May 25, 2016
A panel discussion shedding light on ways to promote innovation in payment services was organised by the Economic Development Board (EDB) at the Capital Club, Bahrain Financial Harbour. The event participants included officials from the Central Bank of Bahrain (CBB), the EDB and other institutions under the CBB’s ancillary services sector that support the financial services sector and payment service providers in the Kingdom
The discussion focused around strengthening cooperation between stakeholders in order to develop infrastructure for the payments industry, enhance its potential and support the ongoing efforts towards leadership in service innovation. The meeting resulted in a list of recommendations for the support of the industry and its development, as well as an action plan to follow up on progress and implementation.
Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said:
“We are able to share our ideas and vision for the development of the Financial services industry through discussions like these, particularly around the payments industry, which is one of the main pillars of the sector which has become increasingly important in recent years. Such discussions allow for enhanced cooperation between stakeholders representing both the public and private sectors in order to bring to light some of the challenges and opportunities we are facing in the field”.
The panel also focused on the role payment systems play in the financial services’ infrastructure, as well as covered the latest technological developments in the global payments industry. These developments contribute to further financial stability and allow for less dependency on cash transactions, while also enhancing the efficiency of payment channels, and the development of security standards.