BisB announces strategic partnership with CBB Digital Lab FinHub 973

Tuesday 27 October 2020 08:38 CET | News

The Bahrain Islamic Bank (BisB) has announced its strategic partnership with FinHub 973: CBB (Central Bank of Bahrain) Digital Lab, the kingdom’s latest open application programming interface (API) innovation platform. 

The platform will enable the testing and development of fintech solutions in order to deliver customer-centric digital capabilities.

FinHub 973, powered by the Dubai-based Fintech Galaxy’s crowdsourcing and open API platform FinX22, will be fully supervised by the CBB, enabling the kingdom’s regulator to monitor and manage risks and set any potential controls associated with new and disruptive technologies in a secure sandbox environment.

The CBB Digital Lab, which will be a collaborative effort, between the CBB and several strategic partners, including the Bahrain Economic Development Board (EDB), Bank ABC, Benefit, BisB, ila Bank, and the National Bank of Bahrain; was inaugurated on October 20, 2020 in an exclusive virtual event.

BisB rolled out a challenge entitled ‘BisB Innovation Lab’ on the day of the event. The Bank will be challenging participants, namely enterprise ready and globally mature fintech companies, to develop a solution to support BisB’s credit operations and consumer banking division to further leverage the knowledge of the Bank’s financial advisors with adaptive machine learning by developing a sophisticated and mature platform. The platform must strategically harness the power of extensive data collection and AI intelligence to provide more data-driven insights that are curated to individual customer portfolios, with a special focus on lending products. The final solution developed will require the use of sophisticated data extraction and analysis in order to effectively integrate unstructured data including key market trends, data points in broker submissions, financial history and factor in customer behaviour.

The official hackathon kicked off on October 20 and the deadline for submission is December 27, 2020, which will be followed by several rounds of submissions for shortlisted candidates, where the finalists will be announced in January 2021. 

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Keywords: Bahrain Islamic Bank, FinHub 973, API, fintech, innovation
Categories: Banking & Fintech
Countries: Bahrain
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Banking & Fintech

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