Bahrain’s strides in FinTech to help in digitization of economy

Manama, Nov. 12 (BNA): Bahrain’s regulatory regimes to meet the requirements of the financial technology (FinTech) such as Central Bank of Bahrain’s FinTech Sandbox, and establishment of region’s biggest Fintech Bay, are steps in the right direction aims at transforming into digital economy, a senior official has said. “The development of a comprehensive national plan to meet the needs of the digital economy, through the adoption of artificial intelligence technologies in the production and service sectors and implementation of necessary systems and technical frameworks are few but important steps,” Osama Al Arayedh, Undersecretary of Industrial Affairs told the opening session of World Entrepreneurs Investment Forum 2019. Al Arayedh, who delivered the speech on behalf of Zayed Al Zayani, the Minister of Industry, Commerce and Tourism, told the audience that due to the proactive policies of the government, over 600 startups had benefitted and created 86 new jobs and 11 startups got financial assistance. Held under the patronage of His Majesty King Hamad bin Isa Al Khalifa, the Third world Entrepreneurs investment Forum organized by the United Nations Industrial Development Organization in the Kingdom of Bahrain (UNIDO) brought together investors, entrepreneurs, businessmen, and stakeholders in public and private sectors. The forum titled “Achieving the SDG’s: Entrepreneurship and Innovation, investing in the 4th Industrial Revolution in a Digital Economy” has also attracted a number of senior regional and international dignitaries and officials have confirmed their participation in this major event; in addition to more than 600 entrepreneurs from different countries of the world will also be participating with the ultimate goal of creating partnerships and business linkages within themselves. “The Kingdom of Bahrain has been our Organisation’s trusted partner for many years and the opening of ITPO Bahrain in 1996 was an important building block to this longstanding and robust relationship,” Fatou Haidara, Managing Director Corporate Management and Operation UNIDO, said in her speech. “ITPO Bahrain and Bahrain’s government have worked together on developing innovative programmes in the areas of investment promotion, economic empowerment of youth and women through entrepreneurship development and incubation management systems. The ITPO Bahrain’s Enterprise Development and Investment Promotion Programme, EDIP has been implemented in 52 countries since it started in the years 2000 as an initiative to foster start-ups and the growth of MSMEs. “Through the EDIP programme, our ITPO Bahrain has contributed t the creation of more entrepreneurs with “bankable projects”. This has changed enabling them to generate prosperity for themselves, their communities and economies. We know that entrepreneurship drives economic growth through continuous economic diversification increasing trade industrial upgrading and technological innovation,” she said. Referring to this year’s theme she said it was timely as it highlights the importance of entrepreneurship and innovation in achieving sustainable development. The theme also resonates very well with us from UNIDO as we successfully held our 18th General Conference with a similar theme, Industry 2030: Innovate, Connect, Transform our Future. “Fostering entrepreneurship and innovation a promoting impact investment have been at the forefront of our work at UNIDO for many years. Its importance has progressively grown, particularly when the international community adopted the 2030 Agenda for Sustainable Development in 2015. With ten more years to achieve the world that we want through the 2030 Agenda and the challenges presented by the Fourth Industrial Revolution, the role of entrepreneurs and innovators has become even more important,” she said. “The UNIDO ITPO Network has been contributing to reducing development imbalances by brokering investment and technology agreements and fostering entrepreneurship in developing countries and economies in transition. This worldwide UNIDO Network currently includes offices in the Kingdom of Bahrain, China, Germany, Italy, Japan, the Republic of Korea and the Russian Federation. Dr Hashim Hussein, Chief Executive World Entrepreneurs Investment Forum, said this year’s WEIF marks a new step. “We have been successful in linking Arab Investors with Entrepreneurs through concurrently organizing WEIF with the 18th Arab Businessmen and Investors Conference; held under the patronage of His Majesty King Hamad Bin Isa Al Khalifa, the King of Bahrain,” he said in his speech. “In addition to that we are organizing three side conferences one on Educational Institutions role in promoting entrepreneurship and Innovation; the second on Investing in Green Industry and the third the Young Business Hub Start-up Investment Summit. During your stay in Bahrain you will also witness the awarding of the top three Arab team winners of the Arab Entrepreneurship Rally, and have the chance to connect and network in the dedicated Smart Zone,” he said.