Bahraini Finance Minister: Financial sector enters a new era led by trust and intelligence in information utilization

Manama, Oct 7 (KUNA) -- Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, affirmed on Wednesday that artificial intelligence, payments, digital identity, and stablecoins are no longer isolated narratives but interwoven threads of the same fabric, reflecting the rapid transformations sweeping the global financial sector toward an era where intelligence shapes the contours of future financing.

He made these remarks while delivering the keynote address at the FinTech Forward 2026 forum, noting that AI holds exceptional promise for the financial sector, necessitating its deployment safely and with embedded accountability. He stressed that trust is the true currency of digital finance, and that innovation and integrity go hand in hand in building and consolidating that trust.

The minister explained that the global financial sector previously relied on paper to record all transactions, then shifted to massive and complex data networks. Today, it relies on intelligence to leverage information, and those who design this intelligence will shape the next era of financing. He called for thoughtful design that ensures systems are trustworthy, interconnected, and better equipped to demonstrate flexibility and resilience in the face of challenges.

He pointed out that this year’s forum sees participation from a number of banks, financial institutions, and technology firms exceeding any previous edition, with regulatory bodies, global banks, local institutions, professional services firms, and innovative digital payment service providers taking part. He noted that attendance at the forum is not merely about participation but reflects a firm conviction in the sector’s future and its promising opportunities.

The minister emphasized that institutions in Bahrain’s public and private sectors have established an integrated and seamless working relationship, expressing gratitude and appreciation to all who supported and contributed to the forum’s success.

He clarified that this year’s forum theme, “Financing in the Age of Intelligent Infrastructure,” calls for a holistic view of the financial sector’s future, noting that the question is no longer “What is possible?” but rather “What will we choose to build?”

He highlighted the importance of regulation that is clear, proportionate, open to change, and ready for experimentation before it is imposed, and prepared to learn alongside the sector, regulating risks rather than technology itself. He stressed that the best regulation facilitates takeoff rather than acting as an obstacle, enabling good ideas to transform into tangible investments capable of growth and expansion.

He noted that overly strict rules stifle good ideas before they even take shape, while overly lenient rules endanger the very trust upon which sound business ideas rely. He underscored the need to strike a balance between innovation and integrity to ensure the responsible expansion of modern financial solutions.

He added that many countries are asking the same questions: How can cross-border payments be made faster, cheaper, and more transparent? How can effective governance be established for AI to gain public trust? And how can more people be brought into the financial system?

He called for reflection on the progress made, noting that 15 years ago, slightly more than half of the world’s adults had a financial account, whereas today that figure approaches 80 percent. Nevertheless, 1.3 billion adults still lack any financial account, even though more than 900 million of them already own a mobile phone. He emphasized that while the technology is in their hands, access is not.

He stated that no one possesses all the answers or solutions to these issues, and that leadership lies in bringing those working on them together to collaborate and grow the industry responsibly. He noted that the Kingdom of Bahrain has consistently remained open to the world and sets standards that others can build upon and engage with, adding that ideas travel beyond borders, and ambition should do the same.

He explained that the forum is held at a time when economies and financial systems have been tested, and the sector has faced these challenges with steadfast resolve. He stressed that resilience and flexibility are not discovered during a crisis but must be built beforehand, and they are not achieved through the accumulation of reserves alone.

While capital and reserves are indeed important, they are only one part of a system capable of resilience and flexibility. He pointed out that sustainable resilience and flexibility must be designed into every aspect of the financial system—from infrastructure that continues to operate, to risk management and fraud prevention that anticipate the future, to the institutions and trust that hold it all together.

He called for the goal to be building strength and preparedness before crises occur, rather than waiting for them to rebuild with greater force, emphasizing the importance of design that makes systems more capable of resilience and flexibility in the face of challenges.

The minister affirmed that the FinTech Forward forum has never been merely a dialogue. Last year, 38 memoranda of understanding, agreements, and partnerships were signed, each preceded by a handshake that began in a hall like this one. This year, more than 60 new partnerships will be announced, reflecting the forum’s role in transforming dialogues and ideas into tangible partnerships and initiatives.

He concluded his speech by stressing that the best chapters of financing have not yet been written, and that with this gathering of innovators, creators, and regulators, the coming chapters will undoubtedly be the brightest. He said, “Let us write them boldly. Let us write them together. Let us write them to endure. Design that makes the system more capable of resilience and flexibility in the face of challenges.”

The accompanying exhibition features around 20 exhibitors from the financial services, fintech, technology, and government sectors, showcasing innovative solutions that shape the future of financing and allowing attendees to interact directly with companies and ideas driving change in the sector. (End) K.N.A / H.S.S