CBB supports second edition of Fintech Forward

Manama, The Central Bank of Bahrain (CBB) welcomed the second edition of Fintech Forward, which kicked off today. Hosted by Bahrain Economic Development Board (Bahrain EDB) and programmed by Economist Impact, Fintech Forward 2024 (FF24) is supported by CBB alongside Tamkeen and Bahrain Fintech Bay, marking a significant gathering for industry leaders, international and local experts, prominent executives, and key stakeholders of the financial industry. FF24 is strategically aligned with Bahrain's overarching financial services sector development strategy, which aims to nurture and enhance the burgeoning fintech ecosystem within the Kingdom. Alongside networking opportunities, the event comprises insightful discussions on the latest regional and global developments that are shaping the rapidly evolving financial sector. Khalid Humaidan, Governor of CBB, emphasised the importance of fintech in transforming Bahrain's financial services landscape. "The fintech sector represents not just a technological evolu tion but a critical component of our priorities for the coming period and the Kingdom's economic diversification strategy. By investing in fintech, we are investing in the future of Bahrain's economy," he added. "This sector has the potential to drive innovation and attract global investments. Our commitment to fostering a supportive and secure regulatory ecosystem is pivotal, as it empowers entrepreneurs, fintechs and traditional banks to compete on an international scale. As we embrace these advancements, we aim to position Bahrain as a leading fintech hub, fostering a sustainable and resilient economy." The financial services sector stands as a cornerstone of Bahrain's diversification efforts, being the largest non-oil contributor to Bahrain's real GDP in 2023. The sector is marked by a rich concentration of around 365 local, regional and global financial institutions, employing nearly 14,300 individuals, with Bahraini nationals comprising almost 70% of the workforce. This year's edition of Fintech Forw ard is shedding light on key advancements within the Kingdom's financial services sector, characterised by innovation, future-ready talent, and a diverse and growing sector. As Bahrain continues to position itself as a regional fintech hub, the insights and collaborations fostered at Fintech Forward 2024 will play a crucial role in shaping the future of financial services in the Kingdom. Source: Bahrain News Agency