The rise of Fintech

Manama : Emerging trends such as Cloud computing, digital currencies, crowd-funding, data analytics and block-chain will have a profound impact on how the financial sector does business, said CBB Head of Retail Banking Supervision Directorate, Wahbi Abdulla Al-Alawi.

This came during a speech addressing charted accountants and financial industry experts present at the BCICAI conference which opened yesterday at the The Diplomat Radisson BLU Hotel. In his speech he said that Bahrain will promote the new technologies with caution, navigating its risk but also trying to encourage innovation.

“Cloud computing, digital currencies, crowd-funding, data analytics and blockchain are some futuristic trends that will have a profound impact on how the financial sector does business,” he said. 

This, Al Alawi said, is a fine line between managing the risks of financial technologies (fintech) and avoiding ‘stifling innovation through over-regulation. “The theme of the conference, ‘Transforming Possibilities into Reality’, was especially relevant as businesses everywhere race to re-position themselves for the fast-changing technological world.”

Jamal Fakhro, Managing Partner at KPMG Fakhro and member of the Shura Council commended the role of chartered accountants in helping companies navigate what he called ‘a Year of Change’. He said Bahrain, like other countries, must re-examine the way it conducts business in order to be ready for the future.

The two-day event which ends tomorrow is held under the patronage of Minister of Industry, Commerce & Tourism(MOIC), Zayed Al Zayani. The inauguration was attended by Ambassador of India to Bahrain, Alok Kumar Sinha, Assistant Undersecretary of Registration & Companies, MOIC, Ali Abdulhussain Maki,  the Chairman of the Bahrain Accountants Association, Abbas Al Radhi and the Central Council Member of the ICAI from India, Prafulla Chhajed.

Today’s programme includes a panel discussion on ‘Wealth creation through Equity’ moderated by Anil Singhvi, well-known financial consultant and  Markets Editor at the leading Hindi business and consumer news channel,  CNBC Awaaz. The panelists include Navneet Munot, CIO, SBI Mutual Funds, Arun Thukral, MD & CEO, Axis Securities Limited  and Shankar Sharma, CEO, First Global Stockbroking Pvt. Ltd.

B. Chandrasekhar of Arab Financial Services shall be speaking on ‘Bahrain Towards a Digital Economy’. In exploring entrepreneurship, the founder of the preventive healthcare and medical diagnostic chain, Thyrocare,  Dr. A. Velumani will speak about the challenges of establishing a business and building its brand.

“We are grateful to our generous sponsors, starting with Title Sponsor Diyar Al-Muharraq,” said BCICAI Chairperson Uday Shanbhag.