UAE: VISA PROMOTES MODERN TECHNOLOGY.

IPR Strategic Business Information Database, September, 2000

According to Al-Ittihad newspaper (September 27, 2000), the International Visa Company organized a symposium yesterday about the electronic banking transactions. More than 100 representatives of banks and information technology companies attended this one-day seminar. The participant financial and banking specialists in this event encouraged local banks to develop their Internet infrastructure and technologies in order to expand the use of electronic transactions.

The local banks might lose some of their market shares if they do not promote electronic transactions, since many global banks are expected to invade the local markets through the Internet.