Top economists and finance experts in Bahrain discussed new financial products and creative solutions to overcome the impact of the pandemic during a virtual forum.
Hosted by the Bahrain Chamber of Commerce and Industry (BCCI), the virtual forum themed “Sustainability of the financial sector and means of keeping abreast of changes” focused on the role of Fintech in sustaining businesses; the horizons of digital transformation; and the digital economy and its effect on the GDP.
Commencing the forum, Chief Executive Officer of the Chamber Shaker Al Shater delivered an address that stressed on the pivotal role of the financial sector to economic development, and its significant contribution to Bahrain’s GDP.
He revealed that in the first quarter of 2020, the finance sector’s contribution to the GDP amounted to 16.7%. He shed a scope light on the resilience of the sector in light of the pandemic and attributed that mainly to the advanced infrastructure in Bahrain and the readiness and responsiveness of the banking and finance sector.
Speakers at the event asserted 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 stressed, and speakers exhibited their latest financial products and solutions.