BIBF Bridges the gap between the Cloud and Regulations for the Financial Sector

The Bahrain Institute of Banking and Finance (BIBF) held a C-Level and Top Management session on ‘Bridging the Gap between the Cloud and Regulations for the Financial Sector’ in cooperation with Amazon Web Services (AWS), as part of the institute’s focus on various Emerging Technologies and the impact of such technologies on organisations and businesses.

The session highlighted the importance of taking advantage of the power of the cloud to collect and analyze information at a scale and depth to support various business aspects and improve operations.

The session was conducted by Ms. Soo Lee, Director, Worldwide Public Sector Financial Services, Amazon Web Services, and was attended by C-Level and Top Management from the financial sector.

Furthermore, Ms. Shireen Al-Sayed, Head of Policy at the Central Bank of Bahrain (CBB) also discussed CBB regulations, for the financial sector, reinforcing the importance of Cloud Computing and supporting the use of cloud services within the Financial Services sector.

The session included interactive discussions by industry representatives on Cloud regulations within the financial sector and means of enhancing business operations.

The BIBF’s Director, Dr. Ahmed Abdul Hameed Al-Shaikh, said, “There are already exciting and inspiring hints of what the future may hold as we discover how to use cloud computing, advanced analytics and other related emerging technologies to look at old problems in new ways and to envision capabilities that until now were impossible to imagine.”

Dr. Ahmed also added, “Keeping abreast of the latest technologies, gives us the power to advance operations and to find better solutions for various challenges we face in today’s corporate world.”

The session provided fresh insights on the importance of aligning the regulations with new digital capabilities that help people in every profession today to use cloud computing to work more efficiently and more effectively, to serve their customers in new ways, and to find solutions to once unsolvable problems.