For over 30 years Bahrain has been the favored banking hub and financial center for the Middle East and during these years Bahrain has taken the leadership in the introduction of new banking and financial services and technologies to the region.
Information Technology for the banking and finance sector has become very specialized and the banking sector is in the forefront of rapid developments taking place in IT. Today, financial institutions are leading users of computers and information technology, which has evolved from a support function into a major driving force for the economy and the immense advances made by the banking and financial sector have a direct impact on the rest of the business community.
The Middle East Financial Technology Exhibition And Conference (MEFTEC) has been launched as a result of intensive market research which has produced a clear signal that cutting-edge banking and financial technology is required to ensure Bahrain's position as a banking hub and full integration into the global network of Financial Centres.
The market research also revealed that most banks and financial institutions in the Middle East require a rapid transformation from conventional banking to globally competitive institutions that are working with world-class systems and technologies, which are fully compatible with the global players based in London, New York or Tokyo.
Today, many local and regional banks are still working as stand-alone operations with outdated software and systems and most of the work is done in house. The future in regional banking and finance are common platforms with systems integration, shared systems, institutional cooperations, outsourcing and cost-effective external back-up systems for all transactions to ensure non-stop and zero-defect operations.
MEFTEC 2004 will be held under the patronage of Shaikh Ahmed bin Mohammed Al Khalifa, the Governor of the Bahrain Monetary Agency and will be held from Monday 22nd to Wednesday 24th November 2004 at the Bahrain International Exhibition Centre.
In its inaugural event, MEFTEC will host a total of over 70 exhibitors from 19 countries across Europe, North America and Asia including many market leaders and well-known international companies who are offering their products and services for the first time in the region. During the conference about 50 leading experts from the regional and international banking and financial community will highlight the most urgent problems and requirements in the region.
Strong attendance is expected from over 2500 financial institutions located across the region. (menareport.com)