Manama: The Central Bank of Bahrain (CBB) and ARRAY Innovation, a local portfolio company of Bahrain Mumtalakat Holding Company, have signed a partnership agreement to accelerate its digital transformation initiatives. The partnership agreement was signed in the presence of Khalid Humaidan, Governor of the CBB, and Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, on the sidelines of the FS Horizons: Doubling Down on Digital event, hosted in collaboration with the Bahrain Economic Development Board (EDB).
According to Bahrain News Agency, as part of the agreement, ARRAY Innovation will provide strategic advisory and professional services to the CBB to develop and execute key technology initiatives, drawing on its global expertise in payments technology, artificial intelligence (AI), and cloud-based solutions.
Mohamed Abdulla Abdulkarim, Executive Director of Corporate Services at the CBB, expressed satisfaction in working with a partner whose expertise and technology solution development capabilities align with the CBB's vision for regulatory innovation and growth. He highlighted the ongoing efforts to deploy and develop a robust digital ecosystem, aiming to enhance the CBB's institutional capacity, strengthen its technology infrastructure, and further solidify Bahrain's position as a regional financial hub.
Alaa Saeed, CEO and Founder of ARRAY Innovation, stated that they are honored to support the CBB on this strategic journey. He mentioned that their team will work closely with the Bank to introduce solutions that drive impact and advance the Kingdom's broader ambitions for digital enablement and economic diversification.