A study that aims to build a better understanding of how to promote blockchain adoption in the financial services sector in the GCC region, identifying the most significant factors affecting the tendency toward adoption of blockchain-based applications by financial services institutions. The significance of this study comes at a time when GCC countries are rapidly adopting Fintech and digital transformation of business and service sectors, and are endeavouring to foster technological innovation and creation of new business and organizational models relying on new information and communication technology.
Findings and recommendations of the study are derived from analysis of three aspects: perceptions of a group of experts working in financial services institution towards facilitators and barriers to blockchain adoption; Bahrain’s experience in blockchain adoption, as one of the leading countries for financial services in the region; the status of blockchain adoption in the financial services sector in the GCC region. The study provides insights and recommendations on how policymakers and finance service institutions can promote and accelerate blockchain adoption in the financial services sector in the GCC region.
Dr. Fatima Al-Sebaie, Analyst