Standard Chartered pioneers trade A1 engine in partnership with IBM

Singapore(Cliff News) Standard Chartered has officially launched the Trade AI Engine, a joint solution developed in partnership with IBM to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. The industry-leading solution is currently live in key markets across Asia, Africa and the Middle East[1], with more markets across the Bank’s footprint to follow[2].Traditional documentary trade requires millions of data elements in paper-based, unstructured documents – often issued by various companies – to be reviewed through a largely manual process. With the implementation of the Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated:

  • Conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR)

  • Identification and classification of document types from an initial pre-defined database

  • Continuous Machine learning (ML) based on user re-classification / re-defining of data elements to further improve accuracy

  • Natural Language Processing (NLP) capabilities to read and capture context from data in the documents

 The innovative solution allows the Bank to handle high volumes of diverse back office tasks with greater efficiency and accuracy, thus offering a more seamless trade processing experience for clients.“As a market leader and major intermediary between buyers and sellers in the centre of global trade, we process more than 36 million pages of trade documents annually, with over 200 million data elements for name capture and processing,” said Lisa Robins, Global Head, Transaction Banking at Standard Chartered. “The Trade AI Engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses.”“Trade document processing traditionally relies on a high degree of manual effort to ensure transaction compliance. IBM worked with Standard Chartered Bank to develop a solution that would automate the retrieval of key information from text within scanned documents. The Trade AI Engine enables multi-format document capture without templates and uses NLP to extract relevant information for review, as well as leveraging user interaction to improve text extraction accuracy and streamline the process with each cycle in real-time,” said Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific. Standard Chartered continues to innovate and drive digital transformations to deliver a differentiated and unparalleled service that aligns to the needs of its clients. The Bank was recognised as one of “The Innovators 2017 – Trade Finance” for the Intelligent OCR process innovation by Global Finance. In 2018, Standard Chartered announced its collaboration with Siemens Financial Services and TradeIX to carry out an industry-first client pilot to create an end-to-end blockchain-based smart guarantees proposition in trade finance. Most recently, it also announced the launch of an expanded coverage of Straight2Bank Pay, a digital collections gateway for corporate clients, to additional markets in  Asia, as well as the Straight2Bank Pay mobile app in Singapore.

Standard Chartered

We are a leading international banking group, with more than 80,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

Standard Chartered Pakistan

Standard Chartered Bank (Pakistan) Ltd. is the oldest and largest international bank in Pakistan. It is also the first international bank to be awarded Islamic banking licence and the first to open an Islamic banking branch.The Banks serves both Corporate Institutional and Retail Clients. Provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and, trade finance, transactional banking, lending, securities services, foreign exchange, debt capital markets and corporate finance to Corporate Institutional Clients. It also offers a complete suite of Islamic banking solutions under its Standard Chartered Saadiq brand.Standard Chartered was assigned a rating of AAA/ A1+ by PACRA. In 2012 and 2013 it won the award for Best Bank in Pakistan by The Asset Triple A for two consecutive years.The Bank employs more than 3,400 people in Pakistan and has a network of 77 branches in 11 cities.

Pakistani students win second prize in Huawei ICT competition

Huawei Photo Release - ICT Competition 2019 Finale - Team Pakistan.jpg

Karachi(Cliff News) The Huawei ICT Competition 2018-2019 Global Final, held under the theme of “Connection, Glory, Future”, has successfully concluded at Huawei’s Songshan Lake new campus in Dongguan, Guangdong province, China—one of the world’s leading high-tech hubs for global research & development.This year the team from Pakistan reached international recognition by taking home the second prize of the Practice Competition of the Network Track.Since last June the competition has attracted more than 100,000 students from over 1,600 colleges and universities in 61 countries. This year’s final has a total of 49 teams from 30 countries, with the greater Middle East region represented by teams from Bahrain, Lebanon, Iraq and Pakistan. Huawei hopes to transfer a cumulative of more than 700,000 ICT professionals to the industry by 2023.Through Huawei ICT Competition, Huawei aims to provide students with a platform to compete and exchange ideas in order to enhance their ICT knowledge, practical and application skills, and raise their innovation awareness. The competition is also a platform that facilitates connections between international talent as well as the collaboration between governmental organizations, higher educational institutions, training agencies, and enterprises, thus promoting the education, growth, and employment of ICT talent.Ma Yue, vice president of Huawei Enterprise Business Group (EBG), President of Huawei EBG Global Sales, President of Huawei EBG Partners & Alliances, gave a speech at the award and closing ceremony of this competition. He said, “The talent ecosystem is the foundation of our strategy. In this ecosystem, talent is the most important factor that ensures the vitality and continuous growth of the industry. Over the past 30 years, we have made many efforts to train ICT talent by sharing our knowledge and best practices. We team up with educational institutions, industry associations, and partners to build a platform to foster ICT talent. This allows us to make the most of our experience in ICT by investing in talent to cope with future challenges and uncertainties. Today we aspire to build global standards for the development and certification of ICT talent.”Compared with previous years, this competition saw more participants from a larger number of countries, is more inclusive and innovative. As part of the competition, Huawei offers all participants access to free courses and learning materials as well as opportunities for free online exchanges, learning, and preparation. By doing so, Huawei hopes to achieve the goal of an equal opportunity for quality education and that more people can benefit from the digital economy.Du Kewei, director general of the Center for International People-to-People Exchanges, the Ministry of Education of China, said that, “Cultural exchanges are a fundamental way to facilitate the understanding between Chinese and people in other countries and the mutual learning between different cultures. Huawei ICT Competition promotes the exchanges between China and other countries in education, science and technology, and culture, facilitates ICT talent growth, and advances global science and technology development.”The Innovation Competition, with participants from renowned colleges and universities, challenges students’ ability to apply cutting-edge technologies, such as IoT, big data, and AI, to real world situations. It is intended to develop more innovative talent in the area of emerging technologies.The ICT competition promotes the exchanges between students and colleges and universities. Winners will be offered full or partial scholarships of the Huazhong University of Science and Technology, Northeastern University, Beijing University of Technology, and Southern University of Science and Technology, and the opportunity for international study placements in the Henley Business School of the University of Reading, UK.By holding annual Huawei ICT Competition, Huawei hopes to attract more ICT academies, governmental organizations, industry institutions, training partners, and industry enterprises to participate in the program. These competitions improve the digital skills of college and university students, contribute more to education and industry transformation, and achieve far-reaching goals.This is the fourth Huawei ICT Competition including both a Practice Competition and Innovation Competition. The Practice Competition for both a Network Track and a Cloud Track is intended for Huawei ICT Academies worldwide and higher educational institutions that are interested in becoming Huawei ICT Academies. The Innovation Competition uses an invitation-based registration system and is oriented to colleges and universities participating in Huawei ICT Academy’s Innovation Talent Center program.

 

 

 

CDC again reduces it’s tariff structure

Karachi(Cliff News)Central Depository Company of Pakistan Limited has reduced its tariff structure in the larger interest of the public and to support the stock market. As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business. In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services. As part of the recent reduction, CDC has provided 100% waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts. Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65%. Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14% and 16% respectively.Commenting on this market supporting endeavor, Mr. Badiuddin Akber, CEO-CDC said that “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public. While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants. This is our ongoing contribution towards the development of Pakistan Capital Market.”

AMI School to promote inclusive learning

AMI School Logo

Karachi(Cliff News)Over the past five years, The AMI School has been a crucial partner in a collaborative Action Research project, along with the Occupational Therapy departments at Brunel University, London and Dow University of Health Sciences, Karachi. Through this inter-professional collaboration, the teachers involved in the project have become highly skilled researchers and peer educators for their colleagues.On their panel is Dr Debbie Kramer-Roy, an occupational Therapist, Lecturer and works with AMI as a Project Coordinator. She is a passionate advocate for the rights of all children to high quality and inclusive education, and uses Action Research to develop the vision, knowledge and skills required to make this happen in real-world contexts. Debbie explains: “the teachers and occupational therapists involved in the project have developed a contextually appropriate approach to inclusive education and the Resource Guide that has been produced has the potential to spread the vision, knowledge and skills to schools across the country. A key learning point has been that inclusive teaching improves the learning experience and environment for all children in the school, demonstrating that inclusive education is an excellent approach to whole-school improvement”Working with its chief objective of expanding its scope of services, AMI plans to set up a model of an educational enterprise (Education Eco-System) which is not only unique in design but also aims to change the meaning of the term “expansion” in the context of education. Instead of using the present model of establishing more schools,  it proposes horizontal growth by developing supporting units to not only enhance the quality of education for students, teachers and parents but to initiate positive changes at the community level leading to meaningful changes in the social attitudes and behavior.The AMI School is committed to an education system built on this approach to accepting responsibility for all children to a welcoming and respectful environment. The School recognizes the importance of social acceptance and high self-esteem as pre-requisites to real learning in the school setting.  It actively seeks to create an environment which facilitates the learning process for everyone and to remove the barriers that can hinder participation or exclude individuals from daily routines. Regular schools with this inclusive orientation are the most effective means of combating discriminatory attitudes, creating welcoming communities, building an inclusive society and achieving education for all.

About AMI:

The AMI School, has been operating as a renowned and well established institution for several years now and is one of the projects of Education Works Pvt Ltd. Apart from the school, the Company runs a Day care and learning Centre, transport services for more than 700 children and nearly 200 employees. It has steadily been growing in size and facilities over the last decade and is now perfectly poised to undertake major expansion in its scope of services.

 

 

 

Recent restrictions based on ungrounded allegations:Deputy Chairman Huawei

Houkun Hu, Rotating Chairman von Huawei bei der Nationalen CyberSicherheitskonferenz im Hasso Plattner Institut in Potsdam © Peter Adamik/Berlin

Houkun Hu, Rotating Chairman von Huawei bei der Nationalen CyberSicherheitskonferenz im Hasso Plattner Institut in Potsdam © Peter Adamik/Berlin

Karachi(Cliff News)In his keynote remarks delivered yesterday at the Potsdam Conference on National Cybersecurity in Berlin, Germany, Ken Hu, Deputy Chairman, Huawei said that in recent days, restrictions, based on ungrounded allegations, have been imposed on Huawei in order to disrupt our business operations. We believe this behavior is totally unjustified.Ken highlighted that in Europe, approximately three-quarters of smartphone users rely on an Android-based phone. Huawei accounts roughly for 20% of this market. Such reckless decisions can cause a great deal of harm to consumers and businesses in Europe.This sets a dangerous precedent. It goes against the values of the international business community, cuts off the global supply chain and disrupts fair competition in the market. This could happen to any other industry and company in the future if we don’t jointly confront these issues.I am honored to speak at this beautiful campus of the University of Potsdam. When I arrived earlier, I was told that we are at a historic site where the Berlin Wall once stood. This reminded me of the fact that we don’t want to see another wall and we don’t want to go through another painful experience.  Equally, we don’t want to build a new wall in terms of trade, we don’t want to build a new wall in terms of technology either. We need an integrated global ecosystem which can help us to promote faster technological innovation and stronger economic growth. Ultimately, it is what we have to rely on in order to maintain prosperity for human society.

About Huawei:

Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. With integrated solutions across four key domains – telecom networks, IT, smart devices, and cloud services – we are committed to bringing digital to every person, home and organization for a fully connected, intelligent world. Huawei’s end-to-end portfolio of products, solutions and services are both competitive and secure. Through open collaboration with ecosystem partners, we create lasting value for our customers, working to empower people, enrich home life, and inspire innovation in organizations of all shapes and sizes. At Huawei, innovation focuses on customer needs. We invest heavily in basic research, concentrating on technological breakthroughs that drive the world forward. We have more than 180,000 employees, and we operate in more than 170 countries and regions. Founded in 1987, Huawei is a private company fully owned by its employees. 

 

Turkish firm Arcelik invests to open more Dawlance Experience store in Peshawar

English Picture Caption

Peshawar(Cliff News) The Marketing Director of Arcelik – the largest Turkish enterprise has inaugurated the first-ever Dawlance Experience Store in Peshawar. Mr. Mehmet Tüfekçi came for an official visit to Pakistan, where he also chaired the inaugural ceremony of the Experience Store, an innovative concept created to enhance the Consumer Retail Experience on Trade. He was accompanied by the corporate leadership of Dawlance.Arcelik Global is also the third-largest manufacturer in Europe. It has made robust investments in Dawlance – its wholly-owned subsidiary and the market-leader in Pakistan. Over the years, it has become a renowned brand producing the most reliable electronics and appliances for the consumers.The idea of Experience Store reflects Dawlance’s vision to enhance the consumers’ experience on Trade-Levels, by facilitating the shoppers with hands-on usage of products before purchasing. The key objectives and plans behind this venture, includes the creation of a nationwide network of Experience Stores across all major cities to earn the customers’ trust.All Experience Stores will have a standardized layout and visual design, to maintain synergy. It has state-of-the-art equipment and interior that enriches the décor and the shopper’s experience. Experience Store will offer the complete range of Dawlance home-appliances including the latest models of; Refrigerator, Deep-Freezer, Washing-Machine, Dishwasher, Cooking Range and smaller kitchen appliances.Speaking at the inaugural ceremony – Mr. Tüfekçi emphasized that: “The Pakistani retail spectrum is bound to achieve rapid growth in future. Hence, Arcelik has taken the right measures to optimize the country’s market potential. Customers in Pakistan can now rest assured that they are getting the same quality promised by the products from Turkey and the developed world. Dawlance is thus committed to be the front-runner in innovation, with cutting-edge manufacturing facilities in Pakistan.With continued focus on customer-care, after-sales service, it always exceeds the customers’ expectations. Since its acquisition in 2016, Arçelik has invested more than 36 Million Euros in Dawlance to improve productivity and quality, through research and development, to understand and fulfill the evolving needs of this growing market. An additional capital of 16 Million Euros is expected to be injected within the current calendar year, 2019.While creating newer, energy-conservation technologies, every employee is inspired to ensure compliance to global standards and best-practices at every level. A nation-wide ‘After Sales network’ provides 24/7 Customer-Care, while Technical-Collaborations with Arçelik’s global plants in Turkey, Russia, Romania, Thailand and South Africa are also nurturing expertise at Dawlance.

About Dawlance:

Dawlance, a leading home appliances brand of Pakistan, was established in 1980 with the vision of making Dawlance a Global brand by practicing reliability and to make Pakistan Proud; Dawlance serves its consumers in 3 functions involving Food Care, Fabric Care and Home Care with its wide range of appliances including refrigerators, freezers, micro-wave ovens, water dispensers,  small kitchen appliances , hoods &hobs, washing machines, dishwashers and air conditioners.Dawlance has large manufacturing capabilities owing to its 3 factories , it has the largest service centre and dealer network in Pakistan; Dawlance’s vast service network in Pakistan displays its ability to reach consumers in every corner of the country and is one of the prime reasons for the brand’s success.Dawlance promises reliability in every way for its consumers and stakeholders alike; Reliability is the key characteristic of Dawlance and is exercised within all functions of the company; it is in fact embedded in the organization’s culture.  Aside from its reliability, Dawlance’s major strengths are differentiation and relevance- it makes products that are relevant to the needs of the Pakistani households but with an element of differentiation; Dawlance takes pride in introducing innovative products for the Pakistani market to enhance the lifestyle of its consumers and deliver a superior product experience.

 

Metro Cash and Carry Pakistan goes solar to reduce carbon emissions

METRO Sustainable

Karachi(Cliff News)Metro Cash & Carry Pakistan has entered into a long term Power Purchase Agreement (PPA) with Shams Power to install and operate solar power plant at their stores all over Pakistan. Under this agreement Shams power will operate approximately 5MW of solar power systems allowing METRO Pakistan to save 2,639 tons of CO2 every year.METRO has successfully adopted its Sustainable Vision both globally and in Pakistan as part of the Sustainable Development Goals, specifically SDG #7 i.e. Affordable and Clean Energy. In the recently concluded phase, the work at METRO Model Town store in Lahore and METRO Safari Park Store in Karachi has been completed, whereas deployments at the remaining 7 stores is ongoing, and is scheduled to be completed within the next few months.Shams Power is one of Pakistan’s leading solar energy company, offering solar power on a Build Operate Own and Transfer (BOOT) model and holds a NEPRA issued Distributed Generation License for all its PPA sites.

About METRO Cash & Carry:

METRO is a leading international wholesale company with food and non-food assortments that specializes on serving the needs of hotels, restaurants and caterers (HoReCa) as well as independent traders. Around the world, METRO has some 24 million customers. METRO in addition also supports the competitiveness of entrepreneurs and own businesses with digital solutions and thereby contributes to cultural diversity in retail and hospitality. Sustainability is a key pillar of METRO’s business. METRO has been the sector leader in the Dow Jones Sustainability Index for the last four years. The company operates in 35 countries and employs more than 150,000 people worldwide.