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Decision to establish Fin Tech Bay 'a very smart move'
Source: Oxford Business Group , Author: Posted by BI-ME staff
Posted: Sun May 12, 2019 7:34 pm

BAHRAIN. Bahrain’s competitive advantages in the financial services industry and the key role earmarked for Fin Tech Bay as a driver of new growth were among the topics explored by Jean-Christophe Durand, CEO, National Bank of Bahrain (NBB), in a wide-ranging video interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform.

In this production, which is now available to view in full HERE, Durand said that the kingdom of Bahrain had been able to maintain its position as a regional financial services hub thanks to a combination of factors, which ranged from its strategic location to the east of Saudi Arabia and stringent regulatory framework to a well-trained and capable workforce.

However, he also acknowledged that with the financial services sector in the midst of transition, keeping ahead of new developments was critical to future success. “Its financial services are currently changing in terms of regulations, technology, and in terms of the appetites of our clients,” he told viewers. “So, to remain a leader, we need to adapt.”

Durand described the decision to set up Fin Tech Bay in 2018 as “a very smart move”, adding that the hub would support Bahrain’s efforts to position itself as a centre for excellence in the segment.

One of the strategic directions of the government, supported by the Bahrain Economic Development Board, but also the regulator, is the technological developments in the banking industry,” he noted. “The creation of Fin Tech Bay is a key element because it will not only create local expertise, but it will attract foreign entrepreneurs in this area.”

In the production, Durand also highlighted the potential that online retail giant Amazon’s decision to open an office in Bahrain offered lenders in terms of making use of cloud services.

The installation of Amazon in Bahrain has opened the eyes of many of the bankers here,” he told Global Platform. “The National Bank of Bahrain, for example, is already considering engaging with Amazon to transfer certain operations to the cloud.”

Marc-André de Blois, OBG’s Director of PR and Video Content, said that the video featuring Durand from NBB offered a fascinating insight into the steps Bahrain was taking to retain its status as a centre for financial services in a fast-changing and competitive environment.

The sector’s efforts to meet changing customer demands by focusing on new technological products and attract fintech investors from farther afield will be of interest to both industry players and the broader global business community eyeing Bahrain’s opportunities,” he said.

I’m delighted that we’ve been able to share Jean-Christophe Durand’s observations with viewers on these and other key developments in this important component of Bahrain’s economy.”

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About Global Platform

Global Platform is Oxford Business Group’s on-demand digital broadcasting channel. One of several research tools in OBG’s portfolio, the online platform has carved a niche as a leading business intelligence provider in its own right, with data verified independently by Deloitte putting its current circulation at 150,000. Global Platform provides cutting edge video interviews with top-level decision-makers giving key analysis and the latest updates from across all sectors of the global business community.

OBG’s digital content is available both on Global Platform and via major international business news outlets. OBG also has distribution agreements with Bloomberg and Eikon’s terminals, giving it access to the Bloomberg Professional Services subscribers and Thomson Reuter’s Eikon terminal subscribers.

Click here to watch Global Platform’s latest video content: https://oxfordbusinessgroup.com/global-platform


About Oxford Business Group
Oxford Business Group (OBG) is a global research and consultancy company with a presence in over 30 countries, from the Middle East, Africa and Asia to the Americas. A distinctive and respected provider of on-the-ground intelligence on over 30 of the world’s fastest growing markets for sound investment opportunities and business decisions.

Through its range of products - Economic News and Views, OBG Business Barometer - CEO Survey, OBG Events and Conferences, Global Platform - exclusive video interviews, The Report publications - and its Consultancy division, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments.

OBG provides business intelligence to its subscribers through multiple platforms, including its direct 6 million verified subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv’s (previously Thomson Reuters) Eikon subscribers, and more.

 

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