Bahrain Islamic Bank (BisB) participated in the “The Reality and Future of Financial Technology” forum in Palestine recently.
Maisa Shunnar, chief strategy implementation and transformation at BisB, presented three specialised workshops for business, students and regulators.
During the workshops, Shunnar introduced the bank’s latest digital innovations and technologically-empowered financial solutions, discussing at length the impact of the latest tools and developments in FinTech on the banking sector.
She emphasised the importance of harnessing the power of technology to develop financial services in an innovative and differentiated manner. Pointing out the remarkable influence of technology on communications as a result of the accelerated growth in ‘Big Data’ and smart devices in the past decade, Shunnar discussed the effect of the recent wave of digital transformation on the provision of banking and financial services on an industry level, which has in turn led to financial institutions adopting more innovative technologies.
She also debated the impact of FinTech on regulatory frameworks and the various priorities and concerns of regulatory bodies with regard to the challenges and implications of open banking, data privacy and compliance.
Commenting on the bank’s participation, Chief Executive Officer of BisB, Hassan Jarrar said: “In order to keep pace with the evolving field of FinTech, continual knowledge-sharing between banks and financially-led institutions and players is critical for progress. To provide world-class and sharia’a compliant banking services and products, we must continue to be creative and challenge the status quo to be able deliver solutions that serve the ever-changing demands of customers in this day and age.” – TradeArabia News Service