The acceleration in technology brings with it newer challenges for financial services regulators, delegates at a banking and financial technology event were told.

Speaking at the opening of Meftec 2008 at the Bahrain International Exhibition Centre, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj said that information technology has made possible the creation, valuation and exchange of complex financial products on a global basis and, often, in real-time.

"As our banks increasingly engage in these technologies, I would urge them to take greater precautions in managing all the risks involved," he said.

"The management of risk is an issue, which the CBB takes very seriously, as demonstrated by our regulatory requirements and examination procedures, which we continue to review and upgrade, whenever necessary.

"As the financial sector relies more and more on technology, the issue of maintaining business continuity in the face of any kind of disruptions, we believe, is essential from a business and reputational perspective," he said.

"Effective from the beginning of this year, all banks in Bahrain are required to maintain proactive business continuity planning that ensures delivery of critical services or products is maintained even during a disruption."

The event, the premier financial technology conference and exhibition, closes today.

It has attracted 150 exhibitors from 40 countries and is taking up more than 25 per floor space than last year. More than 1,000 visitors, including hosted delegates are expected to attend over two days.-TradeArabia News Service