Sœurs Jumelles ; Destin Commun…

Surplombant cette terre sans histoire où régnait la paix ;

Deux sœurs se mettaient debout, l’une à côté de l’autre ;

Elles affichaient leur supériorité face à leurs semblables ;

Elles avaient de l’allure et elles étaient très convoitées.

 

Simples et sublimes, elles ont pu se démarquer de la foule ;

Les sœurs jumelles se contentaient d’envier les siennes ;

Leur beauté irrésistible ne laissait personne indifférente ;

On dirait deux statues de déesses que les gens admiraient.

 

Dans une posture dominante, les deux tours triomphaient ;

Si imposantes que même la statue de la liberté rougissait ;

Jamais deux gratte-ciels n’avaient suscité tant d’attention ;

Symbole de puissance, l’histoire demeure le seul témoin.

 

Unies depuis leur naissance, siamoises, elles ne l’étaient pas ;

Quoique, les tours jumelles connaitraient le même destin ;

Personne ne présageait qu’un tel sort s’abattrait sur elles ;

La terreur s’était invitée, leur gloire était d’une courte durée.

 

Majestueuses, on se doutait de la vulnérabilité de ces tours ;

L’ironie voulait que leur splendeur eût fait d’elles des cibles ;

Les tonnerres grondaient et les foudres les mitraillaient ;

Leur existence était menacée et le cauchemar s’accentuait.

 

Comme un château de cartes, les tours s’effondraient ;

La désolation s’installait et hantait à tout jamais les esprits ;

A genoux et sans vie, elles mettaient le monde en pleur ;

C’était la fin d’un règne et le deuil demeurait toujours…

 

Cela fait 17 ans que le monde est en larmes…

Poème rendant hommage aux victimes des attentats terroristes perpétrés le 11 septembre 2001

General Data Protection Regulation, Protecting the Data Assets of Individuals*

Introduction

The evolution of technologies is raising concerns with respect to the right and freedom of individuals. Coming into force on 25^th May 2018, the General Data Protection Regulation (the “GDPR”) aims at protecting the personal data of the data subjects (individuals whose personal information has been collected for processing) and to empower the individual by increasing their rights and freedom. Therefore, structural changes must be brought forward by data controllers (persons or public bodies which have the data of an individual in their custody for processing) and data processors (persons or public bodies which process personal data on behalf of a controller).

Mauritian Context

Likewise, for the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), Mauritius is not exempted the GDPR, demonstrating the extra-territorial reach for all the countries that process the data of the citizens of member countries of the European Union (the “EU”). Hence, to comply with the GDPR, the Data Protection Act 2004 has been repealed and the government has come up with the Data Protection Act 2017 (the “DPA 2017”) to address the issues of data protection and the Act has come into force on 15^th January 2018.

Application of the GDPR

It is of essence that data controllers which process the personal data of data subjects understand the contributions of this new regulatory text to evaluate its impacts and the associated risk factors. Undeniably, banks are impacted by this new regulation for which the personal data is an essential component of the business model.

Rights of data subjects

The GDPR aims at empowering the data subjects by granting them extended rights, such as access to personal data, the right to object to processing, the right ‘to be forgotten’, correction of inaccurate data and erasure of data. However, as per the Section 33 of the Banking Act 2004, the Bank also has the duty to hold the data of its customers for a period of 7 years and as such, erasure of personal data of customers shall take place lapsing the 7 years.

Data Protection Officer and Principle of Accountability

The GDPR makes it clear that there is no negotiation when it comes to the appointment of a Data Protection Officer (the “DPO”). The DPO shall be the point of contact between the Bank and the Data Protection Office and he or she is responsible to treating matters related to data protection.

Principle of Accountability

Moreover, this data protection ‘reform’ requires the Bank to prove that it complies to the principles of the GDPR. As such, the Bank needs to document and audit the processes put in place, hence the Principle of Accountability. Audits will also have to involve external service providers or outsourcing service providers if they have access to the personal data. While outsourcing projects are more and more common in banks, audits will be significant.

Consent and Communication

The Bank is required to adapt its communication to its stakeholders. Privacy is a constitutional right. The formalization of a crisis communication plan in case of data breach or piracy must be put in place, whereby the Data Protection Office is notified within 72 hours a breach has been detected. Moreover, the GDPR makes it clear that expressed consent from the data subjects be obtained. For children aged less than 16, the consent of the parents or the guardian is compulsory prior to processing their data.

Privacy by Design

The Bank will have to adapt its Information Security Policy to the requirement of the GDPR. On one hand, the notion of data protection will have to be considered when implementing the new security measures and controls, which is referred to Privacy by Design. The data protection framework and information system infrastructure must cater for the setting up and management of an adequate and acceptable level of security.

Data Protection Impact Assessment

Prior to implementing the GDPR at the Bank, a Data Protection Impact Assessment (the “DPIA”) will have to be carried out. An action plan must be put in place to better tackle this crucial phase. The DPIA will detect deficiencies in the Bank’s data protection framework and such gaps will have to be addressed accordingly.

Information Technology Infrastructure

When the Bank upgrades its IT infrastructure or implements a new platform, like it was the case in 2016 with Flamingo, real data is used to test new applications. These personal data are accessible to various projects and are used by IT teams for the test games. Such data will have to be anonymised (modification of the content or the structure of these data to make it very difficult or impossible to ‘re-identify’ people) or pseudonymization (replacing a name with a pseudonym).

Penalties

In cases of non-compliance with the GDPR, the EU will impose a fine of either 20 million Euro or up to 4% of a company’s annual worldwide turnover, whichever the highest. In the Mauritian context, the DPA 2017 makes provision for a fine not exceeding MUR 200,000 and to a term of imprisonment not exceeding 5 years.

Conclusion

In an attempt for competitive differentiation and to increase the trust between the Bank and its different stakeholders, the Bank will have to invest in resources to comply with the GDPR by protecting the intangible assets of its customers. Hence, the GDPR is part of a virtuous logic in terms of the protection of data privacy.

 

*Article written as part of the implementation of the GDPR in the Bank and published in the SBM Newsletter Status (issue 94) in May 2018

Compliance Conference 2018 – Cost of Compliance*

*During the Compliance Conference 2018 (Cost of Compliance) organised by Temple Professionals Ltd, the training limb of Temple Group (Mauritius), I was approached by Himanshu Marchurchand, journalist at Business Magazine, to give an overview on the importance of compliance.

The Transformational Impact of RegTech: When Technology Meets Regulatory Compliance*

Hot on the heels of FinTech, RegTech describes the use of innovative technologies to respond more effectively to the requirements of regulatory compliance, from the calculation of the ratios to the delivery of the financial reports, the conformity of internal risk models and KYC (Know Your Client)

 

The RegTech Phenomena

The RegTech phenomena began in 2015 where the emergence of RegTech was known to the banking, non-banking and financial players. Offering technological solutions to manage their compliance activities, namely compliance with laws and regulations as well as statutory requirements and internal control, processes and procedures, organisations must take account of increasing regulatory burdens in the conduct of their business, but rely upon a very complicated backbone to do so.

In fact, the software in the financial services landscape used to manage compliance is not new. In recent years, there has been dramatic regulatory inflation and a rise in data volumes, with Big Data, and the traditional software has not, unfortunately, kept pace with efficiency. As a result, despite significant investments by financial players, the risk of noncompliance increases.

The idea of RegTech is to instil a culture of compliance by design that ensures compliance professionals are consistently compliant. By offering solutions often based on machine learning and artificial intelligence, RegTech offers innovative solutions from altering the nature of work of compliance professionals and saving time while decreasing costs, hence increasing both effectiveness and efficiency. While compliance was previously limited to specialist lawyers, new players are taking over the subject and proposing new solutions. The activity comes out of the compliance department, which is a very significant turning point for financial players.

Compliance Screening and Reporting

Dealing with Know Your Client (KYC) requirements or customer knowledge is among the main applications of RegTech. Financial institutions are mandated to conduct the Customer Due Diligence (CDD) exercise and it involves checking a large quantity of information about the client before entering into a formal relationship. This requires a complex process of data retrieval, storage and validation. Hence, RegTech comes into play by bringing in intelligent solutions from KYC with storage and updating facilities.

RegTech also facilitates the fight against money laundering and the financing of terrorism. Today, banks are mobilising significant resources on these topics because software generates a lot of false positives and requires human analysis for a fairly low return quality. RegTech brings more intelligent behavioural data analysis tools, thanks to data mining, to detect red flags of money laundering, fraud or the financing of terrorism. In addition, RegTech solutions cater for a scoring tool to conduct risk profiling prior to onboarding the prospective client.

The emergence of artificial intelligence is at the heart of the upheavals to come. The use of RegTech is not only about Customer Due Diligence exercises, but its use also concerns the processing of databases set up to respond to requests from regulators, with regard to FATCA and CRS. Ensuring automated and intelligent screening of the client’s database to target exposed natural or legal entities, likely to be involved in international scandals, would make it possible to anticipate regulatory risks by identifying them and channelling them upstream and ultimately, the legal, regulatory, economic and reputational burden will diminish. RegTech functions as a platform that interprets the law, transcribes it into computer systems, and updates itself. This results in automatic updating for all the professionals using the platform.

The Challenges and Ambition of the Mauritian Regulators

The ambition of the regulators, namely the Financial Services Commission (FSC) and the Bank of Mauritius (BOM), for innovation and their vision for the future of banking regulation will play a key role in the adoption of RegTech. The FSC has already recognized the importance of RegTech in facilitating a paradigm shift towards robust and flexible regulations. The future requirements of the regulatory authorities and their ability to digest the increasing amount of data sent to them prove to be key aspects in facilitating the emergence of RegTech.

Mauritius has the ambition of becoming the preferred International Financial Centre in the region, yet the jurisdiction is not yet mature in terms of the actual adoption of FinTech and RegTech, amongst others. It is anticipated that the regulators will put in place the necessary regulations, guidelines and licenses with regard to FinTech and RegTech. As such, this would dissipate the barriers to the adoption of RegTech such as the difficulty of transferring personal data, lack of confidence of potential adopters of the solution or the difficulty of defining an appropriate information technology infrastructure strategy. In order to stimulate the adoption of RegTech in the Mauritian landscape, potential solutions must be identified such as the establishment of a virtual “sandbox” to prove the effectiveness of their solutions, to instil more confidence in the products offered or the introduction of computer-readable regulations to automate the adoption and implementation phase.

It is imperative to establish a virtuous circle inducing strong relations between the regulators and potential new players in order to coordinate and plan for future technological standards. It is an essential basis for defining the products roadmap for service providers, as well as the medium-term investment strategy of financial institutions. This is where the Blueprint shall be elaborated in synergy with the players in the financial services sector with the collaboration of Mr James Shipton as a consultant.

Conclusion

In conclusion, RegTech will surely disrupt the operations in the compliance field by offering new and reactive solutions that will not be without challenges in terms of digital identity and data sovereignty. The regulatory environment and technological change are incentives for the emergence of new players to meet the immediate needs of financial institutions; that is to reduce costs and control risks in real time. In short, RegTech will increase effectiveness and efficiency in the financial services sector. As regulators, both the Financial Services Commission and the Bank of Mauritius will act as the cornerstones for capitalizing on the adoption of RegTech. Let us imagine the technological possibilities of surveillance, detection and response to better equip financial institutions.

*Article jointly written by Sabrina Sonaram and published in the Global Finance Mauritius Magazine of September 2017

FinTech, A Challenge For Traditional Compliance*

As Mauritius prepares to compete as a regional FinTech hub, the obligations of transparency, accountability and traceability should be integrated as part of the Mauritian FinTech ecosystem, without any compromise on safeguarding the interests of end users and the jurisdiction

 

The financial services industry is undergoing a phase of undeniable evolution, even a revolution.

Not only have the traditional players, the banks, embraced a process of digital transformation, but now they have to contend with new entrants onto their previously well-guarded turf. FinTech is the word currently creating a buzz around the world, not least because of the potential for immediate application in the financial services industry.

FinTech encompasses a number of disruptive technologies powered by innovation. Be it blockchain technologies (also known as distributive ledger technologies), peer-to-peer platforms, crowdfunding, crowdsourcing, online payment solutions, FinTech promises to forever alter our way of doing business.

Amongst the more obvious benefits is the opportunity to create financial inclusion at an unparalleled scale. World Bank estimates place technology as a driver for reaching 700 million persons of previously unbanked persons worldwide between 2011 and 2014. Financial institutions now find themselves in a new-age El Dorado to capture clients in an economy that extends beyond more conventional brick and mortar institutions. Despite these exciting advancements, FinTech, is a double-edged sword and also multiplies the risks in terms of money laundering and the financing of terrorism. The emergence of FinTech has opened wide horizons and at the same time poses significant challenges in terms of regulating and fighting cyber laundering.

FinTech and developing a new compliance culture

There is no escaping it; FinTech can help facilitate the daily lives of people. This is not without a profound impact on the compliance function as we know it. In line with the financial services sector, the compliance role is called upon to evolve to meet these challenges without compromising on requirements of the existing regulation. With the emergence of Fin- Tech, compliance functions must demonstrate an ability to better manage risks, improve services and transparency, and thus build trust.

Compliance is now called upon to play a more important role with more significant financial investments being made for adequate resources. The mutation of the compliance function is also visible on the cultural and human level; companies are invited to introduce new business policies and codes of conduct. In addition, compliance professionals find considerable legitimacy with a broadening of their scope of activities.

Compliance needs to improve the reliability and industrialization of information processing in order to allow better analysis and effective management of the activity. Technologies can thus be used to produce reports that can evolve rapidly in the face of unstable and complex regulatory requirements. The types of information to be communicated, as well as the amount of data needed, call for new solutions and methods to analyze and process them. Beyond the element of risk mitigation, compliance processes face the challenge of mirroring a more fast-paced economy and increasing demands for accessibility. Technology provides the opportunity to cut through the paperwork and streamline the compliance function in an unprecedented manner.

FinTech and the Mauritian Landscape

The rise of new financial technologies, such as payment by mobile or virtual currencies, is of concern not only to the world, but also to Mauritius, which is aspiring to become a hub for financial services and a well-respected International Financial Centre.

Mobile phone payments globally are arguably one the most immediate manifestations of the changes in our financial habits. Cash transfers by mobile phone, which have gained momentum, most notably on the African continent, present important risks in money laundering. This trend calls for better involvement of mobile network operators to address the problem. This was flagged as early as 2010 by the Financial Action Task Force (“FATF”) in a report on new payment methods, illustrating that mobile payment service providers may be non-traditional financial institutions with widely varying controls and supervision measures. With an estimated mobile penetration of 140% as of June 2016*, Mauritius is clearly no exception.

The adoption of the “Code on the prevention of money laundering and financing terrorism” by the Financial Services Commission (the “FSC”) brings us in line with international standards with regard to existing products in the financial services industry. Loopholes persist, however due to the fact that new products and services, for instance virtual currencies like Bitcoin, amongst others, bring with them their complex and transnational nature, which exist outside the existing regulatory framework. This must be amended to meet the recommendations as set out by the FATF, under its ‘Guidance for a Risk-Based Approach on Virtual Currencies’.

Crowdfunding and crowdsourcing also currently fall into a regulatory ‘grey area’. While these business models have not taken up a strong foothold in the local jurisdiction yet, it is only a matter of time, especially when considering the potential for strong alternative access to finance they present for SMEs. Thriving models already exist in the UK, the US, and Asia.

It is also worth mentioning that digital currencies, having previously served as a bridge between the legal and the underground economy, tend to be treated with suspicion. This is a key opportunity for compliance concerns to be factored into the product development and innovation process. Once parameters are set, which ensure transparency, accountability, and traceability, the potential they represent is transformative.

Previous communiqués from the Bank of Mauritius on virtual currencies, as well as the introduction of a regulatory “Sandbox” under the Board of Investment, are clear indicators that new technologies are on the radar of the local authorities. Mauritius nevertheless remains in an international rat-race to establish itself as a hub for financial services. Providing suitable regulatory frameworks for FinTech is critical if we are to keep up with other financial centres such as Singapore and Dubai, where the development of blockchain technology and peer-to-peer platforms are at the heart of a myriad of new businesses.

A challenge for the regulator

Regulatory concerns are legitimate. Total deregulation would not serve the economy, FinTech or the end customer. On the other hand, FinTech has the potential to be a driver in the Mauritian economy through the creation of skilled jobs or innovation in services. It is a real balancing act to protect the investor, the customer and the economy, while supporting the development of the state-of-the-art technologies in the financial services industry. On the other hand, maintaining a conservative outlook for too long could handicap prospective FinTech companies which intend to set up in Mauritius.

The exploration of RegTech, which couples both regulatory and technology aspects presents a plausible route forward. RegTech is a new and revolutionary answer to FinTech and it adopts the risk-based approach. It focuses on technologies that facilitate compliance with laws and regulations as well as internal and statutory standards more effectively.

In conclusion, it is essential that the obligations of transparency, accountability and traceability be integrated as part of the Mauritian FinTech ecosystem, without any compromise on safeguarding the interests of end users and the jurisdiction.

General Electric’s Jack Welch famously said that we should change before we have to. And compliance is no different.

*Article jointly written by Vandana Boolell, CAMS and published in the Global Finance Mauritius Magazine of April 2017

The kite in the storm…

Like God, holy and immutable is truth;
To our eyes the reality is so precious;
Blindly taking the clouded staircase;
Believing imagination is quintessence.

In the quest for love and happiness;
Hope has an upper hand on reason;
In the state of dismay and confusion;
Embracing the kingdom of delusion.

Fascinated by utopia, alas, seeing it not;
Sheltering in the abode of ignorance;
Entangled in the tempest of oblivion;
Engrossed in facade before our eyes.

The gust of obsession is blowing;
The string has severed its relationship;
The kite is dancing to the wild tune;
Waving goodbye and bidding adieu.

The troubled kite knows its fate;
Except the one who has lost it;
Running to catch the unattainable;
It has decimated and disappeared.

Ceasing building castles in the sky;
Bravely Lift the veil of the illusion;
Courageously, simply, face reality;
Sometimes, giving up leads to bliss.

…To the one who has lost it.

The Oasis of Life

From nowhere, you have come;
Like an Angel, you are enlightened;
Never again shall I ever be alone;
For my heart is now your home.

The moon and stars makes the night;
The day is nothing without sunlight;
Darkness shall never ever prevail;
For you are the glowing light of my life.

Words have hatched from the mind;
Promises are sacred for the kind;
Not a single tear shall give birth;
To the extent of sacrificing my eyes.

Hope is not what is being sowed;
The barriers shall be evaporated;
Never shall your heart be sobbed;
For you shall never mourn again.

Kneeling down; and God as witness;
I shall feed the self with happiness;
Your heart shall be invaded with love;
Till no place is left for me inside.

Holy temple is what you are to me;
Dwelling inside your heart is my soul;
Goddess, I shall worship you eternally;
For you are the oasis of my life…

Happy Valentine’s Day My Angel

*Poem written to my imaginary love…

A Curse called Financial Crisis…

Never ever has the world been so fragile. Putting the Black Swan Effect aside, all the elements are now gathered to welcome a new financial crisis, which is dangerously looming ahead.

While the world has still not yet been inoculated from the last devastating financial crisis of 2007, it seems that, in my humble opinion, it has contracted a maligned financial cancer, which is spreading despite the fact that the last financial crisis is still under treatment.

From the drastic fall in the oil price, to the unexpected drop in the prices of stocks in the market, majorly due to divestment from investors and the rise in the debts, this is giving birth to a bubble which keeps on inflating and which, undoubtedly, is on the verge of bursting.

It must not be business as usual. Lessons from the recent financial crisis should be learned, but not forgone and forgotten. In the event of a new crisis, it is advisable that the major players equip themselves with a parachute so as to mitigate the risk of being flattened at the turbulent landing.

The world seems not to be enough of falling afoul of the upcoming crisis. Unfortunately, we should never say never to such financial curse, for the spectre of the financial crisis still looms.

The Guardian has warned us all…

Ode to an Angel…

May thou be hit by his arrow;
For thou have been longing for;
Pain shall not be the feeling;
Thou shall no more endure.

High on the bright cloudless sky;
Flies not an Angel,but a white bird;
The dove shall visit its devotee;
Outside thou can hear its songs.

Shapeless grey matters hanging;
Constantly playing with themselves;
Seven,they are in all in communion;
Thou shall lie serenely in them all.

The sun illuminates the whole world;
Thou true smile will suffice for us all;
Darkness shall not be housing us;
For Mary dwells inside thou Lady.

Angelic are thou sweet lady;
Never have we seen that again;
Unique art thou sweet Lady;
For there shall never be two sun.

 

*Poem written while looking at the mirror.

BlackBerry… Priv, The Missed Opportunity

There was that mixed feeling when BlackBerry announced that the company was now on track. That statement followed the company`s quarterly financial statements public. You would say, perhaps, that I am pessimistic. BlackBerry posted satisfactory results for the last three months; the patience of the shareholders came to an end and confidence has been restored. One may say that it is a breath of fresh air after the company had its head below the tumultuous water.

These financial results were due to the fact that the software division has met the expectations of the company. To recap, the BlackBerry is not only focused on hardware, that is, mobile phones, but after it has lost much of its market share in the mobile phone industry, the Ontario-based company was focusing mainly on the sale of productivity software. To prove the above, the company acquired its rival, Good Technology, for about 425 million dollars.

The inflating revenues and the losses, which are now plummeting, signify that the company is now enjoying a fair financial health. Thus, we can say that there is the light at the end of the tunnel, after it has been immersed in the mists of financial gloom, which was translated by a spectacular drop in stock prices, which put investors’ confidence at its lowest level. However, the mobile phones division is still struggling to demonstrate its usefulness and eyes are riveted to see the evolution of the division.

And with the shift on the choice of the operating system for its latest smartphone, the BlackBerry has made a risky bet while relying on Google to give it a helping hand to get the business away from the marshy land; a strategy that appears to be paying off. Meanwhile, BlackBerry has its proprietary home-brew operating system; the BlackBerry OS, on hold. Simultaneously, BlackBerry Priv (BBP) took birth after the union of BlackBerry with Google. Priv left an imprint in the history of the company by being the first smartphone with the BlackBerry logo and powered by Android. This alliance was necessary for the survival of the company.

The strategy, although devised late, was very much appreciated. The decision for its implementation was not questioned though, but what about the production and marketing of this famous device that has challenged the smartphone industry with its hybrid system? The smartphone that was designed to gain existing and new BlackBerry fans has spilled much ink. The consumers are there! And they are looking forward to get their hands on their BBP, but once again, the company has been disappointing.

The management of the company took certain decisions that could be detrimental to the survival of the mobile division. The demand for this flagship product remains high and there is nothing which is more favourable than the end of year events, whereby fans have been saving their cold cash to get themselves their BBP. Unfortunately, in his humble wisdom, BlackBerry has decided not to venture into marketing the Priv worldwide.

Therefore, emerged several questions with respect to the above. Is BlackBerry’s traditional marketing strategy not to go global with the release of the Priv? Is it a decision taken as a safely harbour to avoid any disruption in the supply of the Priv? Was the decision motivated because of a wrong forecast on the demand for this new product that? Was the decision relied on a poor marketing research? Does BlackBerry have a problem on its production capacity?

The financial reports should have been better if BlackBerry was not focusing only on the North America market, but worldwide as well. From experience, Apple knows something about it. By voluntarily restricting the market, this translates into an important shortfall for the company, when, in fact the sales of such device would be likely to be sold like hotdogs. Suffering from an acute financial anaemia, the BBP has been specifically designed for the purpose to give new blood to the company whose financial health was critical and precarious. This technological marvel had been announced as the saviour of BlackBerry.

Unfortunately, BlackBerry was unable to launch the commercialisation of the Priv worldwide, that would have, undoubtedly, attracted many more audience by putting the cell phone available to prospective buyers, and thus to generate consequent revenue. It was also an opportunity to put the Priv under the limelight while testing its responsiveness in such a throat-cutting and crowded market. So, while BlackBerry should have flooded the world market with its BBP, hence gaining some market share, it was actually a missed opportunity that the company was unable to focus on.

Is the decision related to the company’s production capacity? Does BlackBerry not have any competitive edge when it comes to the production capacity of the Priv? If this is the case, then it is primordial that BlackBerry overcomes such obstacle and to really get to meet the market’s demand, otherwise the company is likely to lose ground and see its forecasts becoming utopian. Otherwise, nothing prevents the company from producing the Priv in countries where it has manufacturing plants by ensuring that quality and standards are being complied with.

Now coming to the marketing aspect; which is an essential department in all product-oriented companies. Priv visibility is not questioned, since BlackBerry has not had much to do in this area. The marketing machine had already been set in motion through marketing tips, such as, leaks, many videos extolling the prowess of the smartphone, and so on. Is it not the BlackBerry marketing department which is likely to be pointed finger at for not being able to convince carriers to give their support by offering the BlackBerry Priv?

As days pass by, consumers’ hope and patience evaporates slowly but surely and those prospects living in Asian countries and even Africa are being forced to turn to other smartphones that are available, for instance from competitors like Apple, Samsung and even HTC. That said, BlackBerry smartphones are losing ground on the market, which is, eventually, at the expense of the company which is desperately struggling to keep its hardware division.

Ultimately, if decisions to focus on large-scale production and commercialization of the Priv worldwide, happened today, BlackBerry policymakers should have really rejoiced. A victory is surely not celebrated slyly, unless it is really a success. BlackBerry’s future should not only depend in the sales of productivity software, but the company should also capitalize on the success of Priv to go even further in its vision while also challenging the reports which had painted a gloomy picture of his future.