The Central Bank of Bahrain launches the “FinHub 973” digital platform to encourage innovation

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Hoda Abdel Hamid

The Central Bank of Bahrain launched the “FinHub 973” digital platform to encourage innovation in the region, in cooperation with the Economic Development Board, Bank ABC, “La” Bank, “Benefit”, the National Bank of Bahrain and Bahrain Islamic Bank.

The platform aims to create a collaborative environment for fintech and establish a gateway for investment opportunities in the region by raising the level of cooperation and innovation in the sector, and supporting integration between banking institutions and emerging financial technology companies.

The FinHub 973 platform will operate according to the operating system of the FinX22 innovation platform of “Fintech Galaxy”, which is an open financial services platform based on cloud computing technologies, complies with the best international technical standards, and will provide an open virtual environment for programming banking applications with the aim of enabling emerging financial technology companies to develop Testing and implementing financial technology solutions.

The platform will also connect financial institutions in Bahrain and the region with financial technology companies from around the world, through a global market for financial technology companies based on artificial intelligence techniques. The platform also provides the possibility of finding partners and mobilizing resources and resources that will contribute to designing effective financial technology solutions, which will help stimulate innovation efforts and make a quantum leap in the financial services sector.

Central Bank of Bahrain Governor Rashid Al Maraj said that the launch of the FinHub 973 platform comes as a continuation of the recent initiatives undertaken by the bank to promote innovation in the financial sector after the launch of the pilot supervisory environment in 2017 and the establishment of a specialized unit in the field of financial technology at the bank, and the issuance of instructions for open banking services, and platforms Crypto assets, digital financial advisory services, cloud computing services, and insurance brokers via online platforms.

Founder and CEO of Fintech Galaxy Mirna Suleiman said that the launch of this platform comes at an unprecedented time when governments and financial institutions are increasingly focusing on promoting digital transformation strategies and accelerating the pace of development and innovation to drive development.



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