to drive better design, provisioning and management of real estate through data.

His practice enables real estate owners and occupiers to understand real space needs and take actions to optimize their spaces for cost reduction, workforce efficiency and revenue generation.

William has been managing the strategic use of technology to enable business growth in the Asia-Pacific region for over 2 decades. His experience spans several industries including real estate (since 2003), e-commerce marketplace, technology and product internationalization (I18N).

Since 2016, William’s focus has been on using the Internet of Things (IOT) and data analytics to solve pressing issues in real estate. His work includes advanced IOT sensing platforms (machine vision, radar) and data science to deliver actionable insights from facts. He has successfully delivered solutions to real estate developers, landlords, co-working space managers, and occupiers in the banking, technology, automotive, pharma, services and FMCG sectors.

William holds a Bachelor’s degree in computer engineering and a Diploma in electronic engineering with additional certificates in visual analytics design (DataViz), strategic IT planning and Six Sigma.

 

Interviewer: What do you feel are the biggest challenges IT leaders are currently faced with?  

William: Sprawling mandate. Today, technology leaders can create value in numerous areas of business – perhaps too many. This results in a demand crunch for the best IT leaders and talents. However, there is never enough of these to cover all areas and so those demands end up being filled by pseudo-tech leaders, often outside the span of technology leadership. Apart from the risk of these roles being filled by less-than-qualified candidates, the larger issue is the fragmentation of focus and overlapping roles.

Interviewer: As a leader in the IT industry, what do you feel businesses can work on when it comes to their IT strategy?

William: Focus on business and collaborate with proven technology leaders. The incessant commentary on “Digital Transformation”, “Innovation” and “Technology Disruption” very often drowns out the purpose of it. Sometimes, people end up saying “we need to continuously innovate and digitally transform our business to avoid being disrupted by technology”. That’s all fine and dandy… but what does that mean for your business? What does the to-be or new business look like? What are the chances that new business can be viable? These are areas that business leaders excel in – sensing the market, finding arbitrage between demand and supply to create a profitable business. This, when combined with technological know-how, is how market-beating businesses are created.

Interviewer: Things change so quickly in the IT industry, what does it take to stay on top?

William: Free up time to think about business and get really interested in it. What moves the market, what makes profit, why we are in business. On the flip side, non-tech folks are thinking and talking about technology more than technologists! Many are talking themselves into a tech leaders’ position – when that happens, IT leaders get relegated to “keeping the lights on” roles.

Interviewer: Where do you see the industry headed within the next one to five years and what do you feel will be the biggest game changers?

William: I believe that in the next 5 years, we will see companies where skilled technology leaders collaborate with astute business leaders that have begun to manifest profitable business. These examples will rise above sundry commentary and perhaps give more form and substance for others to follow. As it stands today, very few organisations have successfully transformed a traditional business into a new one. The poster child we hear talk about are mostly digital natives or new businesses that have exploited an imbalance in a traditional industry.

Interviewer: What is the best piece of advice you have received within your job over the years?

William: Never stop questioning and pushing. With wisdom garnered over the years, to do this tactfully and politically.

Interviewer: What advice would you give to someone trying to excel in the IT industry?

William: Be more than the talk. Be great at your craft and learn to be a good businessman.

Interviewer: What do you feel is the hottest topic right now in the industry and what is its effect on the industry?

William: Talent. Because after all the talk and the models and the “5 steps to focus on 3 things and get 8 things right to power your Digital Transformation” are people who make these plans and theories work, and this means course-correcting on the fly.

Interviewer: What do you feel the most passionate about within your business?

William: JLL is a business that is constantly evolving and adapting. Given our size, we continue to innovate and change the market. We’re as focused on our current market as we are in the next market. And we push the boundaries toward those new markets. For example, we’re currently pushing the industry towards a more ethical and efficient way making the office smarter without infringing into personal privacy. The current market norm is to put an IOT sensor under everyone’s desk (see if you have one under your desk). With innovative use of technology, you can do away with these in the majority of cases!

Interviewer: What is one key takeaway you hope our CIO audience leaves with after hearing your presentation on site?

William: Be great at your craft, become an astute businessman and be the inspiration for follow-up generation of technology leaders.

About JLL

“We’re here to create rewarding opportunities and amazing spaces around the globe where people can achieve their ambitions. In doing so, we are building a better tomorrow for our clients, our people and our communities. ”

JLL is a world leader in real estate services, powered by an entrepreneurial spirit. They buy, build, occupy and invest in a variety of assets including industrial, commercial, retail, residential and hotel real estate. From tech startups to global firms, their clients span industries including banking, energy, healthcare, law, life sciences, manufacturing and technology.

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