Bahrain’s sound economic policies highlighted

MANAMA: Bahrain’s Ambassador to the US highlighted the sound economic policies adopted by the kingdom to diversify sources of income and create an attractive investment environment that continues to flourish due to the reform approach of His Majesty King Hamad.

This came as Shaikh Abdulla bin Rashid Al Khalifa took part as a presenter in the third Emerging Technology Forum, organised by the American Council for Technology (ACT) and Industry Advisory Council (IAC), titled “From Local to Global: Emerging Technologies for the Digital Age”.

He reviewed the pioneering role played by Bahrain for over four decades in shaping the financial sector in the region, noting that the kingdom has already recognised the need to diversify the sources of income and not to rely on just oil, which, he said, led to the licensing of the largest number of financial institutions in the region, reaching 400 financial institutions and the registration of nearly 3,000 licensed funds.

“The future of the financial sector is focused on innovation in the field of financial technology, so the kingdom is at the forefront of countries that provide an ideal environment for financial institutions of various levels,” Shaikh Abdulla said.

He also cited a couple of examples in pioneering regulatory policies in the region, such as the Central Bank of Bahrain (CBB), which set up a regulatory sandbox fund to provide a secure virtual space that allows financial technology companies to test and develop their digital banking product, and the announcement of the largest and most comprehensive digital currency regulation in February.

“The kingdom’s progressive route in the financial technology sector paves the way for strengthening its economic position as a regional financial centre, as the financial sector is considered the largest non-oil economic sector in the kingdom,” the ambassador added.

Source: http://www.gdnonline.com/Details/553031