Central Bank of Bahrain faced severe issues in digital financial technology.

Running head: CIO INTERVIEW
CIO INTERVIEW
Name of the Student
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Author Note

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Introduction
Central Bank of Bahrain faced severe issues in digital financial technology. Among them,
cyber-security threats, infrastructure and expertise in Information Technology, big data, the
transition to digital banking are the most important ones (Lin 2020). The cybersecurity threat is
the most important threat among other threats in the financial sector. Hackers are implementing
the latest technologies to hack the financial data of a particular financial organisation. It is
responsible to decrease the popularity of the organisation. Many financial companies are using
outdated IT infrastructure with a lack of hardware and software components. With the help of
these resources, it is very difficult to execute the IT services for a financial company. It does not
have many security features. It offers a huge amount of vulnerabilities to the IT infrastructure of
that particular financial organisation. It may happen because the authority is not interested to pay
money for purchasing the latest hardware and upgrading the latest version of the software. Big
data has a significant amount of risks because it is very difficult for a company to sort a large
amount of data. Sometimes due to lack of infrastructure a bank or a financial organisation is not
able to migrate into digital banking.
In this particular essay, the interview of the CIO of the Central Bank of Bahrain is
chosen. In this report, identification of themes and view are discussed (Miranda et al. 2020). The
recent overview of the IT history of the company is discussed. Issues and problems of MIS of the
company are discussed. In this particular essay, future strategy and directions for MIS are
discussed.
Identification of themes and views

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The theme issues in cryptocurrency exchanges. Yashmeen AI Shareef, the head of fintech
and innovation unit of Central Bank of Bahrain gave an interview for the crypto-currency
exchange issues in 2019. He mentioned that fintech is providing tremendous effort for modifying
consumer experiences. It creates an extreme challenge to the outdated business processes. He
also mentioned that traditional banking sectors were challenged by some innovative IT-related
technologies. It made the banking the sector scalable. It also helped to increase market
responsiveness. In 2017, the Central Bank of Bahrain increased the fintech activity by
constructing the first sandbox of the region. It gave a virtual space to the bank. It was very
helpful to perform the testing operation of technology-based financial products in the market of
Bahrain. He mentioned that this methodology did not contain any amount of risk for national as
well as international organisations (Nájera-Sánchez 2020). The CBB had its first graduate from
the sandbox. The first complaint came from Sharia for the exchange of cryptocurrency. In 2017,
Amazon Web Services arrived in Bahrain and it supported the existing fintech of cryptocurrency
exchange. It offered a huge amount of connectivity and less amount of latency. This was the first
AWS area in the Middle East zone. AI Shareef said that the target of Bahrain was to move
further and the nation was wanted to work in global manner. In 2018, the Bahrain Economic
Development Board signed an agreement with the Government of Maharastra, India regarding
this matter and another one with Digital Jersey. He also mentioned that the bank was
participating in the global financial markets which were working through the global pilot project
of cryptocurrency.
The bank took some joint policies to resolve the issues related to the exchange of crypto-
currency. He said in the interview that some companies did not want to move to their home
regions due to the market saturation in the exchanging of crypto-currency issues. They decided

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to keep themselves inside the GCC. Bahrain got the priority because other companies would
enhance diversity.
IT history of the bank
The bank provided electronic banking or e-banking that referred to the small banking
products as well as services with the help of electronic channels (Somanje et al. 2020). It
included lending, account management, financial advice, and many others with the help of
electronic banking. With the help of their e-banking facility, a consumer could perform payment
of bills, payment in online shopping and many others. It was performed with the help of
electronic money.
Electronic money was one of the most important IT services provided by the Central
Bank of Bahrain. They preserved this money inside the computer system of the bank. It outdated
the use of physical currency (Vuong and Sid 2020). The bank authority told that it had a huge
amount of security features and no risks were associated with it. The consumer could use this
currency for various purposes. It could be changed by flat currency. The bank authority
monitored the transactions with the help of their electronic processing systems.
The banking authority provided some directives related to “Digital Financial Advice”. It
followed the industry consultation procedure (Lemke and Werner 2020). It was an important step
that was related to the digitization of the banking sector. They provided the intelligent
automation of financial advice. It could be performed by using automated tools that used several
logics and methodology. Mr. Kahlid Ahmed, the Executive Director of the bank said that the
new regulations offered digital financial bits of advice that obtained the license. It offered
various services to investors. The latest rules were providing the security and controlling of the