BAB Stresses Support for Fintech Initiative and Commends HM the King’s Call for Arab Cooperation

The Bahrain Association of Banks (BAB) commended His Majesty King Hamad bin Isa Al Khalifa’s endeavor to advance and fortify Arab collaboration in Fintech and digital transformation, as expressed during His Majesty’s address at the Bahrain Summit.

BAB emphasized that this initiative underscores Bahrain’s success in financial technology and its commitment to sharing this esteemed expertise across the Arab region, enabling all Arab nations to benefit from it, and solidifying Bahrain’s stature as a pivotal player in regional and global financial technology.

Mr. Adnan Yousef, Chairman of the Association’s, stated, “BAB is dedicated to supporting this groundbreaking initiative, launched in the Kingdom of Bahrain and slated for a year-long endeavor, to further the Kingdom’s track record of achievements in financial technology. This effort aims to bolster Bahrain’s standing as a regional and global financial and banking hub, bolstered by a sophisticated legislative and regulatory framework that remains adaptable and responsive to a spectrum of challenges.”

Mr. Adnan conveyed the Bahrain Association of Banks’ eagerness to collaborate closely with both local and Arab financial and banking institutions, fostering the exchange of experiences and bolstering national endeavors to disseminate Bahrain’s expertise in financial technology throughout the Arab region, promising unparalleled transformations in the Arab financial and banking landscape.

Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, affirmed that the association will operate in alignment with the directives of the Central Bank of Bahrain and in partnership with various stakeholders to translate His Majesty the King’s visionary initiative into tangible actions. The association will convene meetings with numerous financial and banking entities and institutions to translate the Bahraini initiative into programs and actionable plans applicable at the Arab level, benefiting all Arab nations.

Dr. Al Qassim emphasized that this initiative will also bolster Bahrain’s financial technology sector by attracting foreign direct investment. Additionally, it will launch several banking technology innovation initiatives in Bahrain, such as digital banks and the utilization of biometric data in banking transactions, alongside the development of mobile banking applications and internet banking services, among other endeavors.

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