Driving innovation for growth

Bahrain is keen on entering ‘uncharted territories’ by exploring concepts such as ‘open banking’ and by implementing new innovative concepts to traditional industries, according to a senior government official.

To keep up a nation’s development, countries need to be open to implementing innovative ideas and Bahrain is doing just that, according to Chief Executive of EDB Khalid Al Rumaihi. He said both countries and individuals need to adapt fast to the technological revolution taking place.

“Imminently, we want to look at open banking and at sharing of data between banks, and go into uncharted territories that nobody goes into. “We want to use the size and the agility of our government, the agility of our regulations to create innovation that has not been created anywhere else. “We embrace the industry 4.0, which I think in some way is misnamed because what we are talking about here is the collection of data and the optimization of a process."