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Vintec Middle East and Africa Forum

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Post by claud39 on Fri Feb 22, 2019 7:23 am


Vintec Middle East and Africa Forum


Vintec Middle East and Africa Forum Rc_155082769768_23

The Central Bank of Bahrain (CBB) Governor Rasheed Mohammed Al-Maraj has unveiled the latest amendment to the banking regulations concerning "encrypted assets". This came on the sidelines of the Financial Technology Forum «Vientk» the third region for the Middle East and Africa, yesterday. 
He expressed his pleasure to take pioneering steps in line with the developments in the financial technology sector, stressing the keenness of the Central Bank on Bahrain to be an incubator environment in terms of financial technology and innovation and to encourage emerging companies.
Al-Maraj added that in the past period, there have been many amendments to the legislation, most notably the amendment of the cloud computing, as Bahrain is the first country in the region allowed financial institutions to use the cloud computing completely. He pointed to the changes that have been made in the open banking services. The first company in the region was also licensed in this area to allow the customer to be flexible to identify his accounts in more than one bank. 
The Governor of the Central Bank pointed to the level reached by the Kingdom in this field, pointing out the cooperation between the various partners of the Bank in the Economic Development Board, Gulf of Bahrain for Financial Technology, ABC Bank, the banking services company and other banks, During the last period and that people are beginning to be convinced of the usefulness of financial technology and the possibilities available that will facilitate the provision of banking services to different sectors in the country.
"Consumers need not to waste their time filling out forms and waiting long queues. The more they develop, the easier it becomes, the less expensive it is, and the more ambitious it is," he said. Sector development and development. 
Two companies, for 
his part, said the Executive Chairman of the Economic Development Board, Khalid Al-Rumaihi revealed that there are two companies pending the issuance of final licenses and the termination of the procedures by the Central Bank and other stakeholders to enter the local market.
He added that there are many companies present and participate in this forum, stressing that these companies either entered the experimental environment or is already in the Kingdom and is doing business. He pointed to the launch of new amendments in the legislation launched by the Central Bank of Bahrain, stressing that this is in the interest of the national economy. 
Al-Rumaihi pointed out that Bahrain has made great strides in the field of financial technology, which is one of the most important sectors in the economy, especially as it creates more job opportunities and makes Bahrain a leading position among the countries of the region. 
Turning a must 
and a related confirmed Chief Executive Officer of Bank ABC, d. Khalid Kaouan that this gathering is important to bring together a group of thinkers and experienced workers in the field of financial technology to discuss and consider the ongoing transformation in the field of financial technology.
"The bank is now undergoing a shift to modernize our platforms and create new jobs at the same time. The digital transformation of the bank is a strategic pillar for future growth." He added that the focus will be on providing a series of retail and corporate banking services to the public. 
"Digital transformation and technical innovation is one of the key areas for ABC Bank to focus on next year," he said. "We are seeing technical trends at the sector level that will revolutionize banking in two to three years and we want to excel in this area. 
Lifestyle changed
"In the coming years, we will see artificial intelligence altering the pace of our lives, and automated learning will eliminate old ways of working in retail and corporate banking," said ABC Group Executive Vice President, Saile Al-Waari, on how financial technology and artificial intelligence can change our lifestyle. "We believe that banking has gone beyond financial confusion today, as the sector is witnessing a tremendous change in all its aspects, which requires us to recognize the power of financial technology transformation and seize its opportunities," he said. The integration of data and technology is fast. The emergence of open banking frameworks means the ability to share and use financial data in new ways, so individuals and companies have new ways to control their money that integrates with other aspects of their lives more than ever before. 
Corporate Digital Platform
Bahrain Islamic Bank Chief Executive Officer Hassan Jarrar also revealed the bank's intention to offer digital financial services to companies during the second quarter of this year, in line with the bank's plans to move to digital banking. 
He added that companies can open their own accounts through the mobile phone or digital banking application through quick and easy steps, which will help companies manage their accounts via mobile phones from anywhere, anytime.
He pointed out that the banks should abandon the "bricks and cement" in reference to the importance of switching to systems and digital technology platforms to develop their business to keep pace with the new era, stressing that the process of conversion of traditional banks to digital banks is like converting a diesel car to an electric car, Start from scratch in the process of technological transformation. He also revealed that the bank will be able to offer loan services through mobile applications or digital branches. As of March, customers will be able to apply for a personal loan from the bank, and after a few steps to confirm the customer's eligibility for the loan and its approval of all the bank's terms, Deposit the amount into the client's account in just 60 seconds. 
Fatima is the first digital employee
The most exciting event at the show is the introduction of Fatima, the first female employee of emotional intelligence in the region. Fatima is designed by Sol Machines in New Zealand for ABC Bank, which plans to operate at the end of the year. She is an on-screen employee who employs modern digital neuroscience and artificial intelligence to communicate with clients, enabling Fatima to engage in a natural conversation. She also expresses her feelings. 
The visitors were given the opportunity to talk to Fatima and ask about some ABC Bank products and services. However, Fatima will open up the wider future through her online presence to help ABC Bank customers respond to their inquiries about the Bank and its services. 
Forum sessions
During the forum, Al-Wari presented his views on the current state of financial technology and presented his vision for the future of the financial industry. Mr. Al-Wari focused on the potential impact of financial technology on corporate banking, which is not much discussed, and called for further development of these services. On the other hand, Hesselhurst presenter and forum moderator discussed with the Governor of the Central Bank of Bahrain Rasheed Al-Maraj, who explained his practical approach to finding the right balance between enabling innovation and protecting the financial system. He reviewed Bahrain's progress towards the implementation of open banking services, Look at current global financial regulatory opportunities and challenges.
Following the conclusion of the dialogue with the governor, Hesselhurst gave way to Brett King to take the podium. He is the author of Bank 4.0, the best-selling book on Amazon.com, and the founder of Breaking Banks, one of the world's most important podcasts on financial technology. During his presentation, King described banking services over the past 500 years, incorporating examples he cited between historical banking and contemporary innovative practices to illustrate changes in the nature of financial services. "The most important thing the client wants is utility, not just physical security," he said. He then explained how banks can lag behind technology companies and other financial services providers. Anthony Thompson, founder of Metro Bank and Atom Bank (both in the UK) and the 86,400th Digital Bank in Australia, gave a presentation explaining his thoughts on emerging banking and his reflections on recent experiences in the launch of Australia's 86400 mobile phone bank . Thomas Blood of Amazon Web Services (AWS) and Steve Kirsch, CEO of Token, opened a panel discussion on the challenges faced by regulators in the era of open banking. Both Mr Blood and Mr Cherch saw the opportunities as too much to be ignored or avoided by executives and regulators in the banking sector.
Dr. Pippa Malmegren, President George W. Bush's senior adviser on economic affairs, also pointed out the characteristics that must be achieved by the top leaders of modern financial services institutions. "The narrow focus on analysis and reductionism is not enough to meet contemporary challenges. Business leaders in the 21st century must have the ability to think creatively in their way of solving problems," she said. 
The forum, hosted by ABC Bank and the Arab Financial Services Company, was attended by officials from central banks in Saudi Arabia, Bahrain, Kuwait, UAE, Oman, Jordan, Egypt, Libya and Tunisia, as well as senior representatives from banking, Finance, communications and technology in the Middle East and North Africa.
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