Ambassador to US highlights Bahrain’s leading economic, financial policies

Washington, Jun. 6 (BNA): The Ambassador of the Kingdom of Bahrain to the United States of America, Shaikh Abdullah bin Rashid Al Khalifa, participated as a presenter in the 3rd Emerging Technology Forum, organised by the American Council for Technology (ACT) and Industry Advisory Council (IAC), entitled “From Local to Global: Emerging Technologies for the Digital Age”. The ambassador highlighted the sound economic policies adopted by the Kingdom of Bahrain to diversify sources of income and create an attractive investment environment that continues to flourish due to the reform approach of His Majesty King Hamad bin Isa Al Khalifa, and in line with the vision of the Economic Vision for Bahrain, 2030. He also reviewed the pioneering role played by the Kingdom of Bahrain for over four decades in shaping the financial sector in the region, noting that the Kingdom has already recognised the need to diversify the sources of income and not to rely on just oil, which, he said, led to the licensing of the largest number of financial institutions in the region, reaching 400 financial institutions and the registration of nearly 3,000 licensed funds. In this context, he explained that the future of the financial sector is focused on innovation in the field of financial technology, thus the Kingdom is at the forefront of countries that provide an ideal environment for financial institutions of various levels. He also reviewed a couple of examples in pioneering regulatory policies in the region, such as the Central Bank of Bahrain (CBB), which set up a regulatory sandbox fund to provide a secure virtual space that allows financial technology companies to test and develop their digital banking product, and the announcement of the largest and most comprehensive digital currency regulation in February. In conclusion, the Bahraini Ambassador stressed that the Kingdom’s progressive route in the financial technology sector paves the way for strengthening its economic position as a regional financial centre, as the financial sector is considered the largest non-oil economic sector in the Kingdom. It is worth noting that this forum witnessed important debates among government leaders, executive heads, economists and industrialists, regarding bold ideas, strategies and policies to exploit emerging technologies, thus promoting economic growth, modernizing governments and achieving security and safety, to further ensure that the United States and other similar economies remain a leading example in creativity.