The Bahrain Association of Banks (BAB) has launched the ‘Digital Transformation in the Banking Sector’ award to mark the International Day of Banks.

 

At an open gathering hosted by BAB, Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, alongside various leaders from Bahrain's banking and financial sector, took part.

 

The award has been designed for all banks and financial institutions, which aims to incentivise the adoption of digital transformation within the banking sector, spotlighting noteworthy initiatives that embrace optimal practices, policies, and strategies. 

 

Growth opportunities

"We are delighted that the International Day of Banks serves as an opportunity to engage with leaders of financial and banking institutions. It allows for discussions on visions and perspectives concerning the continued enhancement of the financial governance sector in Bahrain, and encourages the adoption and localisation of the best international experiences and practices within the banking industry. This includes exploring growth opportunities and staying abreast of recent trends related to environmental, social, and governance practices, open banking, financial technology, and other pertinent areas," said Al Maraj.

 

Al Maraj acknowledged the endeavour by BAB as part of the Financial Services Sector Development Strategy 2022-2026. He emphasised the significance of the ‘Digital Transformation in the Banking Sector’ award, highlighting its role in motivating diverse financial and banking institutions to embrace innovation and digital transformation within the financial services sector of Bahrain. 

 

Annual milestone

Adnan Yousif, the Chairman of BAB, said the International Day of Banks is a crucial annual milestone that serves as a moment to celebrate a banking journey marked by notable achievements, positioning the kingdom among the foremost global banking and financial centres. Notably, this journey has contributed significantly to sustainable development and economic diversification in the Kingdom since its early stages, creating a substantial workforce of highly qualified individuals. Today, the banking industry stands as the primary contributor to the GDP, accounting for 17%, and has become the leading employer for Bahrainis in the private sector, providing over 14,000 jobs.

 

Adnan highlighted the numerous initiatives undertaken by BAB in 2023 that involved collaborating with banking and financial institutions to establish innovative training programs, surmounting obstacles to boost financing for SMEs, increasing banks' contribution to major projects, bolstering the cybersecurity landscape, advancing open banking, and conducting public awareness campaigns on electronic fraud methods. 

 

Clean energy projects

Additionally, the association engaged with various ministries to discuss financing environmentally sustainable and clean energy projects. Collaborative efforts with the Ministry of Justice, Islamic Affairs, and Endowments were directed towards enhancing the litigation and enforcement environment, including contributions to the implementation of the Dispute Resolution Centre and discussions on laws related to execution, bankruptcy, and other pertinent legislation.

 

Dr Waheed Al Qassim, CEO of BAB, stated that aspirations are moving towards deeper integration into digital banking services, aiming to align with customers' way of living. This integration is seen as a pivotal element for future growth, given the added values it brings to all stakeholders.--TradeArabia News Service