In an article for Gulf News, Narayanan Ganapathy discusses the rise of the global sharing economy and digital economy with an increased emphasis on fintech, or financial technology. The fintech ecosystem in the Middle East is beginning to take shape, despite some obstacles. In the case of Bahrain, the Central Bank of Bahrain (CBB) has recently announced that it is considering introducing regulations on Fintech with the aim of inviting technology companies to set up offices in the Kingdom and serve the entire Gulf Cooperation Council (GCC) region. Ultimately, the author argues that regulation is a critical factor that can either catalyse or stall innovation adoption.
“With new launches by Fintech such as digital payments, crowdfunding, robo-advisory and blockchain, incumbent banks need to brace themselves for swift Fintech adoption in order to remain at the forefront.”
For a full discussion by the author on the obstacles facing Bahrain and the region, read the article here.