CBBs push for Financial Digital Transformation in Bahrain
Manama, Bahrain – 3rd April 2017 – As part of The Central Bank of Bahrain’s (CBB) initiative to push Financial Technology in the Kingdom, the CBB welcomed a team from BNP Paribas Bank at its headquarters, for a seminar on “Digital Transformation”, presented by BNP’s top officials.
Mr. Rasheed M. Al-Maraj, Governor of the Central Bank, welcomed the BNP team led by Mr. Jacques Michel, Head of Middle East & Africa and stated, “The CBB is committed to achieve a digital transformation and new technologies in the financial sector in Bahrain,” confirming that these new initiatives are a continuation of the CBB’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.
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.”
On that note, he added, “CBB issued last week, a white paper for consultation on a Regulatory Sandbox for Fintech in which new companies can test their Fintech solutions and later by the end of next month it will issue draft rules for consultation on crowdfunding platforms for both conventional and sharia’a compliant services.”
“Bahrain has had a long history of proactive adoption of development in the technology field and The CBB is all for embracing innovation and new technology; the challenge is to develop the digital financial products in a risk-free way, nevertheless CBB is committed to promote digital transformation in Bahrain and determined to do it quickly and efficiently,’ said Mr. Al Maraj.
The one-day workshop continued with presentations by BNP Paribas’ banking officials with a broad perspective on today’s Digital, Blockchain and Fintech.
Jacques Michel, Head of BNP Paribas commented, “We strongly believe in sharing our internal expertise with our partners and as such, are delighted to have delivered today's Digital Seminar at the Central Bank, hosted by His Excellency, Rasheed Mohammed Al Maraj, The Governor of the Central Bank of Bahrain. This is in keeping with our commitment to work together, and co-create solutions to the challenges that the digital evolution presents.”
“These seminars and workshops are crucial towards developing 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,’ added the Governor.