Digital Transformation The Personal Data Protection Law, announced in July 2018, sets a legal framework that determines how the information of individuals should be accessed and used when it is in the possession of companies and organizations.
The Cloud-First policy adopted in 2017 provides guidance for the application of advanced technology at the public sector level, allowing for reduced operational costs, increased security and productivity, alongside the development of excellent public services.
In 2022, the Telecommunications Regulatory Authority launched a new Innovation License to enable live testing of new technologies and services, including 5G and IoT technologies, through a light-touch regulatory environment known as a Regulatory Sandbox.
Financial Sector Innovation
The Central Bank of Bahrain (CBB) is driving the FinTech agenda via a dedicated unit for Fintech and Innovation that is tasked with creating a conducive regulatory environment to support FinTech business models and innovation within the Kingdom’s financial services sector. The Fintech and Innovation Unit launched its regulatory sandbox in 2017, which allows for testing in the Fintech field and has issued a few FinTech related regulations including Open Banking, Crowd Funding, Crypto-assets, Robo-Advisory and others.
Manufacturing Sector Development and Sustainability The Industrial Sector Strategy (2022-2026), launched as part of the Economic Recovery Plan, aims to support various industries, including aluminum, petrochemicals, green energy, food, pharmaceuticals, and semiconductor manufacturing. To achieve comprehensive manufacturing transformation, Bahrain is prioritizing and promoting Industry 4.0, investing in technological infrastructure, digitization, and adopting circular economy concepts.