“Peace” is the first bank in Bahrain to join the open innovation program to enable to enhance financial innovation

Al Salam Bank announced that it joined the open innovation program, the innovative initiative supported by the Labor Fund (Tamkeen) and managed by Brenk Middle East, to be the first bank in Bahrain to participate in this program.

The open innovation program aims to link major companies to emerging, small and medium -sized Bahraini institutions to develop innovative technical solutions, which contribute to improving operational efficiency, promoting digital transformation, advancing economic growth, in addition to supporting the sustainability of the financial sector in the Kingdom.

The agreement was signed by Maha Abdel Hamid Mufiz, CEO of the Labor Fund (Tamkeen), Mr. Anwar Murad, Executive Vice President of Banking Services of Peace, and Mr. Hussein Haji, CEO of Brenc Middle East. The Convention included the Bank of Peace Cooperation with startups and small and medium -sized institutions chosen to develop the proof of concepts. The bank will fund and test the innovative solutions that these companies offer, which contribute to facing strategic challenges and achieving digital transformation in the banking sector.

This cooperation is in line with the priorities of the empowerment of the strategy for the year 2025, which is to enhance the position and competitiveness of the Bahraini citizen in the private sector, and to provide Bahrainis with the appropriate skills for job development in the private sector, as well as granting priority for the growth, concealment, sustainability of institutions and support for the ecosystem to enhance the effectiveness of the labor market and the private sector.

Commenting on this partnership, His Excellency Mrs. Maha Abdel Hamid Mufiz, CEO of the Labor Fund (Tamkeen), said: “The Al -Salam Bank joining the open innovation program constitutes a supportive step within our commitment to enhancing the entrepreneurial environment and encouraging digital transformation in Bahrain. Through this initiative, we look forward to providing a unique opportunity for Bahraini institutions emerging to work with major companies, which enhances financial innovation, and creates and creates A sustainable economic value in the Kingdom. “

For his part, Anwar Murad, Executive Vice President of Banking Services of Peace, said: “Innovation is one of the main axes in the Al Salam Bank strategy. Through this program, we seek to take advantage of the advanced financial technology developed by the startups of Bahraini companies to enhance digital banking services, improve customer experience, and raise operational efficiency. This partnership represents an important step towards a more advanced future for the Bahraini financial sector.”

In turn, Mr. Hussein Haji, Managing Director of Brenk Middle East Company, commented: “The participation of Al Salam Bank in the open innovation program confirms its commitment to digital transformation and enhancing innovation in the banking sector. Through this cooperation, we aim to develop innovative digital financial solutions that support financial security, smart automation, and allocated banking services, which contributes to improving customer experience and raising the efficiency of banking processes.”

Al -Salam Bank will work, through this program, to cooperate with Bahraini startups to develop innovative financial technology solutions aimed at improving the experience of digital customers by providing smart and interactive banking services, in addition to enhancing the security of financial transactions using artificial intelligence technologies and predictive analysis to ensure the highest levels of protection and transparency. The bank also seeks to increase the efficiency of operational operations through automation and financial robots, which contributes to improving performance and reducing operational costs. Besides, the bank focuses on developing digital payment solutions that support the non -cash economy in Bahrain, to enhance a more sophisticated and smooth financial future.

A joint committee from Tamkeen and Bank of Peace, and Brenk Middle East will take charge of choosing startups that will participate in the program, provided that the proof of concept is developed that meet the needs of the bank and keep pace with its aspirations to provide innovative banking services.

Entittenational companies and Bahraini small and medium enterprises that provide innovative technical solutions to the financial sector can apply through the website where it is worth noting that the selected companies will get the opportunity to join a six -month acceleration program, which includes specialized guidance, financing, and an opportunity to test solutions directly with Al Salam Bank, as this initiative is a great step towards developing a digital and sustainable financial sector in Bahrain, through supporting emerging institutions, And promoting innovation in banking services.