The GCC Financial Forum focuses on digital transformation

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Discuss the shape of the future financial system and drive technological innovation

The GCC Financial Forum focuses on digital transformation

 

Date of publication: Friday 23 February 2018

Manama,

Discussions and speeches at the GCC Financial Forum, held on February 20 and 21 in Manama, Bahrain, focused on the issue of digital transformation In the financial sector. The participants stressed the importance of taking an approach that takes into account future development as it moves towards the integration of new technologies into existing business models and strategies Related to them.

In a key interview, Bahraini Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa stressed Bahrain's commitment to diversify the local economy and continue to drive innovation in the financial sector to achieve Bahrain 2030's vision. The establishment of a solid infrastructure and an economic environment conducive to growth is an important part of this endeavor and the maintenance of international competitiveness and development of the standard of living of the Bahraini people. The Minister stressed the importance of embracing contemporary technology based on best practices in the sector from around the world to maintain the competitiveness of the Bahraini market.

 

Sheikh Zayed bin Rashid Al Zayani, Minister of Industry, Trade and Tourism of Bahrain, said that contributing to the creation of a fertile working environment for investors will be essential to support the growth of the financial sector. The Commercial Registration Register, launched in 2016, He added that the portal is a key driver in the sector's journey towards digital transformation by helping to attract best practices from around the world.

 

In his regular interactive session, Rashid Mohammed Al Maraj, Governor of the Central Bank of Bahrain, spoke about the unique characteristics of the banking system in Bahrain and the new possibilities of financial technology. "We recognize that financial technology solutions can reduce cost models by eliminating intermediaries, and we encourage all Bahraini financial institutions to move forward and adopt new technologies. The Central Bank of Bahrain is committed to keeping pace with the changes and exploiting them to the benefit of our local economy and our people. "The speech was delivered by Mohammed Al-Erian, Chief Economist of German Insurance Company Allianz. In his speech, Al-Arian presented a picture of the current economic climate, geopolitical risks and the implications of the digital transformation of the global finance sector.