David Parker, co-chief funding officer on the Bahrain Financial Improvement Board (a company chargeable for attracting inward funding into the Kingdom for key areas reminiscent of expertise growth and supporting the native monetary and banking trade), lately confirmed that the nation goals to place itself because the “startup capital” of the world.
Parker, who’s a member of Bahrain Fintech Bay, a company targeted on supporting progressive tasks in finance within the nation and the bigger MENA area, informed CNME Editor Mark Forker:
“We ultimately want to be a startup capital. We talk about innovation as the new oil, and we talk about the response to the ongoing COVID-19 pandemic, and that’s going to be led by the innovators and the entrepreneurs, and the startup ecosystem and the scale ups that emerge from that.”
“We’ve been trying to establish the different pillars of a startup ecosystem, and obviously it’s very important to get the corporates onboard and AWS is a great example of that. One other great example of that in Bahrain is the work we’ve done around Fintech. We’ve really got the banking and financial institutions behind it and has been a huge success.”
The Gulf Cooperation Council (GCC), an intergovernmental political and financial union consisting of the Arab states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, is on monitor to expertise a substantial improve in the usage of Fintech platforms and companies.
The anticipated improve in the usage of digital funds apps may be attributed to the Coronavirus (COVID-19) outbreak, which has created financial challenges as a consequence of lockdowns being enforced globally.
Whereas explaining the advantages of adopting the most recent applied sciences to deal with challenges related to the pandemic, Parker remarked:
“COVID-19 is one of the great crises of my lifetime, both from a health perspective and the emerging economic ramifications it’s going to have as well. I think cloud technology has been a very important part of what Bahrain has been building long before any of us were even familiar with the term COVID-19. However, I think Bahrain has again shown great leadership in moving very quickly to put in place a whole raft of measures aimed at containing the outbreak, but without the cloud technology and infrastructure that we’ve implemented this wouldn’t have been possible.”
In March 2020, stc Bahrain, a Fintech options supplier and telecommunications agency, revealed that it’s introducing new working procedures, with a purpose to guarantee the protection of its employees through the Coronavirus disaster.
The Bahrain-based Fintech agency had stated that it goals to proceed to supply progressive monetary companies to assist the Center Japanese Kingdom’s residents through the coronavirus pandemic.
Whereas emphasizing the significance of adopting rising and progressive applied sciences to streamline enterprise operations, Parker famous:
“People talk about the Fourth Industrial Revolution, but we missed the first and second industrial revolution back in the 18th and 19th century.”
“The third industrial revolution took place in the 60’s and 70’s through the emergence of computing in Silicon Valley, but we were too busy at that time making money from oil. However, we want to be very much at the forefront of the Fourth Industrial revolution, and we’ve been pursuing this digital transformation strategy for the last number of years and cloud technology has been at the heart of that.”