The UAE based Fintech Galaxy will operate the FinHub 973 digital laboratory while the Central Bank of Bahrain will fully supervise it so that it can effectively monitor and proactively manage risks while assigning any potential controls related to new and threatening technologies within a secure sandbox environment.
The digital laboratory was launched on October 20 as part of an exclusive virtual event, which is the fruit of cooperative efforts that brought together the Central Bank of Bahrain and many strategic partners, such as: the Economic Development Board (EDB), Bank ABC, the Benefit Company, Bahrain Islamic Bank and Bank “to On this occasion, Hassan Jarrar, CEO of Bahrain Islamic Bank, said: “We are pleased to cooperate with the Central Bank of Bahrain and a number of leading banks in Bahrain to support such cooperative initiatives that enhance innovation at the local level and enable the financial technology sector in Bahrain to Prosperity, which contributes to consolidating the Kingdom’s position as a center for fintech among the countries of the region. Thanks to the innovative mindset of the Central Bank of Bahrain, Bahrain has already become a hotbed of financial innovation, allowing us to access secure platforms and develop robust financial technology solutions.
He added, “Given the consequences of the current pandemic, the latest technology trends such as: artificial intelligence and big data have affected the economy at an unprecedented rate, so these partnerships are essential to stimulate innovation, encourage competition, generate ideas and create transformative digital solutions in the field of finance for the benefit of the sector, the economy and society as a whole.
Rashid Al-Maraj, Governor of the Central Bank of Bahrain said: “The repercussions of the Covid-19 pandemic have demonstrated the importance of expanding digital banking and providing appropriate solutions for electronic payment systems. The central bank has realized early on the importance of continuously developing infrastructure in the banking sector, which puts the bank at the forefront. The regulatory authorities that support innovation to make the Kingdom of Bahrain one of the most prominent financial centers in this field The launch of the FinHub 973 platform reaffirms the vision of the Central Bank of Bahrain towards expanding financial technology, opening up the field for innovation and introducing new financial products. The BisB Innovation Challenge, through which it will challenge global financial technology companies to develop a solution that supports the credit operations of the bank and the retail banking services department, in order to enrich the knowledge and knowledge of financial advisors with the adaptation of adaptive machine learning through the development of an advanced and high-level platform.
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