To read this content please select one of the options below:

Impact of Financial Technology on Future of Banking in Bahrain: Opportunities and Challenges

Shafeeq Ahmed Ali (Accounting and Financial Science Department, College of Administrative and Financial Science, Gulf University, Sanad 26489, Kingdom of Bahrain)

Mujeeb Saif Mohsen Al-Absy (Accounting and Financial Science Department, College of Administrative and Financial Science, Gulf University, Sanad 26489, Kingdom of Bahrain)

Ahmad Yahia Mustafa Al Astal (Administrative Science Department, College of Administrative and Financial Science, Gulf University, Sanad, Kingdom of Bahrain)

Ahmad Mohammad Obeid Gharaibeh (Accounting and Financial Science Department, College of Administrative and Financial Science, Gulf University, Sanad 26489, Kingdom of Bahrain)

Digital Technology and Changing Roles in Managerial and Financial Accounting: Theoretical Knowledge and Practical Application

ISBN: 978-1-80455-973-4, eISBN: 978-1-80455-972-7

Publication date: 29 January 2024

Abstract

Financial technology (fintech) has emerged as a major player in the global financial system, providing a range of services such as payments, digital currencies, money transfers, loans, crowdsourcing, and insurance. Fintech startups in Arab countries have also gained traction due to economic openness and globalization. However, concerns remain about the safety, durability, and security of traditional financial services, especially with the increasing use of artificial intelligence (AI) and digitization. The Central Bank of Bahrain and other regulatory authorities need to balance risk avoidance with the global trend toward innovation in fintech, as well as ensure that these technologies are not used for fraud, money laundering, piracy, or terrorist financing. The Bahraini government and supervisory authorities must strike a balance between preserving the integrity and robustness of the financial and banking sector and developing innovation. This can be achieved by adjusting the rhythm of comparison, strengthening and enhancing the safety of banks, achieving financial stability, and ensuring compliance with laws and legislation. It is important to address gaps in regulatory rules, information security, and the business environment, and launch financial awareness at the community level before embracing the potential of fintech and its unseen future development at the level of cryptocurrencies and others. The current work examines the impact of Fintech on the Future of banking in Bahrain and the opportunities and challenges.

Keywords

Acknowledgements

Acknowledgments

The authors wish to thank Gulf University for funding this research.

Citation

Ali, S.A., Al-Absy, M.S.M., Al Astal, A.Y.M. and Gharaibeh, A.M.O. (2024), "Impact of Financial Technology on Future of Banking in Bahrain: Opportunities and Challenges", Hamdan, A., Alareeni, B. and Khamis, R. (Ed.) Digital Technology and Changing Roles in Managerial and Financial Accounting: Theoretical Knowledge and Practical Application (Studies in Managerial and Financial Accounting, Vol. 36), Emerald Publishing Limited, Leeds, pp. 141-153. https://doi.org/10.1108/S1479-351220240000036014

Publisher

:

Emerald Publishing Limited