www.bahrainthismonth.com business bites 39 January 2023 Bahrain’s retail banking revenues are expected to grow at a Compound Annual Growth Rate (CAGR) of 6.8 percent between 2021 to 2026, a rise from 3.6 percent from 2016 to 2021, while GCC economies (UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar) expect to see an 8.8 percent CAGR within the same period to 2026, according to a new report by Boston Consulting Group (BCG). The report, titled Global Retail Banking 2022: Sense and Sustainability, also reveals that one-quarter of retail banks surveyed globally report that ESG is a primary focus area for their digital transformation, and another 38 percent say that ESG is a key criterion in selecting and prioritising digital transformation initiatives. “Sustainability is and will continue to act as a long-term differentiator across industries. Combined with ESG principles, sustainability can address a greater number of stakeholders, expand on a green outreach and strengthen capabilities,” said Bhavya Kumar, BCG Managing Director & Partner. “The banking sector, in particular, can play a decisive role in driving ESG strategies, from catalysing sustainable markets to advancing broader targets under Bahrain’s Economic Vision 2030.” In addition to ESG, through the five years from 2021 to 2026, payments, mortgages, and deposit products are likely to drive banking revenue growth in the GCC retail banking sector. An accelerated pace of digital payments and e-commerce adoption in the wake of COVID-19 will further benefit payment revenue growth. BAHRAIN RETAIL BANKING REVENUES EXPECTED TO GROW stc Bahrain has become the first telecom operator in the Kingdom to accept cryptocurrencies. The company has partnered with Eazy Financial Services, a leading Bahraini Payment Services provider specialising in POS and online payment gateway, which will allow stc customers to pay with cryptocurrencies using their Binance wallet. stc Bahrain CEO Nezar Banabeela, said: “Rapid digitisation across the globe is transforming all aspects of our lives, and payments are the most crucial element. From online shopping and streaming videos to money transfers, almost every digital activity relies on a payment system.” stc Bahrain customers can securely use Binance Pay to pay for products and services, in real-time with cryptocurrency, by scanning the QR from Eazy’s POS using their Binance App and paying with their preferred cryptocurrency. Eazy Financial Services licensed by the Central Bank of Bahrain specialises in point-of-sale (POS) and online payment gateway acquiring solutions. The institution partnered with Binance in September to allow the acceptance of cryptocurrency payments using Binance Pay at over 5,000 of EazyPay’s POS Terminals and Online Payment gateaways across the Kingdom. The Telecommunications Regulatory Authority of Bahrain (TRA) held a cyber security drill at Wyndham Grand, testing the operators’ ability to handle cyber threats. According to the Fifth Telecommunications Plan (NTP-5) published earlier this year, regular cyber drills will be conducted to assess the sector’s readiness to deal with cyber and physical threats, and to take into account risks exacerbated by new technologies. As a regulator, the TRA is responsible to protect the interests of telecom subscribers and users. Such exercises enable the sector to practice procedures, test business continuity plans, enhance skills and knowledge, and strengthen preparedness. Further, these exercises enable participants and observers to identify the gaps in the processes and procedures applied to handle incidents by verifying the extent of coordination and collaboration amongst Licensees. Ultimately, to ensure that the critical telecom infrastructure is resilient, thereby providing efficient services to end-users. The event was held in collaboration with Cyber Ranges by Silensec, an international information security training and management firm and an official cyber range provider of the UN’s International Telecommunication Union (ITU). STC BAHRAIN MAKES CRYPTOCURRENCY ADVANCEMENT TRA Holds Cyber Drills for Operators in collaboration with Cyber Ranges Note: Market includes UAE, KSA, Kuwait, Qatar and Bahrain
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