Financial sector’s resilience hailed

MANAMA: New financial products and creative solutions to overcome the impact of the pandemic were discussed during a virtual economic forum organised by the Bahrain Chamber of Commerce and Industry yesterday.

Themed ‘Sustainability of the financial sector and means of keeping abreast of changes’, the forum hosted top economists and finance experts and also discussed the role of fintech in sustaining businesses; the horizons of digital transformation; and the digital economy and its effect on the GDP.

In his opening remarks, the chamber’s chief executive Shaker Al Shater emphasised the pivotal role of the financial sector in economic development, citing official data which showed that the sector’s contribution to the GDP amounted to 16.7 per cent during the first quarter of 2020.

He attributed the resilience of the sector despite the pandemic mainly to the advanced infrastructure in Bahrain and the readiness and responsiveness of the banking and finance sector.

Other speakers at the event highlighted the role of the pandemic in accelerating digital transformation, and hailed the responsiveness and the swift measures taken by the Central Bank of Bahrain to maintain the vigour of the sector.

The importance of encouraging innovation and adopting technological advancement was also stressed.




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