The Security and Compliance in the Digital Payment World

[Music] afternoon I think uh first and foremost uh thank uh good afternoon distinguish guests and thank you to the Hua team and thanks to the adgm for having me here um you know we've all been talking about Cloud we've been talking about fintech we've been talking about emerging Technologies I'll I'll talk about the the slightly boring part but the most important part in this entire ecosystem which is compliance regulation and protection right so with that let me let me start uh you know I mean just to give you a brief on Udi makco uh we are a German headquartered company being in business for 50 years uh we do various things around data protection we work on areas of blockchain which we have heard today we we work on Key Management we work on Quantum security we work on cloud security uh we work on pki device attestation in multiple cases now these may seem terms which are alien but let me get it into a fintech context and a cloud context um so let me jump into the fintech space I mean today if you look at the fintech space I mean fintech is anywhere you know valued at around Global Market space is around 200 billion today but by 2030 we are talking about 700 billion if we look at Asia Pacific today we contribute around 35% of this fintex space but in the next 3 years we are expected to occupy more than 50% of the fintech space uh globally so when we talk about the challenges that are coming in the space are one is of course your ransomware right I mean this is happening uh you know data breaches right I mean data breaches is something which is impacting all of us every day uh fishing and social engineering attacks I mean we are getting on the social media everything is getting digital there are emergence of new technologies and this becomes very significant uh we in the Middle East right we're in UAE I mean data is a new oil right I mean and and personal Data Theft is becoming a big issue right I mean lot of governments lot of enforcement agencies are are are are kind of revisiting the data policies and as fintex and as custodians we need to make sure that the data is secure right we've heard about the big Equifax case where there was a zero day breakage right I mean so zero day can happen right I mean it can happen now it can happen anytime in the future right so these are the challenges so as fintech companies as as ecosystem providers how are we standing up to these challenges and how do we cater to them is something that we need to know so being in the fintech space right I mean there are various regulatory requirements that we would have right one is the regulated entity compliances right as finex or as service providers we have to increasingly work with with the regulator right and there's a set of regulations which are there in every countries Right There Is the personal data protection bills which are there which are again different from everywhere and as fintech PCI compliance payment Council standards these are super super important I mean as fintech we cannot compromise this space and as service providers we need to adhere to these security requirements right I mean this is where we come in this is where uh you know our solution with huawe Cloud kind of comes in so let me dwell into it um so globally uh you know we would so what what our appeal to fex is that you focus on your core business which is creating a new product which is expanding your portfolio acquiring your customers right and you know as a security specialist in the world and along with Huawei what we would like to take care of you is your entire security headache right um Cloud security right I mean who you know Andrew and Alex did speak about the offerings of huawe cloud but you know there is also security of the cloud the regulator also asks you as fintech and also asks you as Banks to have custody of your own keys right otherwise how do you manage your your your your data and your keys right so we have a bring your own key kind of a concept which is which is prevalent in most of the cloud uh cloud service providers this can kind of take care of your complete key management and your data production aspects right tokenization we have heard about tap and pay I mean Arjun spoke about embedded pay you know uh we I mean your Apple pay and all these things right you have your tap and pays which are there you have your Cardon files which are there so which means you need tokenization right so you these are some of the services that we would provide right you know I mean you have database encryption right I mean today as finex right and in the good old days we used to store the records for 10 years 15 years in a paper in a piece of paper paper they're lying in a in a warehouse but now these records are being stored digitally right you have the you have the pqc algorithms which are almost broken right and you know there are uh there are new mandates so most of your systems need to be pqc reies you know in the next three to five years so our so what we do is we provide the pqc uh security as well so that in the next three to five years you'll be ready for your business enhancements right most common is your PIN security right I mean uh and you're doing your payments right you need your PIN security so that's a service we have right if you're a merchant acquirer if you're a and and you know I mean and to today we think of merchant acquiring as only point of sale terminal or let's say a QR but with the Advent of iot you'll have your your gas station as a merchant acquirer your car as a merchant acquirer and with the complete iot of things your your key injection in your security of the device becomes very very important so what we would say is as fex right you kind of focus on your core competency which is building your product you know sticking uh you know acquiring your customers right maintaining your basic regulatory compliances as security service providers right we help you in doing all of these right today you don't have to build an infrastructure dedicated within your house to take care of all of this I mean I have been a former entrepreneur I've I've run two fintech companies myself and for me this was my biggest right so you know I mean what we want to do is simplify the life of fintex right uh at the same time we want to ensure that you stick to the compliances which are required by the law of the land and which are required by the payment Council and you know while we have this globally we we would be launching this with Huawei in the Middle East where in all of these services or all of these offerings will be offered in Huawei Cloud as a service so as a fintech company you can just subscribe to the cloud you can subscribe to a particular service and make your life easier focus on your core business whereas we help you on your security aspects I'll quickly wrap up I have two minutes uh you know so so so so what I'm saying is that you know for a customers it would be like a simple menu right I mean you want a pki you click for it you want Hardware security modules you click on it you want timestamping on your certificates or your documentation you click on it right you want to encrypt your database you want to do your key processing or you want to issue certificates you can subscribe to one service or multiple services with a click of a button so we are trying to enable the entire payment and the fintech ecosystem uh with this what we are also seeing is a lot of emerging banks in the world right I mean if I if I go to some of our customers right I mean we are we are we are serving over 3 50 to 400 customers worldwide and you know many of our customers including payment schemes including large service providers large digital Banks or large banks are also moving into this model because at the end of the day as a fintech you may have to be connected with a bank as a regulated entity before you work with the regulator right so we are so many of the banks are also with the emerging Trends you know there are various guidelines for example Europe you have psd2 right where you're sharing databases so a lot of middleware guidelines are going to be followed and at the same time Banks also don't want to miss on this space so there is lot of collaboration which is happening and which is where a lot of the banks and lot of payment service providers are moving into this space so this is a trend we're increasingly seeing right so with all of this what we want to do is we want to ensure the whole life cycle security right of the entire payments world of the entire fintech world so that you know you can focus on your stuff whereas we take care of the regulatory requirements I think 10 minutes is this is what I could cover but if you we'll be very happy to talk outside we'll be very happy to you know discuss with you on what what we can do on the security side right from Consulting to adaptation to growth um so happy to collaborate and thanks for having me here and yeah thank [Applause] you