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CBB push for financial digital transformation.

MANAMA: The Central Bank of Bahrain (CBB) is committed to achieve a digital transformation and new technologies in the financial sector, according to a top bank official.

CBB Governor Rasheed Al Maraj also confirmed that these new initiatives are a continuation of the bank's efforts to provide the right mix of policies and products to develop and enhance the quality and competitiveness of services in the financial sector.

Mr Al Maraj received a BNP Paribas team led by head of Middle East and Africa Jacques Michel at the CBB headquarters, for a seminar on "Digital Transformation", presented by BNP's top officials.

The Governor highlighted, "CBB managed over the past two years to introduce new products for the retail banking sector, making sure they do not restrain implementation of new technologies in Bahrain by having the right mix of regulations." "The CBB last week issued a white paper for consultation on a regulatory system in which new companies can test their Fintech solutions. The bank will issue draft rules for consultation on crowdfunding platforms for both conventional and Sharia-compliant services by the end of next month," he said.

"Bahrain has had a long history of proactive adoption of development in the technology field and the CBB favours embracing innovation and new technology; the challenge is to develop digital financial products in a risk-free way. The CBB is committed to promote digital transformation in Bahrain and determined to do it quickly and efficiently," said Mr Al Maraj.

The workshop continued with presentations by BNP Paribas' banking officials with a broad perspective on today's digital, blockchain and Fintech.

"We strongly believe in sharing our internal expertise with our partners and as such, are delighted to have delivered today's digital seminar. This is in keeping with our commitment to work together, and co-create solutions to the challenges that the digital evolution presents," Mr Michel said.

"These seminars and workshops are crucial to develop awareness and expertise in financial technology, and we appreciate BNP Paribas' initiative to share with CBB their expertise in this growing and important field and CBB will continue to support and welcome these initiatives from the industry," Mr Al Maraj added.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:Apr 4, 2017
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