Outcomes & Remarks

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H.E the Governor’s interview Key Outcomes
  • Regulations in Bahrain can be designed to enable FinTech development.
  • CBB views Cryptocurrencies as a type of assets that has its own risk.
  • CBB is looking into the feasibility of e-Dinar.
  • Banks need to work and collaborate with FinTechs.
  • Challenger banks will be part of our life and digital banking generally will bethe future of banking.
  • There is no harm of copying the experience of other countries in the digitalera.
  • To come up with financial services that touches an average Bahraini man lifeand move to cashless society.
Chairman’s Speech Key Outcomes
  • Regulatory Technology (RegTech) can be a real game-changer for banks.
  • There is a need for a comprehensive legislative, regulatory and supervisory.
  • framework which fosters innovation.
  • Banks have the option of establishing their Fintech arms, launching special funds for Fintech startups, or creating alliances with Fintech startups.
  • Financial Institutions will face challenges related to: Cybercrime, Social Media Reputation Risks, Regulatory Fallout, and Bad Technology Investment Decisions.
  • Banks may lose a large part of their market share if FinTech offered better services to customers.
  • Banks to have IT experts at the board level.
Human Capital Gap
  • 71% of the CEOs agreed that insufficient talent is the biggest challenge.
  • In Bahrain talent for FinTech is available. However, its matter of focusing the energy towards providing them with the right tools.
  • Partnership is the key (between the educational institutions and the Industry).
  • Multidisciplinary is the way forward.
  • AI and Robot Software will affect workforce and talent management.
  • Skillset needed include data scientists and programmers.
Recommendations
  • 71% of the CEOs agreed that insufficient talent is the biggest challenge.
  • In Bahrain talent for FinTech is available. However, its matter of focusing the energy towards providing them with the right tools.
  • Partnership is the key (between the educational institutions and the Industry).
  • Multidisciplinary is the way forward.
  • AI and Robot Software will affect workforce and talent management.
  • Skillset needed include data scientists and programmers.
Legal regulations
  • Regulations in Bahrain can be designed toenable FinTech development.
  • Regulatory Technology (RegTech) can be areal game-changer for banks.
  • CBB views Cryptocurrencies as a type ofassets that has its own risk.
  • CBB is looking into the feasibility of e-Dinar.
  • Innovation comes first and then regulatorscome with suitable legislations.
  • CBB doesn’t regulate the technology but theservices that will be used over the technology.
  • Regulation bring trust and credibility to usersand protect them.
  • Regulators in Bahrain are proactive: sandbox,data protection, crowdfunding etc.
Recommendations
  • There is a need for a comprehensivelegislative, regulatory and supervisoryframework which fosters innovation.
  • There is a need to create expertise to beproactive as regulators.
  • Regulations to open doors for new businessesthat will create FinTech talent demand.
  • lawyers need to be updated on technologyaspect of FinTech.
  • The Legal system should not limit theinnovation.
  • There has to be awareness and workshops forthe industry to understand the law.
  • To create registry authority in ministry ofjustice to focus on FinTech.
  • Innovative approach to be implemented suchas minims regulation and ramp upregulations.
Key Outcomes
  • Banks have the option of establishing theirFintech arms, launching special funds for Fintechstartups, or creating alliances with Fintechstartups.
  • Mobile penetration doesn’t indicate digitalsavviness.
  • Innovation needs a Trial-Error learning environment
  • Financial Institutions will face challenges relatedto: Cybercrime, Social Media Reputation Risks,Regulatory Fallout, and Bad TechnologyInvestment Decisions.
  • Banks may lose a large part of their market shareif FinTech offered better services to customers.
  • FinTechs are innovative but they lack thecustomer based. Unlike the banks.
Recommendations
  • Banks need to be agile and take fast actions.
  • Banks need to work and collaborate withFinTechs.
  • Banks need to diversify into differentproducts, capabilities, markets and toaccumulate a diverse set of skills.
  • Organizational Structures Need to be Revised.
  • Banks to have IT experts at the board level.
  • To Have C-level buy-in and managementsupport in the Bank for FinTech collaboration.
  • Banks to establish an internal entrepreneurialculture.
  • To align FinTech investments to strategicpriorities of the banks.
Key Outcomes
  • Challenger banks will be part of our lifeand digital banking generally will be thefuture of banking
  • There is no harm of copying theexperience of other countries in the digitalera.
Recommendations
  • To provide the rails for the young peopleto innovate.
  • To come up with financial services thattouches an average Bahraini man life andmove to cashless society.
FinTech Talent Report
  • The Bahrain FinTech Talent Report, which waslaunched by Bahrain FinTech Bay, reviews thetalent landscape in Bahrain and 13 othercountries to determine the primary ingredientsthat are required to foster talent in a FinTechecosystem.
  • The report focuses on the perceptions of boththe incoming and the existing workforce thatembodies students, employees, and employers.
  • It acts as a reference point for market players toadopt strategies that fuel the growth of talent for the FinTech industry, both locally andglobally.
  • The report analyzed a sample of 352 individualsin Bahrain, with the incoming workforcerepresenting 13 university majors and theexisting workforce representative of 20industries in total
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