Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Bahrain to showcase FinTech revolution in the Middle East
Published in The Saudi Gazette on 12 - 02 - 2019

Bahrain's central role in the rapidly developing world of FinTech will be celebrated later this month as the annual Fintastic Week, a series of conferences and seminars for experts from the global financial and technology communities, is held in Bahrain on Feb. 24-29.
Over a thousand delegates from the worlds of business, government and academia will be in Bahrain to learn more about the latest trends in the reinvention of financial services and enjoy keynote speeches from world-renowned speakers. Events will also include best practice workshops for start-ups and fireside conversations with respected FinTech pioneers and leaders.
Fintastic Week will see Bahrain hosting the eighth GCC Financial Forum on Feb. 26-27, an annual event that has become an increasingly important date for the diary of the region's FinTech community. Global tech innovator and Apple Computers co-founder Steve Wozniak will take centre stage and share his thoughts and predictions on the current and future state of the global financial technology industry. Other notable speakers at event include His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, and Louise Beaumont, co-chair of the Open Banking & Payments Working group, at Tech UK.
Victoria Behn, Director of Middle East and Africa at Euromoney Conferences, co-organizers of the GCC Financial Forum, said: "We are honored to host the GCC Financial Forum in partnership with the Economic Development Board of Bahrain for the eighth consecutive year. With international financiers, senior regional policymakers and leading fintech firms attending from across the Middle East, the GCC Financial Forum will once again be an unmissable event."
The disruptive power of FinTech is being increasingly felt across the Middle East as governments look to diversify their economies and improve productivity through increased uptake of innovation and technology. Such transformation is showing through in the numbers already, with GCC start-ups expected to raise $2bn of private funding in the next decade, in comparison to only £150m in the previous ten years.
The potential for even greater change is illustrated by the fact that 86% of the MENA population remained unbanked in 2017. This is despite a very high mobile phone penetration rate and more than half the region's population being under 30. Two factors that would usually help drive the uptake of digital services.
To make the most of the conducive conditions internationally recognized reforms have taken place across the region, such as open banking; regulatory sandboxes; and the updating of regulations to reflect the digitized economy. Bahrain has been at the forefront of these efforts, often collaborating with global partners, including the Global Financial Innovation Network, a coalition of 11 financial regulators including from the UK, US, Hong Kong and Australia seeking to design and implement a global sandbox. Or through the region's first and largest FinTech Incubator, Bahrain FinTech Bay, which has a roster of international supporters including Microsoft, Cisco and American Express.
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, a co-host of Fintastic Week, said: "The FinTech space in the Middle East is growing and its opportunities and potential are being recognized by the global FinTech community. In Bahrain, we are building on our heritage of excellence in financial services by developing innovative new products and services that will transform how consumers and businesses right across the region approach this sector, and events such as Fintastic Week bring these fresh and new ideas to the table."
"As we look to diversify our sources of growth, FinTech will play an increasingly important role in creating coordinated, agile and action orientated economies across the region. That is why Fintastic Week is so important. It will bring together like-minded individuals and companies who want to take advantage of this opportunity and work together to achieve a more financially inclusive and sustainable future."
All Fintastic Week events have been deliberately designed to provide meaningful insights that can have a direct impact on the development of new innovations, whether by FinTech entrepreneurs or established financial players. — SG


Clic here to read the story from its source.