India’s banking giant eyes Bahrain fintech expansion to boost bilateral economic ties

TDT | Manama

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State Bank of India (SBI) is set to significantly expand its digital and fintech footprint in Bahrain, as the banking giant seeks to leverage the Kingdom’s position as a key fintech hub in the Middle East and foster deeper financial collaboration between India and Bahrain.

Announcing the strategic move, SBI Chairman Challa Sreenivasulu Setty highlighted fintech and digital payments as prime areas for strengthening Indo-Bahraini business collaboration, aligning perfectly with India’s booming digital ecosystem.

The SBI Chairman was addressing a business networking event hosted by Bahrain India Society in Manama.

H.E. Vinod K Jacob, Ambassador of India to Bahrain, also spoke at the event.

“The rise of digital banking, fintech innovations, and evolving customer expectations are reshaping the financial industry,” the SBI Chairman noted, emphasising SBI’s readiness to lead this digital revolution through significant technological investments and innovative initiatives such as YONO (You Only Need One) - SBI’s comprehensive digital banking platform offering seamless banking, investments, shopping, and insurance services.

Transactional security and transparency

Additionally, the SBI Chairman said SBI is intensifying its deployment of artificial intelligence and machine learning to improve customer experience, fraud detection, and service automation, alongside exploring blockchain technology to enhance transactional security and transparency.

“Banking should be accessible to all, regardless of geography, economic background, or technological barriers,” stated the SBI Chairman, underlining the bank’s commitment to financial inclusion both in India and Bahrain.

With bilateral trade between India and Bahrain currently exceeding $1.4 billion, SBI’s reinforced digital banking initiatives are expected to significantly bolster this economic partnership.