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Interview of the Month

Dr B R Shetty Managing Director & CEO UAE Exchange

Dr B R Shetty founded the New Medical Centre (NMC)in 1973 and is instrumental in its growth into the health conglomerate it is today. He holds a degree in Clinical Pharmacy. His clinic provides cutting edge diagnostic facilities and is also ISO certified. The stateof- the-art NMC Specialty Hospital, Dubai is the latest addition to the NMC healthcare network.

Bangladesh Bank eases forex regulations

Bangladesh Bank has eased forex regulations by allowing all banks to issue international credit, debit and pre-paid cards to foreign currency users. This would help in providing more facilities to exporters, travelers and foreign investors. The amended policy would enable any government official, bank official, and financial organisations and faculty member of a recognised banking training institute to send a registration fee without approval of Bangladesh Bank, for participating in any training, seminar or workshop abroad through approved dealers.

Sudan central bank says Western Union rules on money transfer no longer valid

On 14 September 2008, the central bank in Sudan instructed banks that the rules made by the Western Union Corporation, related to making money transfers by issuing a policy memoranda, were void.

Change in law paves way for lower remittance costs

“The Ministry of Pacific Island Affairs has led work with the Reserve Bank and the Ministry of Justice with the goal of reducing transaction costs to between five and seven per cent by next year.

Indian central bank sets out m-banking guidelines

On 22 September 2008, The Reserve Bank of India (RBI) issued guidelines on various mobile banking services that can be offered by providers in the country. This move has increased uncertainty over the future of remittances in India. According to the guidelines only banks, which are licensed, supervised and have a physical presence in the country are permitted to offer mobile services.

VeriFone appoints Senior Vice President

On 4 September 2008, VeriFone Holdings, announced the appointment of Robert Dykes as its Senior Vice President. The company is a provider of technology enabling electronic payment transactions and value-added services at the point of sale. Dykes would also become the Chief Financial Officer immediately after VeriFone's quarterly report for the third fiscal quarter ended 31 July 2008 is filed.

Earthport appoints Maitland as non-Executive Director

On 26 September 2008, Earthport, an electronic payments company, appointed Lady Olga Maitland as non-Executive Director with immediate effect. Earlier, she was Chief Executive of the International Association of Money Transfer Networks (IAMTN), and also a Conservative Member of Parliament for Sutton and Cheam.

Executive Chairman, Mike Harrison said “As well as her extensive network and experience, her undoubted enthusiasm for and knowledge of the global remittance market will bring another layer of expertise to the Board.

Pay Linx Financial appoints a new board member

On 04 September 2008, Pay Linx Financial announced the appointment of Robert Pearce to its board of directors. The company is engaged in providing services and infrastructure that enables replacement of cash and check payments with electronic payment cards. Earlier, as President of BMO Financial Group, Pearce headed the personal and commercial client group and as CEO he has also handled BMO's credit and debit card businesses. Recently, he has been appointed to the board of directors of Interac Association.

Coinstar appoints new CEO

On 4 September 2008, Coinstar announced the appointment of Paul Davis as Chief Executive Officer, with effect from 31 March 2009. The company is a provider of products and services including gift cards, prepaid products, skill crane and bulk vending machines, money transfer and DVD rental kiosks. Prior to this, Davis has held the position of Chief Operating Officer in Coinstar, and was responsible for all lines of business including sales, manufacturing, supply chain, customer service and research and development.

Heartland Payment Systems partners with Union Bankshares

On 17 September 2008, Heartland Payment Systems, a transaction processor and Union Bankshares, a financial institution, have entered into a partnership, to provide expanded services to business customers of both the companies. The former will offer credit, debit and prepaid card processing and payroll solutions to Union Bankshares customers, and in turn, recommend Union Bankshares's business banking solutions to its clients.

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