Latest research by Misys estimates the total size of Bahrain’s Information Technology (IT) market to be around USD 366 million, up six per cent from USD 345 million in 2009. Misys highlights that Banks in particular have been investing heavily into the sector to support new services and to achieve regulatory compliance, complementing Bahrain’s emergence as an important regional financial hub. Other areas that are also fueling local IT industry growth are enterprise applications, telecommunications, and government.
Misys data shows that financial services comprise almost 30 per cent of Bahrain’s GDP, with over 400 licensed financial institutions operating within the country. The Gulf state is especially recognised as an innovator in Islamic banking, developing and implementing the world’s first regulations specifically covering this unique segment back in 2001. While Bahrain’s status as the financial capital of the Middle East has helped it minimise the impact of the global crisis, the thriving local financial industry has also driven demand for related technologies.
Misys PLC, a leading global supplier of IT solutions for banking and financial applications, will extensively discuss how it can help meet the unique technology requirements of Bahrain’s banking and finance sectors during the 6th edition of MEFTEC, the premier financial technology event for emerging markets running from April 20 to 21, 2010 at the Bahrain International Exhibition & Convention Centre.
“The rapid growth of Bahrain as a regional banking and financial hub has influenced a parallel surge in ICT application and service demand,” states Roy Froud, Director Middle East & Africa, Misys. “The downturn has exerted added pressure for local financial businesses to ensure that their services are safe, swift, world-class, and compliant with strict industry and government standards and regulations. MEFTEC will provide Misys with an excellent platform to show how its products and services can help this industry achieve its goals and help maintain Bahrain’s leading position within the highly competitive Arab financial markets.”