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The Second Annual Summit of Electronic Payments DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The Second Annual Summit of Electronic Payments

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The Second Annual Summit of Electronic Payments Empty The Second Annual Summit of Electronic Payments

Post by claud39 on Tue Mar 12, 2019 1:45 pm


The Second Annual Summit of Electronic Payments


The Second Annual Summit of Electronic Payments Rc_155237544052_23

The Central Bank of Bahrain (CBB) has announced that it has issued seven technology-related legislation, the most recent of which was the legislation on encrypted assets. The final version of the legislation on "e-consulting" will be finalized this week. 
This came on the sidelines of the Second Annual Summit of Electronic Payments and Online Banking yesterday. During the conference, Hamad said, "We live in a world where recent developments in technology are hindering almost everything. Business models are being challenged and transformed with unprecedented speed. 
Weekly requests 
and noted that «in almost every week we receive requests from Ventk companies for inclusion in the regulatory legislative environment, while it is fun to watch young talent working hard in their work in Ventk, the future may be less rosy for a number of these emerging companies».
He pointed out that the Central Bank of Bahrain was forced to go through a concept of thinking and approach to risk management. "We have decided to adopt the Phenetic phenomenon, encourage innovation and eliminate as much as possible opportunities for regulatory review to reduce future risks," he said. 
Director of Banking Supervision at the Central Bank of Bahrain (CBB) said that as current banks and other financial sector players prepare to embrace financial technology in their business areas, they will pose a serious threat to independent Fentech companies. 
Liquidity growth for 
his part, Chief Executive Officer of the Stock Exchange of Bahrain Sheikh Khalifa bin Ibrahim Al Khalifa said: «witnessing the Gulf financial sector , a marked shift , led by the growing demand for digital services , where witnessing the electronic payments sector in Bahrain remarkable progress materialized achievements in establishing a safe and effective environment for payments and financial instruments» .
On the Bahrain Liquidity Fund, which started in 2016, he pointed out that the liquidity is increasing annually, as it was 100 thousand dinars a day now up to one million dinars, an increase of 1000%, which is in itself a quantum leap. 
"The summit is an opportunity for GCC financial leaders to share their current plans for digital transformation and to keep abreast of the rapid development and utilization of financial and investment services at the regional level," said Sheikh Khalifa. 
Women's Empowerment
Zain's Bahrain Corporate Communications and Investor Relations Department, Shaikh Abdullah bin Khalid Al Khalifa, said that Zain's participation was in line with the technological development, as the company continues to develop its comprehensive management system aimed at continuous improvement, development and upgrading. An innovative economic entity in the region, it is their responsibility to provide more working environments that support their male and female employees and create a comprehensive working environment for them. 
"Zain has created its application to smart phones to deliver customer transactions anywhere, anytime and in just a few minutes. On the most prominent technological functions developed by Zain, Sheikh Abdullah bin Khalid referred to the program launched recently by the company, "Zain Youth" which targets university students.
The Zain Youth Empowerment Program is a unique opportunity to gain practical experience during their undergraduate years by developing their practical, professional and ethical skills to be the best choice for the job market after graduating from the university. It contributes to the creation of a qualified and qualified youth generation to enter the labor market, To young people by involving them in community service initiatives. 
Global expansion 
and a related development, Chief Executive Officer of Al Baraka Banking Group Adnan Yousef, revealed the intention of the group to expand more and engage in Indonesian and Chinese markets within 18 months from now.
He added: "The Group's units have returned to their planned expansion programs. The number of new branches opened by the Group's 23 units in 2018 will reach 698 branches at the end of December 2018. The Group's branches employ 12,937 employees, reflecting the role of our units. In creating decent jobs for citizens in their communities. The division policy is one of the Group's key pillars for business growth and profitability.
Recently, Al Baraka Bank of Turkey in Germany launched the service to provide digital banking services in Europe. "We are always keen to keep our customers a focus of our interest and our highest priority through our partnership philosophy. Today, with the advent of new technologies and innovations, we can see that there is great potential to expand our reach to more customers worldwide and provide them with better banking services and products. " 
In his speech, Adnan stressed that Islamic banks must reorganize themselves and their priorities to become market leaders. It is encouraging to see that while adopting the latest technology challenges banks, it helps them solve many of the technological problems they face.
According to PricewaterhouseCoopers, open banking has the potential to create 7.2 billion pounds sterling by 2022 and meet the needs of 32.7 million consumers and 7.8 million small businesses in Britain. Pointing out that since 2018 many legislations have been introduced in the areas of digital banking and financial technology, and the Kingdom of Bahrain has been one of the leading markets that introduced this legislation. General Coordinator of the ePay Summit, Issa Sayar, noted that this summit took its special position by highlighting the technology of electronic payments and related matters. It is a magnet for the different sectors of business. 
He added that the holding of this summit underscores the importance of creating diversified economies to enable strategic coordination and cooperation between the public and private sectors in order to achieve the objectives of Bahrain 2030 Vision and Strategy.
The Summit highlighted the strategies, policies, legislation, regulations and mechanisms in the field of electronic payment technology and its relationship to the development of investment banking services and facilities in order to develop the business environment and make it an attractive environment for internal and external investments in order to provide the best services to customers.
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