Bahrainthismonth.com August 2023 79 commerce BBBF CONVERTS TO BRITISH CHAMBER OF COMMERCE BAHRAIN KFH’S INFOSEC EXPERT SPOTLIGHTS BLOCKCHAIN’S DOMINANCE The Bahrain British Business Forum (BBBF) has announced its conversion to the British Chamber of Commerce Bahrain (BCCB). The organisation has been established via commercial registration under the auspices of the Bahrain Ministry of Industry and Commerce. BCCB’s focus will continue to be on promoting bilateral trade between the Kingdom of Bahrain and the United Kingdom and to generate active business outcomes for all of its member companies and businesses, both Bahraini and British, whether local, regional or global. BCCB seeks to build on the successful platform established over the last 28 years by the BBBF and will continue under the helm of its Chairman, Khalid Al Zayani OBE and Vice Chair, Paula Boast MBE. BCCB will operate as a not-for-profit membership organisation for companies trading between Bahrain and the UK. It also affords members the opportunity to access the Global Business Network of the British Chambers of Commerce worldwide providing connectivity to 76 accredited chambers around the world and 53 UK-based chambers trading worldwide. BCCB will continue to offer its members an expansive local and regional GCC network as well as activities, events and business services. BCCB founding partners include established Bahrain-based businesses: Al Hilal Enterprises, Al Arayedh Group Holding, Bahrain Jewellery Centre, Al Zayani Investments, Cebarco and Charles Russell Speechlys. Utilising blockchain technology applications to enhance cybersecurity in the financial technology sector is now of high significance. This was stated by Information Security Manager and BCP Officer at KFH-Bahrain, Hasan Muhi, during a seminar titled ‘Cybersecurity in Fintech in Bahrain’ which was organised by the IT systems integrations and managed cyber security company, NGN International. “Blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyberattacks. This technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing risks of cyber threats including data loss, unauthorised access, and data theft,” explains Mr. Muhi. Given the escalating complexity of cyber threats, institutions are compelled to embrace technologies that enable swift and effective detection, and mitigation of attacks. “Cuttingedge cybersecurity applications facilitate early detection of threats, enable prompt and efficient response capabilities, and elevate overall cybersecurity levels,” he concludes. SCW SECRETARY-GENERAL HIGHLIGHTS FEMALE ENTREPRENEURS’ ROLE IN BOOSTING ECONOMY Secretary-General of the Supreme Council for Women (SCW), Hala AlAnsari, has highlighted the major role played by female entrepreneurs in the economies of the Middle East region. In an opinion piece published by the World Economic Forum titled ‘Empowering female entrepreneurs in the Middle East’, Ms. Al-Ansari states: “Most science, technology, engineering and mathematics (STEM) graduates in the Middle East are women and tapping into this valuable resource is a key focus for the region. Increased female participation in the workforce could add USD2.7 trillion to the region’s economy by 2025.” In her article, the SCW Secretary-General called for creating an ecosystem for female entrepreneurs.“Women entrepreneurs are going to supercharge the economies of the Middle East, as the share of women in professional and technical jobs, led by female entrepreneurs, will more than double by 2030,” she says. The article further highlights private sector initiatives which she believes are essential such as ‘She WINS Arabia’– an initiative of the World Bank and the International Monetary Fund (IMF) which supports almost 200 female-led start-ups in the region. Concluding her opinion article, the SCW Secretary-General said: “The full potential of female entrepreneurs is ready to be unleashed. Enabling the Middle East’s highly-educated women could add trillions to the economy and ensure social stability.”
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