BBK, Bahrain’s pioneer in retail and commercial banking, held a specialised training masterclass for its board members, in collaboration with the Bahrain Institute of Banking and Finance (BIBF), entitled ‘FinTech Awareness & VAT for the Financial Sector’ at BBK’s headquarters.
The session, organised for the bank Board of Directors, was aimed at raising awareness and continuous development of the latest economic and financial trends.
The session was delivered in two parts: the first part, focused on the application and implication of FinTech for banks, with the Kingdom being the regional financial hub, focusing on FinTech as a support technology that aims to compete with and overtake the traditional financial methods.
The second part covered the implementation of Value Added Tax (VAT) specifically for the financial sector, where discussions were made on the fundamentals, obligations, and commercial opportunities for banks.
This awareness session, customized for BBK’s Board members, included a diverse range of trending business topics, which aim to further reinforce their understanding of the latest trends of Fintech and VAT.
With today’s fast changing trends in technology and communication in the financial sector, BBK believes in the importance of keeping up the developments within the industry and the subsequent changes in market requirements.
Dr. Ahmed Al Shaikh, the BIBF Director said: “Today, Bahrain serves as a regional Fintech hub, and FinTech represents an opportunity for banks to further develop their financial services, coupled with the Kingdom’s ability to serve as a centre for innovation in this sector, the BIBF offers specialised training in order to realise these opportunities.
Dr. AlShaikh also added: “With Bahrain’s position today as a credible FinTech centre in the Middle East, the BIBF continues to provide complete and customised training solutions for corporate and individual FinTech innovators in the financial sector. Training on the latest trends provides strategic insight necessary to build a successful FinTech ecosystem based on the Central Bank’s guidelines. We look forward to supporting the BBK in its efforts to advance its competitive edge”.