Bahrain EDB focused on 4 key areas within the Financial Services sector in 2017
Bahrain paves the way for ancillary services in the GCC. The broad spectrum of activities available from more than 160 service providers and specialised licensees include customer call centres, customer service solutions, and secure integrated movement of funds through electronic payments. New entrants are drawn to the market by the abundance of benefits offered by such services.
Bahrain’s nascent FinTech industry has laid the foundation for exceptional growth. A liberal and competitive telecoms sector and the Middle East’s most open ICT structure has created a robust platform to build on. Meanwhile, the cohesion seen across the financial services sector is strengthened in large part by FinTech applications in areas such as payments systems, transaction security, e-commerce, and digital services.
With 104 licensed banks in the Kingdom, total banking assets now exceed US$ 189 billion. Capital adequacy among locally incorporated banks is strong, all of which exceed the prudent requirements of the CBB. Demand for lending products and structured financing mechanisms is also high, thanks to a pipeline of infrastructure projects totalling more than US$ 32 billion. At the same time, Bahrain’s banking sector is actively involved in expanding regional trade finance flows both in the GCC and globally.
Bahrain’s world-class asset management sector is unrivalled in the GCC. Local and foreign participants operate with the highest confidence in the industry’s fidelity. Key international, regional and local institutions offer an extensive range of asset management products including alternative investment funds.