Cedar-IBSi NextGen Banking & Technology Summit

The banking scene in Bahrain has undergone significant modernization in recent years as the country has sought to stay competitive in an increasingly globalized and technology-driven environment. 

Banking in Bahrain primarily focuses on Islamic finance, with many Islamic banks and financial institutions operating there. With increasing FinTech adoption, Bahrain banks offer Shariah-compliant digital offerings, including Islamic banking apps and Sukuk platforms. 

Cedar-IBSi NextGen Banking & Technology Summit explores Bahrain’s current and changing banking landscape, propelled by a robust regulatory framework and FinTech innovations.

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Bahrain has been at the forefront of digital banking and FinTech adoption initiatives in the Middle East. A leader in Islamic Finance and technology innovation, the country’s banking sector is experiencing a significant transformation as it adopts global best practices and technologies to provide customers with an enhanced banking experience. The Central Bank of Bahrain (CBB), has been instrumental in driving the digital transformation of the banking sector launching initiatives such as the regulatory sandbox and Open Banking Framework (OBF), which is encouraging FinTech innovation and collaboration.

Online banking has become increasingly popular in Bahrain due to its convenience, security, and a range of other features. Customers can manage their accounts, pay bills, transfer funds, and access customer support 24/7 from their computers or mobile devices. The penetration of online banking in Bahrain has already seen a healthy growth from 28% in 2019 to 36% in 2022 and is expected to reach 51% by 2028.

Bahrain has actively worked towards developing itself as a hub for Fintech in the Middle East through a combination of a supportive regulatory environment, a growing startup ecosystem, and a strong focus on digital innovation. According to a survey conducted by Bahrain FinTech Bay in association with CBB, FinTech trends with the highest potential for growth in Bahrain include opportunities based on Open Banking
APIs (32%), followed by Artificial Intelligence solutions (18%).

Bahrain has actively worked towards developing itself as a hub for Fintech in the Middle East through a combination of a supportive regulatory environment, a growing startup ecosystem, and a strong focus on digital innovation. According to a survey conducted by Bahrain FinTech Bay in association with CBB, FinTech trends with the highest potential for growth in Bahrain include opportunities based on Open Banking
APIs (32%), followed by Artificial Intelligence solutions (18%).

At the same time, banks are utilizing the power of Artificial Intelligence solutions to enhance operational efficiency, improve customer experience, and manage risks. AI-powered chatbots, fraud detection algorithms, and credit risk assessment models are just a few examples of how AI is being used by banks.

To stay ahead in today’s competitive environment, banks need to leverage emerging technologies such as open APIs, intelligent automation, cloud computing, and advanced analytics. These technologies can enable banks to develop agile, scalable, and adaptable systems that meet fast-changing customer needs and expectations.

The Cedar-IBSi NextGen Banking & Technology Summit explores global perspectives from industry leaders on various topics, including NextGen Digital Banking, the role of Neo and Digital-only Banks, AI, leveraging Big Data, and cloud, among others

Cedar-IBSi

Cedar-IBSi

Banking across the globe and especially in the GCC is evolving rapidly alongside a wider digital transformation with 80% of consumers preferring digital banking services. Banks are actively pursuing the implementation of NextGen solutions with the aim of improving customer experience, operational efficiency, and revenue growth. How can banks in Bahrain leverage global and regional learnings to accelerate their digital journey?

Speakers

  • Ahmed Al-Mahri, Head of Business Development & Services, BENEFIT Company 
  • Kunal Varma – Head, Consumer, Private and Business Banking, Standard Chartered
  • Noora Yaseen Albalooshi – Digital Transformation Expert Trainer, Bahrain Institute of Banking and Finance
  • Rajesh Mirjankar – MD & CEO, Kiya.ai
  • V Ramkumar – Senior Partner, Cedar Management Consulting International

For FinTechs to flourish, it is essential to have a robust ecosystem that encompasses a variety of factors such as regulatory frameworks, availability of funding options, collaboration between FinTech startups and incumbent financial institutions, and access to talent and expertise. What are some of the factors that could be improved to
establish a strong ecosystem in Bahrain for FinTech innovation?

Speakers

  • Bhaskar Mehta, Chief Risk Officer, GFH Financial (Parent of Khaleeji Commercial Bank)
  • Conrad Ford – Chief Product and Strategy Officer, Allica Bank, London (joining virtually)
  • Ahmed Saleh - Business Head, Bahrain, Tap Payments 
  • Ahmed Albalooshi - Board Member & CTO, INABLR (WealthTech), Ex-CIO Al Baraka Bank
  • Chetan Parekh - Managing Partner, FinTech Practice Head, Cedar Management Consulting International 

Emerging technologies such as blockchain, AI, and cloud computing enable banks to offer real-time, secure, and cost-effective transaction banking solutions to businesses and consumers. Moreover, with the increasing adoption of digital channels, transaction banking can help banks expand their reach and tap into new markets. How can banks capitalize on the opportunities in next generation transaction banking? 

Speakers

  • Paul Baker, Acting Group Head of Operations at Bank ABC
  • Barid Neogi - SVP, Group Operations, Emirates NBD
  • V Ramkumar – Senior Partner, Cedar Management Consulting International

The use of cloud-based solutions is enabling banks to enhance their scalability, agility, and cost efficiency. Additionally, cloud architecture provides banks with access to on-demand analytical and automation solutions, leading to faster speed-to-market and the ability to respond to rapidly changing customer needs. Supported by a clear and pragmatic regulatory framework, how can banks accelerate their adoption of cloud platforms?

Speakers

  • Rizwan Shaikh - Director, Expleo Group
  • Srinivasan Sampath - Acting Group Chief Technology Officer, First Abu Dhabi Bank (FAB)
  • Nikhil Gokhale, Head of Research, IBS intelligence (Moderator)
Rajesh Mirjankar
Managing Director & CEO
Kiya.ai
Noora Yaseen Albalooshi
Digital Transformation & Project Management Expert Trainer
Bahrain Institute of Banking and Finance
Nikhil Gokhale
Head of Research
IBS Intelligence
V Ramkumar
Senior Partner
Cedar Management Consulting International
Chetan Parekh
Managing Partner – MENA Fintech Practice
Cedar Management Consulting International
Conrad Ford
Chief Product and Strategy Officer
Allica Bank
Ahmed Al-Mahri
Head of Business Development & Services
BENEFIT Company
Barid Neogi
SVP, Head Group Operations Governance and Business Support
Emirates NBD
Ahmed Albalooshi
CEO
Advantari | Enabling Digital Advantage
Kunal Varma
Head, Consumer, Private and Business Banking- Bahrain & Middle East
Standard Chartered Bank
Srinivasan Sampath
Acting Group Chief Technology Officer
First Abu Dhabi Bank
Ahmed Saleh
Business Head, Bahrain
Tap Payments
Bhaskar Mehta
Chief Risk Officer
GFH Financial Group
Paul Baker
Acting Group Head of Operations
Bank ABC
Rizwan Shaikh
Director Sales
Expleo

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