Tuesday 04, April 2017 by Jessica Combes

CBB pushes for financial digital transformation in Bahrain

The Central Bank of Bahrain (CBB) welcomed a team from BNP Paribas Bank at its headquarters, for a seminar on “Digital Transformation”, presented by BNP’s top officials.

 

The seminar was held as part of The CBB’s initiative to push Financial Technology in the Kingdom.  

Rasheed M. Al-Maraj, Governor of the Central Bank, welcomed the BNP team led by Jacques Michel, Head of Middle East & Africa. “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,” said Al-Maraj.

He added that 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. Furthermore, CBB issued 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 Shari'ah-compliant services.

The one-day 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 at the Central Bank, hosted by HE 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,” said Jacques Michel, Head of BNP Paribas. 

Al-Maraj added that 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.

 

  

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