Arts Culture Clubs Sports Interviews Lifestyle Dining Nightlife TECHNOLOGY - ENTERTAINMENT - DINING www.bahrainthismonth.com Digital Edition Since 1997 February 2022 | Vol. 26 | Issue 2 | BD2 / SR20 YOUR GUIDE TO A GREAT WAY OF LIFE WTM PEOPLE EDUCATION SPECIAL Basma Alhashimi’s stunning images Fashion Forward Beauty Essentials An insight into what inquiry-based learning is and how it’s applied at CSB An in-depth look at select schools and universities in Bahrain CSB Principal, Abby Saadeh, on the school’s campus, curriculum & more. Khalid Dannish on the growth of Fintech DINING Bahrain’s sweet Valentine’s FINTECH SPECIAL The very best of FinTech providers in the Kingdom
C M Y CM MY CY CMY K 72. Flyer3.pdf 1 11/25/2021 6:19:58 PM 1 Month MEMBERSHIP TENURE WOW MEMBERSHIP 50 BHD PRICES 4 Months 140 BHD 2 Weeks Free 6 Months 180 BHD 4 Weeks Free 12 Months 299 BHD 6 Weeks Free
4 February 2022 14 February 2022 www.bahrainthismonth.com/gallery bystander Juffair Boulevard Soft Opening TKS Properties Management celebrated the soft opening of Juffair Boulevard Hotel. Dr Varghese Kurian, Chairman of VKL Holding Co and Mr Baiju, Indian movie actor, cut the ribbon with Mr Sayooj, Managing Partner of TKS Properties.
February 2022 5 February 2022 Bahrain This Month George F. Middleton Publisher and Chairman COVER Cover Picture: Canadian School Bahrain www.bahrainthismonth.com Scan this QR Code to subscribe to the digital edition of the magazine. Printing Press Union Press, Bahrain Published monthly by RED HOUSE MARKETING P.O. Box 20461, Manama, Kingdom of Bahrain Tel: (+973) 17 813-777, Fax: (+973) 17 813-700 Email: [email protected] www.bahrainthismonth.com © Copyright Reserved 2005-2020 The concept, content, style and design of this publication remain the exclusive property of Red House Marketing (Jersey) Ltd. and must not be reproduced in any form whatsoever without prior written permission. Every effort has been made to ensure the accuracy of the information contained in this publication. However, Red House Marketing cannot accept legal responsibility for any error or omission. • Views expressed in this magazine by journalists and writers are not necessarily those of the publishers of Bahrain This Month. Licensed by the Ministry of Information Publication Code: TA001 ISBN 1 899 348 09 3 1 YEAR SUBSCRIPTION Bahrain: BD24 Gulf and international subscriptions available on request. THE TEAM Publisher and Chairman George F. Middleton Editor Farah Baig Contributors Kristian Harrison, Behnaz Sanjana, Sravan Kumar V. Pria Masson Tanwar, Ouiam Charkani El Hassani, Eman Deabil Editorial Consultant Ahdeya Ahmed Print Production Manager Sabu Sebastian Art Director Hatem Monem Webmaster Nishad Eapen CRM & Database Coordinator Muna Yousef Staff Photographer Subeesh Kumar N S Administration and Finance Samson Vaz, Marlyn Ragasa Distribution Team CM Abdul Rahman, Gopal Arul Kumar Distributor Al Hilal Group (Hilal Direct Services) Media Sales Director Anuradha Manhas [email protected] Media Executive Kathleen Christabel [email protected] DIGITAL & CONTENT MARKETING TEAM Digital Strategy Director Lini Reghunath Digital Marketing & Social Media Director Farah Baig Social Media Managers Simran Tiwari, Rohit Reghunath Is it just us, or has January proved to be an adrenaline-pumping start to the year? We’ve been busy… extremely busy to be honest, but we all know that at times like this, being busy is a blessing. While Valentine’s Day has hardly taken a back seat, we have a lot more in store for you this February, aside from celebrating the festival of love. This issue is jampacked with multiple insights from the world of FinTech and also shines a light on some of the best educational institutions in Bahrain. Financial services, as we know them, have changed tremendously in recent years, so for our FinTech feature, we had an insightful chat with the young and wellaccomplished CEO of Bahrain FinTech Bay, Khalid Dannish. He shared his thoughts on the industry, its growth and the potential for Bahrainis working in the field. We also spoke to business leaders who have utilised FinTech to revolutionise their industries by streamlining processes and bringing us a level of convenience many of us never realised was possible. The need for education is constant, but the need for a high-quality education in an increasingly competitive world is more pronounced than ever. We tell you all you need to know about select educational institutes which can turn your children into thriving, independent young adults. The Canadian School Bahrain, is a prime example of leadership in this revolutionary inquiry-based learning scenario. For Valentine’s Day, our team put together the perfect list of activities for you to enjoy! You’ll also find the best of Chinese New Year celebrations too. The Kingdom has grown to love its fair share of themed brunches, so this month, we’ve sampled the exciting options at the Wyndham Garden Manama’s Indian restaurant – Jashan! Be sure to check out the exhilarating events taking place across the island too. In our Motoring section, Kristian Harrison shares his top picks for the most anticipated cars this year. Meanwhile, business expert Pria Masson Tanwar explores the equally intriguing and lucrative world of embedded finance. In our Woman This Month segment, we explore the best of fashion, beauty and lifestyle while keeping the cooler months in mind. There’s no denying that Bahrain has earned a special place in the hearts of all of those who have lived or are living in the Kingdom. We shine a light on the extremely talented young photographer, Basma Alhashimi, who’s taken it upon herself to share the stunning landscape and architecture of Bahrain with the world through her incredible photography and mesmerising time-lapse videos. It’s an issue with plenty for you to look forward to, so needless to say, Bahrain This Month continues to be your guide to a great way of life!
6 February 2022 www.bahrainthismonth.com 16 36 52 50 44 43 38 12 99.1 FM Listening to a Different Tune There’s a new radio station in town And George Middleton tell us all we need to know about it! Bahrain’s FinTech Hub CEO of Bahrain FinTech Bay, Khalid Dannish, tells us about the Kingdom’s FinTech industry and its potential. Being a Good Sport! Farah Baig speaks to the President and Chairman of Bahrain Rugby Football Club about it’s success over the last 50 years, and what they have in store for the future Bahrain This Month speaks to some of the leading innovators of FinTech to explore upcoming services, the growth of the industry in Bahrain and potential for employment in the field. Here’s are some fun ways in which you can celebrate Valentine’s Day in Bahrain! Bahrain has no dearth of educational institutions with nurseries, schools, colleges and training institutes dotted all across the Kingdom. We shine a light on select schools and universities about what sets them apart. A Desi-licious Brunch at Jashan! Bahrain’s most exciting new Indian restaurant, Jashan, now serves up a flavourful Indian brunch. Farah Baig tells us all about it. The best of Valentine’s Day, Chinese New Year and every day dining options! Rides to Look Forward to in 2022! Our resident motorhead, Kristian Harrison, shares his top picks for the most anticipated cars this year. Motoring Bites Embedded Finance – A New Way for Business Pria Masson Tanwar explores the equally intriguing and lucrative world of embedded finance. Business Bites FEBRUARY INTERVIEW FINTECH FEATURE VALENTINE’S DAY FEATURE EDUCATION FEATURE DINING MOTORING COMMERCE ISSUE 294 CONTENTS www.bahrainthismonth.com bahrainthismonth bhthismonth 26 12 16 36 15 38 26 43 44 49 50 24 52
February 2022 7 www.bahrainthismonth.com/gallery bystander Winter Land The Art Hotel & Resort, Amwaj Islands held the launch of its Winter Land event. theArt.bh The Art Week of Love An inclusive romantic staycation with intimate ambiances, indulgent cuisine, stunning views, live entertainment & more. Book your Valentine's staycation inclusive of a one-night stay in a sea-view room, romantic dinner for two, and breakfast. BD100 net for a night stay in ART Room with a romantic room set up and dining options in one of our themed nights, brunches, a la carte dining, or Monday Valentine's dinner at Choices. For bookings, contact [email protected] or 16000111 Valid from February 11th – February 18th Prior booking is required *BD30 couples massage spa voucher can be added to your package
February 2022 www.womanthismonth.com 8 FEBRUARY ISSUE 226 CONTENTS Looks to Love Here’s some inspiration for your date night look, right from the runways of Giorgio Armani and the eclectic collections of La Marquise and JW Anderson too. For the Love of Landscapes Young Bahraini photographer, Basma Alhashimi, gets the big picture… quite literally. Her stunning landscape and cityscape photography has earned her recognition and captured the attention of viewers around the world. In Her Shoes – Harpreet Kaur Having been passionate about media since she was a student, Harpreet Kaur has grown to be the Head of Cluster Marketing at Ramee Group of Hotels. We take a peek into her life this month. Valentine’s Beauty Essentials Here are some products that we believe you’ll love this Valentine’s Day that could perhaps even make it on to your wishlist. Ultra-Cool Skincare! If you’re dealing with dry and flaky skin that just can’t seem to balance themselves out this winter, you’ll find relief with these 5 products. Women in Leadership Accredited Chartered Manager (CMI), Eman Deabil, does a comprehensive study on the number of women in executive management roles in Bahrain. Is Online Learning Making My Child Fall Behind? Ouiam El Hassani addresses a pressing concern that parents are dealing with during the pandemic. Veri Peri - The Colour of 2022 These tips will help you give your home a little makeover with this year’s stunning colour, Veri Peri. 60 62 73 64 72 66 70 68 FASHION BEAUTY LIFESTYLE PEOPLE www.womanthismonth.com womanthismonth rhmbahrain 62 60 70 72 66 73 64
www.all.accor.com @alareenpalaceandspa @alareenpalace.official +973 17845000 | [email protected] Treat your loved-one to a Romantic Villa Stay or memorable Valentine’s Day Dinner at Keizo Restaurant. Celebrate Romance at Al Areen Palace and Spa
happenings 10 February 2022 www.bahrainthismonth.com THE PERFECT PICNIC FEBRUARY 4 PLAYLIST PICNIC THE ROYAL GOLF CLUB PEDAL TO THE METAL FEBRUARY 8 - 11, 15 – 18 BAHRAIN DRAG RACING CHAMPIONSHIP BAHRAIN INTERNATIONAL CIRCUIT AN ES-SCENT-TIAL WORKSHOP FEBRUARY 16 PERFUME FOR LOVE FOUR SEASONS HOTEL BAHRAIN BAY Become an expert in choosing the best perfume for your skin type. The Four Seasons Bahrain Bay is hosting a women’s workshop with personal guidance from a professional nose, allowing guests to delve into the realm of perfumery and gain insight into perfumery, the way diverse fragrance notes complement one another, and how they are paired to create an exquisite fragrance. Indulge in this fun and educational workshop, which will be held at the hotel’s Jasmine Lounge. Guests will be given a beautifully packaged perfume to take home as a souvenir of their olfactory experience at the end of the workshop. The workshop is priced at BD15 for hotel guests and members and BD12 for guests. Call 32 300-256 for more information. This February, visit the BIC for an unforgettable racing experience! The Bahrain Drag Racing Championship is the largest in the Gulf and attracts competitors from all over the world. Drag racers push their vehicles to their limits for a variety of reasons, including pride and the opportunity to win a “Wally,” a unique trophy awarded only to winners of NHRA-sanctioned races throughout the world. The sound of roaring cars, the smell of burning rubber, and the sight of fine-tuned racing beasts is what one can expect at this championship. Tickets are priced at BD5 for the Startline Grandstand, BD3 for the Batelco Grandstand and BD2 for the Test and Tune Batelco Grandstand. Visit www.bahraingp.com for more information. There’s nothing quite like a live music festival experience. Playlist Picnic, an open-air festival being held at the Royal Golf Club, will feature a diverse lineup of artists and bands, making it the place to be for fantastic entertainment and lots of fun for the entire family. Groove to the tunes of Cactus, Hot Box Groove, Likwid, Native Tourists, Oud Kamja, The Relocators, The Legendz and more who will be bringing you the best of alternative, reggae, fusion funk, electronic, rock n’ roll and more! Doors open at 1PM. Tickets are priced at BD20. Call 37 777-845 for more information. FEBRUARY 2022 HAPPENINGS
happenings February 2022 11 www.bahrainthismonth.com SUPPORTING ARTISTS FEBRUARY 25 - 26 ART FAIR AT EL MERCADO EL MERCADO MALL The Art Fair at El Mercado will feature modern and contemporary masters, mid-career and emerging artists from all over the Kingdom. One can expect to find a range of diverse art genres such as paintings, jewellery, crafts and more. This event is focused on supporting and encouraging local artists and is a must-visit for all art lovers. The event will be held from 5 PM to 10 PM on February 25 and from 3 PM to 10 PM on February 26. The Classic Car Show exhibit at the Mall of Dilmunia is a must-visit if you want to reminisce over a beautiful display of vintage cars brimming with colour and style. The event brings together a wide range of vintage automobiles on display, as well as plenty of entertainment, dining options, and other mall activities, all under one roof. It is perfect for memorable visits with family and friends. Call 13 300-266 for more information. ART FOR A CAUSE FEBRUARY 3 - 7 VISION 2022 AWA AL’ALI MALL, GATE 2 The American Women’s Association is hosting an art and photography event to highlight the various talents of 21 artists who reside in Bahrain. The art and photography shall exhibit a variety of cultures, styles, subjects, and ideologies. This is your chance, art and culture aficionados, to help raise funds for a phenomenal cause: AWA’s community fund, while also supporting and encouraging these incredibly talented artists. The event will be held from 10 AM to 10 PM. Entry is free of charge. MAKE A SPLASH FEBRUARY ONWARDS SCUBA DIVE AT DILMUNIA MALL OF DILMUNIA The Mall of Dilmunia has unveiled an exciting opportunity for visitors to dive into their crystal-clear aquarium. The cylindrical aquarium, which is home to a variety of fish and sea-life, is the first of its kind within a mall across the GCC and holds 700,000 litres of water. This is an experience you wouldn’t expect to have in Bahrain, but one that is well worth diving into. Aquarium diving is the ideal activity for those who would like to experience diving in a controlled and safe environment whilst making unforgettable memories.. Call 13 300-266 for more information. A WHEEL-Y GOOD TIME FEBRUARY ONWARDS CLASSIC CAR EXHIBIT MALL OF DILMUNIA
12 February 2022 www.bahrainthismonth.com interview 99.1 FM LISTENING TO A DIFFERENT TUNE Last August, courtesy of the Bahrain government, BFBS, the military charity and media organization, was granted an FM radio license on the 99.1 frequency. A slight adjustment to the broadcast antenna’s siting in November 2021 has resulted in significantly better coverage of the station across the Kingdom. BFBS Bahrain is one of nine overseas BFBS radio stations whose mission is to entertain, inform, connect and champion the 1000s of UK armed forces and families stationed and deployed overseas. Apart from the best popular music and 24/7 news form the UK, topics for inclusion vary from life after service in the Armed Forces, history, childhood obesity or any current topic of interest related to Bahrain and activities taking place here. Programme content can’t be too location specific, as shows emanating from Bahrain are also heard in the UK, UAE, Qatar, Mali and Estonia, so needs to capture content of interest to all of these audiences. It’s a tricky task but BFBS Stations Manager, Dave Roberts, is extremely optimistic about the potential for the future. “The morning show will soon be branded as local to Bahrain allowing significantly more local content”,
February 2022 13 www.bahrainthismonth.com interview says Dave. “This will give us a better vehicle through which we will be able to cater to our forces audience in Bahrain more effectively.” Respectful of both Ofcom UK guidelines as well as Bahrain’s social and cultural values, Dave finds very little restriction on what he and his fellow presenters can and do say on air. With personal connections to Gibraltar, UK and Ireland, like many people who live and work in Bahrain, he has spent much of his working life ‘abroad’. “I never really lived in UK itself”, he says. “My parents were in the military, so I was brought up in the military environment and lived all over the world. Then I went to boarding school followed by university, which was the longest time that I’d spent in the UK up to that time”. He continues: ”From within our small studio and office space here in Juffair our priority is to deliver a personalised radio service to UK military personnel stationed in Bahrain. But our services are not just limited to the radio station. We also offer a TV platform, with the best of UK TV including BBC1, BBC2, ITV channels, Sky Sports, BFBS Sports, Sky News and a movie Channel to those serving their country away from home.” BFBS negotiates the broadcast rights with most of the major TV service providers, film studios and premium sports providers making their content available to UK forces based not only in Bahrain but just about anywhere they may find themselves overseas. “We also deliver alternative radio services on the same system that include content from BBC radios 2, 4 and 5 Live as well. Our mobile video unit can also film and edit military stories likely to be of interest both locally and internationally.” Dave is particularly proud of the support the station has given to local and international causes including, most notably, coverage on the Bahrain team who climbed Everest recently. According to him, the Bahrain Everest expedition is the ideal type of story content that resonates with the audience throughout the 40 countries receiving BFBS services from Canada to Brunei to Diego Garcia”. “We are a small station with one studio and a few staff but since the service globally networked, we actually deliver our content to an international audience”, he states. “The breakfast show starts at 6 AM and goes on until 1 PM in the afternoon; delivered from our own studios. After that, we dot around the world to different studios who then feed in to the sustaining network”. The main criteria used to decide on any topic’s inclusion on the BFBS network, says Dave, is “Is it interesting, is it entertaining and is it useful to our military community audience? We need to deliver the content in such a way that when we’re talking about something in Bahrain, the topic sounds interesting (for instance) to somebody living in the Falklands – and that includes military families, as well as serving personnel ”. Obviously, with the emergence of the latest digital technologies, the BFBS media offering includes active social media channels including Instagram, Facebook and Snapchat in particular making it a highly interactive and engaging platform not strictly limited to radio. The local social media is tasked to presenter Akylah Rodrigues, while the Twitter and Instagram content is sent to their digital team in the UK to process. “We send them footage, explains Dave, “and they place it on the various platforms on our behalf”. Digital exposure is available via the online BFBS App, which includes several different genres stations on the BFBS network, as well as topic-specific podcasts to download on the spot in case the audience misses something important. Local content, fun and games, local quizzes, sharing content from the rest of the network means that there is a lot going on which is shared specifically on the BFBS Radio social media sites. BFBS has operated in the region for decades although, more recently, in the 1991 Gulf War they came back to the region in the most meaningful way since before the Suez withdrawal in the 1950s. They have had a presence in Kosovo, Bosnia, Iraq and then Afghanistan – as well as in the more permanent, established UK military bases overseas, such as Germany, Cyprus and Gibraltar. After Afghanistan, the station was due to be based in the UAE but ended up coming to Bahrain; a decision decided on by the Ministry of Defence in the UK. After a temporary move to be part of the BFBS Radio station in Cyprus for a couple of years, at which time Dave had left the organisation, he was eventually offered an irresistible opportunity to set up a brand new radio entity in Bahrain which is the reason he came on board once again. BFBS Radio presenters working on the station are based in Bahrain for approximately six months. The station is not commercial and therefore Dave and his colleagues are both willing and able to share their expertise and experience for the benefit of all concerned within the Kingdom of Bahrain. Presenters are all civilians from various walks of life, most of whom initially intern at a local BFBS station prior to being offered a contract with the organisation. “We know we have a really big audience in Bahrain already”, says Dave, “and appreciate their engagement though phone-ins and competitions. A total staff of three look after TV, Radio and Social Media for the entire Bahrain operation. “One of the main objectives of the service is to provide useful and relevant local information chat delivered in an unpolitical and unbiased manner. Ultimately, we want to encourage the UK forces personnel here in the Kingdom to get out of their living quarters and into town to experience the many social activities on offer in Bahrain.”
14 February 2022 www.bahrainthismonth.com/gallery bystander At the Forefront of Women’s Health DR. SARAH ALI SHAKER Consultant - Obstetrics & Gynecology 1724 6800 1724 6888 3218 1810 Royal Bahrain Hospital Clinical Expertise • Antenatal & Delivery Care (Normal & Cesarean Sections) • Gynecology Procedures (Smears, Myomectomy, Hysteroscopy, Hysterectomy & Ovarian Cystectomy) • Management of Miscarriage • Family Planning • Pregnancy Related Conditions Santa’s Visit Santa came to ART Hotel & Resort’s Choice Restaurant entertaining children and guests in the Christmas spirit with Gingerbread house decorations, face-painting, dancing and delicious Christmas Delights.
A SPOTLIGHT ON BAHRAIN’S FINTECH INDUSTRY FinTech- it’s the fastest-growing and highly-advanced technology that has revolutionised the finance industry all around the world. The industry intertwines the best of technology and innovation to streamline what was once a traditional approach to financial services, and make them more accessible and easier-to-use for the general public. The use of smartphones for mobile banking, investment services and cryptocurrency are just some of FinTech’s applications. Being at the forefront of every advancement opportunity, Bahrain has spared no effort to utilise and develop FinTech. Bahrain This Month spoke to some of the leading innovators of FinTech to explore upcoming services, the growth of the industry in Bahrain and potential for employment in the field. fintech feature February 2022 15 www.bahrainthismonth.com
16 February 2022 www.bahrainthismonth.com fintech feature BAHRAIN’S FINTECH HUB Bahrain This Month speaks to CEO of Bahrain FinTech Bay, Khalid Dannish, about the Kingdom’s FinTech industry, the potential for Bahrainis in the field and the accomplishments of the incubator to-date. There’s no denying that technology plays a vital role in our daily lives. With the dawn of the pandemic, the need for technology grew tenfold with its increased application in every aspect. This extended further to the world of FinTech which was propelled to new heights as the need for integration of technology in the finance industry grew. In the Kingdom of Bahrain, the FinTech industry thrived as established companies ventured into modernising and advancing their operations while innovative startups brought life to their concepts. Leading FinTech Hub in the Middle East, Bahrain FinTech Bay, has proved to be an invaluable incubator for the industry in Bahrain. The ecosystem has thrived under the guidance of CEO of Bahrain FinTech Bay, Khalid Dannish. “I really cut my teeth in London and the investment banking world at the height of the financial crisis. So, I could say I›m used to a challenge and really, I’ve always gravitated towards roles that were in the investment banking space and also roles that sit between technology and business,” says Mr. Dannish, who took on the role in February of 2020, right on the heels of the pandemic. Despite spending a majority of his professional and personal life between the UK and Bahrain, the opportunity to be part of the founding team that develops an authentic FinTech ecosystem in Bahrain was compelling enough for Mr. Dannish to return to the Kingdom’s shores. “It was a no brainer for me to move back and be a part of this exciting journey,” he says. A Growing Industry in Bahrain The Kingdom of Bahrain is currently home to around 100 FinTechs while around 200 startups are operational in the broader technology field. “A majority of them are fairly young companies, so each one of them employs five to ten people. However, we do have some large-scale companies that employ over 150 people at a time, typically mostly Bahrainis as well,” explains Mr. Dannish. The number of people currently employed in the FinTech industry has been growing steadily around the world with Bahrain being no exception. “If you look at the FinTech ecosystem at large, you have to not only consider the entrepreneurs employed within Fintech but those involved in corporate FinTech solutions or government entities… the whole plethora of roles involved,” he says. «So, when thinking about how many people are currently employed in Bahrain’s FinTech industry, it’s hard to put a number on it; I would, however, say that it’s in the thousands when you consider all the stakeholders in the ecosystem,” he adds. The Role of Bahrain FinTech Bay “Our broad mandate was to establish a FinTech
February 2022 17 www.bahrainthismonth.com fintech feature hub to really attract best-in-class technology from all over the world while simultaneously developing our local digital economy as part of a national agenda,” explains Mr. Dannish. The incubator was formed in partnership with the government, and strategic industry partners such as local and international banks, telecommunication companies, insurance companies and asset managers, with the intention of collaborating to build an inclusive platform. “We distilled our vision into several key themes including incubation, acceleration, talent and education, investment awareness, thought leadership conferences and events, and corporate innovation and advisory,” he says. Since the establishment of the incubator, several lucrative partnerships have come into place. “We’ve seen corporates engage with FinTechs, academia partner with technology providers and FinTechs collaborate with each other too. It’s been an array of partnerships and our job is to facilitate these meaningful interactions.” Bahraini Talent in FinTech “I think we have a strong workforce and can see a tremendously entrepreneurial spirit in them,” he says. The thriving industry provides plenty of opportunities for young Bahrainis to enter to enter the field whether through the influx of startups coming into the country or locallyinitiated startups. “Of course, this talent needs nurturing and they require guidance in best practices which is where some of our incubation and acceleration programmes come into play as well,” he says. “FinTechs coming into the country as well as corporates are hiring locally en masse. So, there is a value proposition for the country and it’s for young Bahrainis to take advantage of it.” With the industry thriving there is now potential for education providers to offer more specialised programmes to enhance the employability of Bahrainis in the field. “There’s definitely scope for improvement for more specialised courses. We’re starting to see some universities come out with more specialised courses in artificial intelligence or broader FinTech. I think they’re in a very privileged position as they can really determine the outcome of the specialisations in our workforce,” he says, highlighting that it is the universities’ role to guide the youth through new opportunities in the region. “That being said, I think there is an opportunity for us to specialise in more technical related fields, like artificial intelligence, data science, blockchain and software development as that can only strengthen our kind of proposition, but really that education can start at a fundamental level even earlier than universities – it can start in schools,” he adds. FinTech in the Time of COVID-19 At the beginning of the pandemic, Bahrain FinTech Bay partnered with the US State Department under their Middle East Partnership Initiative (MEPI). “We designed a programme called ‘Build for Bahrain’ which was tremendously successful. It was purely for locals and focused on three key areas: community, health and business continuity which was tremendously successful,” he says. “We were broadening our horizons from then looking at HealthTech, EdTech, and FinTechs on how we can assist economic recovery, which was undoubtedly going to have an impact on the kingdom. I think by and large, what the pandemic has emphasised is that we need to embrace change quickly and we need to deliver services in a more efficient manner,” he elaborates. The team collaborated with the government and corporates to launch solutions so business could continue at a time when in-person interactions were less than ideal. “I believe FinTech by and large has enabled businesses to secure cash flow and their operations which, without the technology provided by FinTech, would be tremendously hard to do. I think the pandemic has highlighted the role of FinTech, how important it is and how ingrained it can be, not just in our lives but in industry and government as well.” Unmatched Achievements Since his appointment as CEO, the establishment has enjoyed its fair share of success and commendable achievements. “We actually launched a whole new series of cohort-based acceleration programmes and simultaneously wrapped it under the umbrella of a new strategy called ‘Innovate for Bahrain’ at the beginning of the pandemic,” he says, adding that the purpose of ‘Innovate for Bahrain’ was to enable local entrepreneurs and provide a platform for them to develop solutions for the Kingdom and region. The series kicked off with their first acceleration programme, which was fully virtual – a first in the Kingdom of Bahrain. “This was a programme which focused on female entrepreneurship - Standard Chartered’s global Women in Tech programme, which we localised for the Kingdom. We offered mentorship support, prize money, as well as follow on incubation which was tremendously successful,” he states. Bahrain Fintech Bay’s National FinTech Talent Programme is a significant collaborative effort in partnership with Tamkeen and Georgetown University McDonough School of Business. “It’s something we’re quite proud of as we took young, Bahraini graduates and enrolled them as part of this professional course. We supplemented it with internships with startups in the FinTech space, and also corporations looking at digitalisation and authentic innovation,” he explains. “The best performing candidates were sent to Singapore for six weeks or San Francisco to get a sense of more mature FinTech ecosystems,” he adds. To date, Bahrain Fintech Bay has not only witnessed the growth of startups, but seen corporates launch digital online banking services as well as the rise of new funds and support for FinTech in the Kingdom. A New Year For the year 2022, Bahrain Fintech Bay intends to venture into broader technology themes and deeper into existing FinTech verticals. “One project that is coming up is born out of our partnership with the Real Estate Regulatory Authority (RERA) through which we are looking to develop PropTech in Bahrain,” he says. The organisation intends to broaden their scope of services and partnership network both: regionally and internationally. “For us, it›s really about capitalising on all the good work we›ve done, remaining relevant and at the forefront of authentic applications,” he says. “I think collectively, we›re now in a position where we’re a FinTech hub in our own right. We›re attracting some of the bigger FinTech unicorns from all over the world. So that’s testament to our strategic position in the kingdom and also the way that the ecosystem is moving forward,” he concludes. Scan the code to watch the full interview.
FinTech feature 18 February 2022 www.bahrainthismonth.com Could you tell our readers a little bit about AFS’ current mission and objectives? AFS has been in existence for over 35 years with a vision to drive and enable the transformation of digital payments. For every transaction that is conducted, our aim is to enable a fully digital variant versus traditional cash or brick-and-mortar methods. Our vision is simple: empower a digital transaction transformation for secure and seamless payments experiences. With over 20 years of international experience across the banking and payment sector, you have brought highly significant experience to AFS. Could you tell us about the company’s achievements under your leadership? I’ve been privileged to be one of the early adopters of the digital payment space. The last 20 years has given me exposure to international players and I continue to advance my capabilities as an individual. I’m particularly proud of bringing the first contactless transaction to the region and also the first mobile transaction across the Middle East and Africa. When I first joined AFS I recognised the company’s potential, and its immense wealth of human capital and technology. As we saw businesses across Bahrain struggling to stay afloat during the pandemic, we launched AFS Go! specifically for them. With this new, digital solution bundle we gave them affordable access to digital tools they need to simplify business operations, reach more customers, increase sales, and reduce costs. These affordable, convenient, and easy to use bundled payment solutions span eShop, In-Store Payments and Digital Payroll. We also delivered Bahrain’s first full payments acceptance solution to businesses via an app: AFS Pay, which transforms merchant smartphones into payment terminals. In addition to scanning a credit card in-store (Tap and Pay), AFS Pay allows remote payments for home deliveries by generating payment links that can be shared via social media. This year we also successfully integrated all King Fahd Causeway toll gates with our smart android POS terminals to deliver quick and secure, cashless customer experiences to travellers. How has AFS grown since its inception? Since its establishment, we have pivoted historically from a business that was focused solely on travellers cheques, to a refreshed business agenda that delivers in the areas of payments processing, and has also introduced fintech and acquiring arms to deliver future ready payments solutions for a wider client base. AFS has continually evolved since its inception and that is key to its success and longevity. We have continually invested in our capabilities and resources and the coming year will see us commit to executing a proactive and dynamic strategy for the company to keep it as one of the leading payment providers in the region, operating in over 20 countries and trusted by its partners and clients. What do you think is the main reason for AFS’ success in the region? Definitely the continued investment that we have done over the past 35 years. AFS shareholders did not shy away from investing in new business lines and propositions that would add value. Secondly, we have a wealth of human capital that is incomparable to others; our team is the best in the region in terms of execution and understanding the industry. What is your prediction for the role of FinTech in people’s everyday lives in the future? The fact is that fintech makes our lives easier. It’s a frictionless experience that requires less from you as a user, improving your capacity of doing other things. Before COVID-19, FinTech started to gain traction and now that traction has accelerated significantly. There are lots of great ideas out there that can bridge the gap between where the financial industry is and where the technology is today, and I believe FinTech is the key catalyst of that. Are there any new products or service launches planned in the imminent future? Yes! I think the biggest one that we’re looking at right now is the ‘Buy Now, Pay Later’ proposition in the Bahrain market. AFS was privileged to bring this proposition to Bahrain and we’re looking at rolling it out to multiple merchants in the longer term. It enables merchants to have more customers spend in their outlets, and customers are more encouraged to purchase higher ticket items in interestfree instalments. Finally, AFS is going to introduce an AFS academy for college students pregraduation, to come in for an internship. We will use that internship to qualify resources that we can train and develop going forward. Fintech is one of the fastest growing and most important technology sectors, globally. As finance and technology continue to amalgamate, Bahrain This Month spoke to the CEO of Arab Financial Services (AFS), Samer Soliman, about the company’s objectives, the future of payments and fintech. INVESTING IN PAYMENTS Scan the code to watch the full interview.
20 February 2022 www.bahrainthismonth.com fintech feature DYNAMICALLY DIGITAL Firstly, can you tell us the basics about eCrediMax and the reasons for introducing it? It is a straightforward, simple service that we recently introduced. In fact, it›s actually our digital onboarding solution. The idea is that with the world shifting to digital commerce, it’s a way of providing more convenience to our clients. Instead of coming all the way to our physical contact sites to apply for our services, with just a few steps they can do it virtually from anywhere. This is our first step towards a plethora of other digital services to come. We already have our main CrediMax mobile app, so digital onboarding is only one part of our longer term strategy when it comes to revamping and transforming our digital presence and interaction with our customers. How will this particular app benefit people? You don›t have to leave your office or home to apply for CrediMax products. That›s ultimately the basic service in a nutshell, without compromising on controls, security, credit assessment and more. It’s a huge time-saver, you don’t have to sit in traffic for hours just to travel a few kilometres for a menial service you can just do on your phone. With eCrediMax, it takes exactly eight minutes to apply and your card will be delivered to you wherever you are. Not only that, you can eliminate the physical card completely if you desire and have a virtual one which is enabled through our e-wallet Benefit pay or accessories like Apple Pay, Fitbit etc. How will eCrediMax compete with and streamline traditional financial services? We are focusing on two main things. Firstly, payment acceptance. We are empowering the retail industry so that they have as many options as possible to accept payments so that they can deliver their services to their consumers. Secondly, to equip consumers with various means of payment. This has always been our core service basically and digital is the core of CrediMax since its establishment, because we›re not into cash. Unlike other banks, we are purely focusing on digital specific products and services and this is what makes us special. CrediMax is very much a renowned financial service provider, but how does the introduction of eCrediMax, in particular, enhance your existing financial offerings? We don’t see it as a differentiator, to be honest, but rather as a minimum that our customer must have. What we believe is the other milestones or the roadmap to come is what will make us different, in terms of quality of service and unique products. For example, you will be able to allocate allowances for children across various time frames, control spending limits whether in or out of Bahrain. It’s part of our strategic goal to include children financially as early as possible, to educate them in terms of financial responsibility and management. How will eCrediMax safeguard its clients amongst a rise in cyber-crime and online theft? Security is crucial in our line of business because this is how our clients trust us. So we have multiple layers; one of which is the technology-based security. We are PCI DSS certified, which is a mandate now in Bahrain for all issuers. The second layer is what we call fraud monitoring, which focuses on the behavioural and social engineering side of fraud attempts. Our team monitors transactions online 24/7 and over the years have cultivated numerous ways of predicting suspicious behaviour. The third layer, which is very important in our view, is educating our clients and cardholders so they don’t fall for phishing scams and other attempts to obtain personal information. Founded in 1999, CrediMax was the first provider of premium services to credit card users in the Kingdom and, as a fullyowned and independent subsidiary of BBK, has continued to maintain its position as one of Bahrain banking’s greatest assets. We spoke to the company’s CEO, Ahmed Seyadi, about its latest service – eCrediMax. Scan the code to watch the full interview.
Download eCrediMax App and apply for your card anytime and anywhere and enjoy: 3 months 0% interest No Administration Fees 2,500 Bonus Thameen Loyalty Points 5 lucky winner will get BD 100 each CrediMax B.S.C(closed) - A Financing Company License by Central Bank of Bahrain
DIGITAL TRANSFORMATION IN THE EDUCATION SECTOR: TRENDS & TECHNOLOGIES. Digital Marketing Expert, Sravan Kumar V., explores the undeniable digital transformation of the education sector, and how it can be further implemented for the convenience of schools, parents and children alike. Digital changes across every aspect of our our lives, including the education sector, has been consistent over the last few years. The question is: How much of a Digital Transformation has there been in the education sector? Is it just confined to the usage of PCs, Tablets, Email, Zoom, Meets, Google Classrooms, and other online resources to teach, or is there more to it? Let’s explore all the aspects of digitisation in the education sector, upcoming trends, and technologies that’ll improve the experience across various touchpoints along with the teaching and learning experience. What is a digital transformation in terms of education? A Digital Transformation is leveraging technology to simplify business processes. However, in the education sector, it is not limited to the learning and teaching experience but also includes: 1. A Seamless admission process 2. Streamlining lead flow 3. Teaching and learning methodologies 4. Student-driven transformation Using technology in the admission process While the pandemic has forced institutions to adapt and take a digital approach when it comes to classes, the same cannot be said about other aspects of academia, including the admission process. Many institutes still rely on paper-based application processes or sending PDF forms over email, and lack proper implementation of technology. An end-to-end online solution for admissions is not only hassle-free, but also creates a great experience for both: parents and students applying for admission. • Institutions can avoid the hassle of paperwork also making them easy to track • An automated response system can off-load counselors • Students and parents can check their application status online • Decrease the hassle of calls regarding applications CRM to streamline the lead flow In today’s digital world, inquiries are not just limited to walk-ins but come from various channels such as social media, websites, referrals, advertisements, and other offline channels. Tracking all the leads and responding to them at the earliest makes the difference when it comes to conversions. A good CRM tool will not just only help in tracking leads, but help the admission team figure out which leads to focus on, leading to a good admission cycle. With a good CRM tool, they can track student interest, prioritise highquality leads and make data-driven decisions. Transformation in Teaching and learning methodologies Institutes have found ways to keep the students engaged and make sure they don’t miss out on learning during the pandemic. Be it smart classes, interactive videos, or online courses, educational institutions have undergone a huge digital transformation during the pandemic when it comes to academia. While the sector has already seen a transformation, new emerging technologies such as Gamification and AI/Predictive Learning could further transform learning. Student-Driven Transformation Today’s generation of students has the highest exposure to digital content, compared to their earlier counterparts as they acquire, process and share information throughout the day. As their normal life is built on digital interaction, they are likely to respond well to a similar set of learning. So it becomes paramount that institutes meet their expectations and the new learning needs of today’s students. The bottom line is, digital transformation is not only here to stay but is the need of the hour. Even though educational institutions would incur financial investments in procuring the technology, in the long run it is invaluable and worth the investment. Sravan Kumar.V is a Digital Marketing expert and a passionate marketer. commerce 22 February 2022 www.bahrainthismonth.com
February 2022 23 www.bahrainthismonth.com fintech feature THE POWER OF THE NEW AND IMPROVED BFC PAY APP! BFC Payments, the Fintech arm and fully owned subsidiary of BFC Group Holdings, envisions itself to serve the financial needs of those trapped in the cash economy with its disruptive technologies and cutting-edge solutions. With its powerful super-app, BFC Pay, it offers a secure digital wallet to add money, receive salary, easily open an account using eKYC, make use of international remittance at great rates, make local bill payments, make wallet-to-wallet money transfers and much more using three payment methods – BenefitPay app, ATM/ Debit card and BFC Pay wallet. BFC Payments provides digital payment services for Corporates, SMEs and Consumers. One of the flagship features on the BFC Pay App is the LMRA’s Wages Protection System (WPS) compliant digital salary account. Head of Business Development, Strategic Partnerships & Innovation of BFC Payments, Davis D Parakal, says, “Bringing a superior and innovative customer experience to Bahrain’s FinTech space is part of our overarching strategy and BFC Pay is a major milestone towards it. While offering local and international payments to our Banked customers, BFC Pay will be a salary account for the unbanked segment. Our WPS digital Payroll product works hand-in-hand with the BFC Pay app enabling our corporate and SME clients to disburse the salary straight to customers’ mobile wallet.’’ In the coming months, many new product offerings, merchant tie ups and exciting partnerships will be added on the app to make it a holistic payment solution. CEO of BFC, Deepak Nair says, “This is a major digital leap for us and is part of the Group’s significant commitment to invest in digital innovation. With BFC powering international remittance on the BFC Pay App, we are delighted to extend our online money transfer services, increasing customer convenience.” • Instant international money transfer at best rates • Bill Payments • Secure Digital Wallet • Multiple Payment Modes • Wallet to Wallet Transfer • Add Beneficiary easily The Power of great experiences on our new BFC Pay App! Download BFC Pay App today! BFC Payments B.S.C. (C) is licensed by the Central Bank of Bahrain as an Ancillary Service Provider Scan to Download : +973 3974 7340 www.bfcpay.com /BFCBahrain /Bfc.bh JO5538_BFC_Pay_Bahrain_This_Month_Ad_191mmX125mm_AW.indd 1 26/01/2022 4:01 PM
EMBEDDED FINANCE A NEW WAY FOR BUSINESS Pria is the Founder and Managing Director of GMI Advisory WLL– a Management Consultancy specialising in emerging businesses. You can visit her company website www.guidemyidea.com or www.gmiadvisory.com to connect with her. You can follow Pria using her Instagram handle @guidemyidea. Around 15 years ago when I was studying for my Masters, we had some extensive courses on the importance of the value chain. With time, experience on the ground showed how costs can be cut and businesses streamlined if there is greater control over one’s own supply or value chain. This could take the form of a bank acquiring a company that offers innovative blockchain solutions or, the set-up of Neo banks as extensions of a banks existing platforms, acquiring the provider of your basic raw material, etc.– these are integrative moves. However, within the tech space there appears to be a move towards disintegration in some ways. The various elements of the value chain, which were previously done by one entity, are being broken down into their own separate elements. That’s the beginning of Backend-asa-service, Banking-as-a service, Lending-asa-service, Software-as-a-service – the list just keeps getting longer. In line with this, I stumbled upon the more detailed world of technology and API’s (Application Programmable Interface). With finance as my core interest, it got me thinking about my previous exploration into the world of FinTech and my curiosity in tow, I looked into how API’s have enabled embedded finance. Embedded Finance allows for digitised versions of buy-now-pay-later schemes, for installment schemes, prepaid cards, easy credit – and that’s the tip of the iceberg. API’s allow any offering to enter an agreement and gain access and interact with banking systems. Payment solutions and card processing currently seem to be the most popular form of embedded finance. In Bahrain, Sinnad which is a subsidiary of Benefit Pay, Infinios (previously NEC Payments) and NymCard (with Arab Financial Services) are all examples of emerging and established players in the space. Related to this, systems like Tap or MyFatoora offer a suite of services around allowing businesses to accept payments online. Take this a step further and you have Payment International Enterprise (PIE) which now provides a self-service platform for electronic payments for customs brokers, importers and customers to pay customs fees and taxes. Buy Now Pay Later systems are also gaining traction. Regionally, Zoodpay offers a seamless deferred payment solution allowing customers to make interest free payments for their ZoodMall online shopping orders with simple instalment plans. The success of their business model is evident in their successful Series A funding of USD10 million and a Series B round of USD38 million. Money is what moves any business, and any system that eases the flow of money from the payee to the recipient, is likely to be here to stay. Currently, embedded Finance generates revenues for USD22.5 billion globally but is expected to be worth over USD7 trillion by 2030. The world of technology is complicated, very intriguing and extremely lucrative. The complications and details are like a deep web and if each branch turns into its own clear offering, embedded finance is likely to create novel connections among different businesses, their consumers and the systems that run all of the above. In a way, it’s like the disintegration is likely to case integrations like never before. To survive, almost all businesses are going to have to explore, accept and adapt really fast. As online services continue to grow and develop, Pria Masson Tanwar explores the equally intriguing and lucrative world of embedded finance. commerce 24 February 2022 www.bahrainthismonth.com
bahrainthismonth.comRkJQdWJsaXNoZXIy Mjk0MTkxMQ==