Bank of Bahrain and Kuwait and “ARI Innovation” collaborate to test advanced digital records solutions

The Bank of Bahrain and Kuwait, the leader in retail and institutional banking services in the Kingdom of Bahrain, announced the launch of a pilot project for the Google Cloud Universal Ledger platform within its core banking operations environment, in cooperation with ARRAY Innovation, the leading Bahraini company in the field of artificial intelligence and cloud-based digital solutions, and a subsidiary of Mumtalakat Holding – the sovereign wealth fund of the Kingdom of Bahrain, in a qualitative step that supports the development of the digital financial infrastructure in the Kingdom.

This collaboration follows the selection of Ari Innovation by Google Cloud as an implementation partner for Google Cloud Universal Ledger, a multi-currency, programmable distributed ledger platform designed by Google Cloud specifically for financial institutions.

Through this project, BBK will work with Ari Innovation to test the integration of the platform into its basic banking infrastructure, allowing it to develop its capabilities in supporting transactions based on smart contracts, and placing it among the first banks to adopt next-generation digital ledger technologies in the field of tokenized finance.

The Bank of Bahrain and Kuwait stressed that the project reflects its keenness to continue investing in modern financial technologies, and to enhance its readiness to deal with the rapid transformations in cash and digital assets, through more efficient, flexible and secure banking solutions. The cooperation also highlights Ari Innovation’s role as a technology partner capable of implementing advanced digital projects in regulated banking environments, benefiting from its team’s expertise in payment technologies, banking systems, artificial intelligence, and cloud computing.

The collaboration is based on combining Google Cloud’s globally agnostic and large-scale digital ledger infrastructure, the engineering and implementation expertise of Ari Innovation in the financial sector, in addition to the market leadership, regulatory position, and extensive customer base that BBK has built over more than five decades. The pilot integration of the platform aims to pave the way for tokenized payments, programmable settlements, and new digital asset services, as they are among the fundamental pillars of the next phase of financial services.

In a statement on this occasion, Yasser Al-Sharifi, Group CEO of the Bank of Bahrain and Kuwait, said: “Our cooperation with ARRAY Innovation reflects our commitment to adopting solutions that achieve real value for customers and keep pace with their aspirations.

Through the pilot project for the Google Cloud Universal Ledger platform, we are exploring ways to develop the basic infrastructure for our banking operations to support transactions based on smart contracts, and enhance our readiness to keep pace with the future of money and digital assets. Providing faster, more cost-efficient financial settlements, available around the clock, would open new horizons for a more efficient and responsive banking experience to customer needs.”

Al Sharifi added: “This project represents an important step in our journey towards applying advanced financial technologies in a practical and thoughtful manner.

BBK has always played a leading role in introducing digital payment innovations that enhance speed, ease and trust among customers, and this pilot project reflects our ambition to continue raising the standards of banking in the Kingdom of Bahrain.

“By exploring the potential of programmable settlement, tokenized payments, and next-generation digital ledger capabilities, we aim to contribute to taking the Kingdom’s banking sector to more advanced levels, supporting Bahrain’s ambition to foster innovation in the financial services sector and consolidate its position as a leading center for digital banking.”

For his part, Mr. Alaa Saeed, CEO and founder of ARI Innovation Company, said: “We are proud to cooperate with the Bank of Bahrain and Kuwait in implementing this qualitative pilot project, which reflects the bank’s advanced vision in adopting modern financial technologies and exploring the potential of the new generation of digital records in banking operations.

This cooperation represents an opportunity for us to apply our technical expertise in a leading and regulated banking environment, and to contribute to the development of practical solutions that support the development of financial services in the Kingdom of Bahrain. This project is also evidence of the ability of Bahraini talent to implement world-class technical solutions within the financial sector, thus enhancing the Kingdom’s competitiveness in the field of digital financial innovation.”