Major digital banking projects unveiled

MANAMA: The implementation of the electronic cheques project and tokenisation of debit cards to expand the use of contactless transactions are among key digital banking projects that will serve bank customers in the coming period.

This was revealed following a virtual meeting involving Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj, the board of directors of the Bahrain Association of Banks and senior officials of some banks operating in the kingdom.

Mr Al Maraj welcomed the efforts of the banking sector in collaboration with the government in launching a financial support package to mitigate the damages of the consequences of the emerging coronavirus on the local economy and in resolving customers complaints.

During the meeting, he reviewed the regulatory measures issued by the CBB in the recent period to ensure the continuity of banking services and protect financial stability in the kingdom.

The banks’ efforts to enhance their capabilities and systems to cope with the increasing demand for electronic banking services were discussed, as the crisis increased the pace of demand for these services.

The Governor urged the banks to intensify efforts to achieve more expansion in banking services and electronic payment systems, and stressed the CBB’s keenness to have a strong base of advanced systems and equipment to ensure the provision of these services easily, conveniently and at low cost.

Source: http://www.gdnonline.com/Details/824847/Major-digital-banking-projects-unveiled