The title of the article is a literal translation of Fintech Forward, which is the title of a forum that the Kingdom of Bahrain will embrace between 8 and 9 October next and brings together the leaders of industry, specialists and experts in the fields of financial services, financial technology and payments, and represents a milestone on the path of what the Kingdom of Bahrain is witnessing remarkable in the field of financial technology (Fintech), driven by an ambitious economic vision that seeks to enhance the Kingdom’s position as a financial center Regional, diversify the sources of the national economy.
This event, and its name in Arabic, “The Future of Financial Technology Forum” represents an initiative that enhances the pivotal role that Bahrain plays in the region as a leading destination to support financial technology and encourage innovation. The Kingdom has succeeded during the past years in setting a stimulating and attractive organizational environment for emerging companies in the financial sector, providing wide opportunities for local and international partnerships, and Bahrain has become a regional center for financial technologies, and a place that combines makers Resolution, investors, entrepreneurs to exchange experiences and best practices, all thanks to flexible legislation, government support, and advanced digital infrastructure.
It is necessary to note the pivotal role of the Central Bank of Bahrain in supporting the financial technology sector through the establishment of a experimental environment (Sandbox) that allows companies to test their products and services under the supervision of regulatory authorities, which encouraged the entry of local and international companies to the Bahraini market, and the development of innovative digital solutions that include electronic payments, digital portfolios, collective financing, and open banking services.
These efforts confirm Bahrain’s intention to continue to update its financial systems to keep pace with global developments, and to be a leadership center in financial technology at the Middle East level. With the increasing cooperation between the government and the private sector, this sector is expected to witness greater growth in the coming years, which supports the national economy and creates new job opportunities in the technical and banking fields.
But why does the importance of financial technology increases in our world today? In fact, we see the financial technology industry that reshapes the global financial scene, from mobile payments and digital banking services to blockchain technology and artificial intelligence, and changing financial technology innovations how people manage, invest and transport people, and the financial technology sector is one of the fastest growing sectors. According to market reports, global financial technology revenues are expected to exceed $ 500 billion by 2030. Financial technology companies are working to bridge gaps in traditional financial systems, offering faster, cheaper and easier services.
In developed markets such as the United States, the United Kingdom and Europe, emerging financial technology companies, such as Paypal, Rivult and Witrip, have revolutionized how consumers made transactions and companies processing for payments. Meanwhile, financial technology in developing markets contributes to promoting financial inclusion, as it provides access to banking services for millions of people who were previously lacking through banking services via mobile phone and small lending.
In fact, the hosting of the Fintech Forward Forum for the third time does not only reflect the Kingdom’s commitment to support the digital transformation in the financial sector, but also highlights the flexible and stimulating organizational environment that Bahrain provides to startups, investors and entrepreneurs, and Bahrain also proves through this event that it is a platform that combines global knowledge and local experiences, to be a center for knowledge and strategic partnerships, which enhances its role as a basic engine for development Digital financial in the region and as an example to be followed in the leadership of financial innovation.
