The Bahrain Association of Banks (BAB) and the UAE Banks Federation recently held a meeting to discuss strengthening their collaboration in the realm of digital services and other financial systems. The objective was to enhance BAB’s role in implementing strategic initiatives and developing digital products that support Bahrain’s digital transformation process and align with the government’s efforts to bolster the country’s banking and financial sector.
The meeting was conducted by the Digitalization Committee of BAB, led by Dr. Yousif Almas, who serves as the Head of the Committee and Group Chief Innovation Officer at Bank ABC. The committee engaged with the Digital Banking Services Committee of the UAE Banks Federation to explore opportunities for joint cooperation, knowledge exchange, and coordination plans between the two entities. The discussion also encompassed the advancement of banking infrastructure in both countries, along with potential collaboration in the areas of digital identity in banking as well as open banking.
During the meeting, the participants also emphasized the significance of establishing a unified and dependable mechanism for identifying users of digital banking systems. This mechanism would enable individuals and businesses to create digital identities, facilitating their access to banking services through digital means. Additionally, they discussed strategies for acquiring data from government and other sources to develop a new generation of digital banking services.
Dr. Yousif Almas highlighted the Kingdom of Bahrain’s commitment to developing and implementing a strategy that supports the digital economy, aligning with the ongoing digital transformation process in the country. He pointed out that Bahrain holds the distinction of being the first nation in the region to implement open banking regulations and adopt cloud services for enhancing banking services. These measures enable the financial sector to keep pace with industry advancements and promote sectoral growth, fostering the swift launch of new digital services. An example of such progress is the collaboration between the Central Bank, Bank ABC, and international banks in introducing advanced payment services tailored to the corporate sector.
Dr. Yousif Almas clarified that the foundation of the Digitalization Committee within BAB relies on several crucial principles. These principles aim to facilitate the seamless integration of digital products across diverse banking operations. They encompass initiatives such as augmenting educational and awareness endeavors concerning digital innovation in banks, offering recommendations to enhance the financial services infrastructure, and presenting regulatory proposals to the Central Bank. Additionally, the committee seeks to establish collaborations with international and regional entities to foster cooperation and joint innovation. These efforts reflect the association’s commitment to fully harnessing the potential of digital transformation to serve individuals effectively while promoting greater flexibility, transparency, and swiftness in all banking transactions.
