Sunday, August 9, 2020

CBB presents plan for digital transformation to financial institutions

In line with the directives of HM King Hamad bin Isa bin Salman Al Khalifa to the government to undertake the development of a comprehensive national plan to meet the needs of the digital economy and Artificial Intelligence (AI). The Central Bank of Bahrain (CBB) conducted an awareness workshop on CBB’s digital transformation strategy.  The workshop was on 13th January 2020 at Capital Club Bahrain. The Governor Rasheed Al Maraj and CBB executive management attended. Over 100 c-suite level representatives from financial institutions across the Kingdom was also present.

The workshop included details of the strategic plan. The CBB’s vision for digital transformation in addition to the projects that the CBB intends to implement. In order to introduce the latest electronic payment and settlement products to gradually shift to digital systems. This is to reduce the use of cash in financial transactions. Thereby facilitating the provision of banking services to individuals and institutions.

The objective of the workshop was to outline and clarify the CBB’s proposed digital transformation initiatives to financial institutions and to encourage these institutions to accelerate their transition and stay up to date with technological developments to ultimately benefit the national economy and be in line with international best practices.

As part of its digital transformation strategy, the CBB has previously established a Fintech and Innovation Unit, launched a Regulatory Sandbox for financial technology startups and existing financial institutions, and provided a license for digital banks. The CBB will continue its efforts in this field in coordination with the financial sector and provide all facilities to license these new banking services.

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