MANAMA: A nation-wide fintech innovation challenge has kicked off inviting start-ups to solve problems using artificial intelligence (AI), big data, and cloud services.

Called ‘Bahrain Supernova’, the initiative will be hosted on FinHub 973, Central Bank of Bahrain (CBB)’s Digital Lab, which is powered by Fintech Galaxy’s FinX22 Open application programming interface (API) platform.

The digital platform enables interaction and collaboration among innovators, financial institutions, and regulators, allowing them to crowdsource and prototype fintech solutions.

Innovators and fintech start-ups will have access to a sandbox with +330 APIs and simulated data-sets from local and regional banks to enable rapid and seamless proof of concepts.

The CBB feels eliminating customer pain points will be critical for financial institutions in the post Covid-19 recovery phase as this will enable the industry in Bahrain to break through silos, transform legacy banking systems, and enable the development of new solutions across fintech, regtech and insurtech.

Tech firms from the kingdom and the region will be able to submit their proposals via the FinHub 973 digital platform, addressing problem statements under the following themes:

1. Central Bank of Bahrain – RegTech Solution: Account blocking and Unblocking automation process

2. Bank ABC – Autonomous finance

3. Benefit Company – Extending payment services for proximity/wearables

4. ila Bank – Banking, user experience & AI

5. National Bank of Bahrain – Connecting customer accounting system with NBB for banking needs

Following the submission deadline on May 20, proposals meeting the requirements will be shortlisted and innovators will be invited to pitch their solutions to a panel of experts.

A judging panel comprising executives from each of the financial institutions, along with subject matter experts will then announce finalists on June 3 and the challenge will end on June 10.

Commenting on the launch, Yasmeen Al Sharaf, head of fintech and innovation unit at the CBB, said: “The Covid-19 pandemic has rapidly accelerated the introduction of technological changes and advancements in every aspect of our lives. The latest technology such as AI, big data, and cloud services are impacting economies around the world at an unprecedented pace and we are very excited to see how Bahrain Supernova will help leverage these technologies, while enhancing the fintech industry in Bahrain, and further accelerating our transformation towards an AI-powered digital economy.

“The challenges are aimed at furthering the development of the fintech industry in Bahrain within CBB’s digital strategy to boost collaboration and integration between financial institutions and start-ups utilising open APIs.”

According to Mirna Sleiman, founder and chief executive of Fintech Galaxy, the launch of the challenge comes at a critical time, when governments and financial institutions from all around the world are focusing on transitioning from ‘open banking’ to ‘open finance’.

“We are confident that this initiative will succeed in helping forge partnerships, creating alliances, and bringing financial inclusion to the market,” she added.

avinash@gdn.com.bh

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.