Banking and financial technology (FinTech) experts yesterday highlighted the need to implement innovative banking solutions at a key forum in Bahrain.
Bankers, regulators and FinTech experts from around the world had a very successful meeting at the first AFS Middle East and Africa FinTech Forum, held in Bahrain under the patronage of the Central Bank of Bahrain and supported by Bank ABC and Bahrain Economic Development Board. The event was also sponsored by Visa, GBM and ai Corp.
This was the first regional FinTech forum held in Bahrain.
Central Bank of Bahrain Governor Rasheed Al Maraj inaugurated the forum and delivered an insightful keynote speech highlighting the importance of FinTech and the necessity for banks to adopt innovative FinTech solutions to provide a better customer experience.
AFS chairman Sael Al Waary stressed on the urgency for banks to partner with FinTech enablers. He said AFS is ready to partner with banks to provide FinTech solutions including digital disruptions.
Susanne Chisti, the author of FinTech Circle, spoke on the success of FinTech hub in other parts of the world and was hopeful that Bahrain would soon adopt a similar model with the support of the Central Bank.
Other notable speakers from PayTM India, FSS, Visa, McKensey, IBM and ai Corp also spoke about the technological innovations that are happening at a rapid pace across many of the world’s largest markets and explained how the region could learn and implement some of these solutions.
There were panel discussions around cashless economy and FinTech start-ups, setting the scene for FinTech investments in the region.
B Chandrasekhar, CEO of AFS, said AFS was proud to organise this forum which has resulted in a lot of ideas for the banks in the region to partner with FinTech firms and AFS is well positioned as a FinTech enabler to help the banks bridge the gap in a quick time.
AFS has already launched the first frictionless payments solution in Bahrain and has plans to roll this out across other markets. AFS would also be making strategic investments and forging partnerships with FinTech firms, he said. – TradeArabia News Service
