Blockchain to transform banking sector: Official

FinTech is an innovation in the field of financial services that rely on the use of technology in competition with current traditional financial and banking systems, said Zuhair Al Bahrani, Director of eCommerce and Information Technology, at the Ministry of Industry, yesterday.

Inaugurating the “FinTech eCommerce Solutions Event”, organised by the Ministry of Industry, Commerce and Tourism at Bahrain FinTech Bay, he said the use of blockchain technology was one of the most important developments in the banking sector.

He said this technology allows digital banks transient financial payments that don’t recognise any geographical boundaries.

“This technology has attracted banks and financial institutions, which in turn have become increasingly interested in an effort to maintain competitiveness,” said Zuhair.

The event was part of the Ministry’s efforts to introduce businesses and companies to various services and solutions in the field of financial technology and to benefit from what eCommerce has to offer in that regard.