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Amricon gears up to target growing $1.4 billion regional ‎financial technology market through its participation at ‎MEFTEC 2007‎

February 5, 2007

Amricon gears up to target growing $1.4 billionregional financial technology market through its participation at MEFTEC 2007


Technological developments within Middle Eastern financial sector expected to attract industry leaders to the event


February 5, 2007


Amricon, a leading regional SMART solutions provider, has announced that it will be exhibiting its portfolio of fraud prevention and document security solutions during the third annual MEFTEC exhibition being held from February 12-13, 2007 in Bahrain.  The continued expansion of the Middle Eastern financial sector and the technological developments shaping the industry are expected to attract an audience of senior executives and business leaders to the event being held atBahrain’s International Exhibition Centre. Amricon will be showcasing its leading edge financial systems and solutions with a view towards further penetrating the US$1.4 billion Middle East’s financial technology market.


The invitation-only event is the premier banking and financial services technology event for the Middle East, Africa and South Asia region and will address pressing strategic and technical issues and preview the latest technological innovations. Last year’s MEFTEC attracted more than 1500 financial technology professionals from 30 countries, including representatives from almost 200 banks and financial institutions. The event covers a broad and diverse range of financial IT solutions, from retail banking systems to Islamic banking applications; business continuity solutions to IT security systems; CRM to e-banking; anti-money laundering to Basel II; ATMs to payment cards; and wireless technologies to specialized solutions for the insurance and securities sectors.


“MEFTEC is a very important event in that it represents a forum where ideas are born, provides a platform for discussing solutions and offers an unrivalled opportunity for vendors to exhibit their cutting-edge financial solutions.  The exhibition is an excellent opportunity to exhibit a number of highly innovative solutions to an audience of senior executives within the industry and strengthen our partnerships with some of the world’s leading financial institutions,” said Mohamad Jarrar, Managing Director, Amricon. 


According to a recent study by IDC, banks in the Gulf represent the largest single vertical in terms of overall IT investments. This reflects the strong growth being witnessed in the financial services sector which is expected to grow by 12 -15 per cent per annum. As a result, IT investments and spending by the financial services industry was a record US$1.4 billion in 2006.


“During MEFTEC, Amricon will exhibit its portfolio of smart solutions that are used by some of the leading government organizations, banks, financial institutions, and businesses. This includes the recently-launched SMART Cheque, a revolutionary solution to bounced and counterfeit cheques.” added Jarrar.