Page 30 - SAMENA Trends - April 2020

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Facebook Details Path Forward for Libra Project

Facebook outlined a revamp for its planned digital currencies launched by banks and plans for Libra, which proposed using
Libra Cryptocurrency project, scaling- it will marry blockchain technology with Cryptocurrency in place of traditional
back its initial vision for initiative in a bid accepted regulatory frameworks. In light money transfers to slash remittance costs
to appease global regulators. The move of its changes, Libra’s governing body and promote global financial inclusion.
confirms a Bloomberg report last month, the Libra Association started a process Regulators argued digital currencies must
which speculated about an overhaul, in to formally apply for a license with the be fully investigated before launching, due
light of the regulatory backlash Facebook Financial Markets Supervisory Authority to concerns around money laundering and
faced since unveiling Libra in June 2019. in Switzerland. The licensing process will impact to monetary stability. To address
In a statement, Facebook specified a “path have input from central banks and other money laundering concerns, Facebook
forward” for Libra, with an updated strategy financial regulatory supervisors around the added it would establish a financial
which will see the play run more akin to a world. The company, which had originally intelligence unit to vet those using the
traditional payments network by offering aimed to launch the platform early this system. Regulatory scrutiny led to high-
digital versions of currencies already on year, will now look to rollout at the back profile backers, including Vodafone Group,
the market, dubbed “stablecoins”, backed end. Backlash Facebook faced scrutiny US Visa and Mastercard, among others,
by their cash value. It also plans to support and European regulators about its initial pulling their support for the project.

OSN Unveils Multi-Year Partnership with Intigral

OSN has signed a multi-year agreement entertainment programs that will engage factual entertainment. Patrick Tillieux, CEO
with Intigral, the media arm of Saudi’s all members of a household. In addition of OSN said: “Intigral is a natural partner
STC, for its flagship home and OTT service, Jawwy TV subscribers will have access as for OSN. We aim to bring entertainment
Jawwy TV. The partnership sees Intigral part of their telecom bundles to a host of and joy to a broad audience with quality
secure first access to OSN’s new general channels ranging from Arabic with OSN’s content. This agreement is the result of
entertainment channel ‘OSN Mix’. This ‘Yahala’ and ‘ART’ channels that provide a great relationship that has been built
new initiative aims to offer viewers a the most sought after Arabic productions over many years. It is based on a common
window into OSN’s world of entertainment in the region, to premium Turkish series view of the future and confidence in
featuring a curated selection of OSN’s and the best of kids entertainment with each other.” Hamoud Al Rumayan, CEO
best series, movies, kids and factual channels as well as documentaries and of Intigral said: ”Jawwy TV is home to a
richest selection of entertainment and
we see a bigger collaboration happening
with OSN. The addition of OSN to our large
portfolio of content not only enhances the
attractiveness of our proposition but also
caters to the needs of our beloved clients in
KSA and other regional markets. In a time
where TV is the center of every household,
we proud ourselves of this timely and
unique enhancements.” According to
Zahra Zayat, SVP – digital, OTT and Telco
of OSN, the partnership is “only phase
one of a much bigger collaboration and
partnership”. OSN content is now available
to Jawwy TV customers in KSA, whilst STC
subscribers in Bahrain, Kuwait, Oman and
Saudi Arabia can access OSN through a
range of bundles and offers.

30 APRIL 2020