Technology innovation is key to enabling financial institutions to deliver more value to customers, while simultaneously meeting regulatory requirements and managing new risks, an industry thought leader has said.

Ebtikar Association founder and president and Arabian Banking Technology Exhibition and Conference (Abtec) chairperson Osama Al Khajah said in an increasingly digital world, financial institutions must move away from legacy systems, reported the Gulf Daily News, our sister publication.

 Al Khajah was speaking at the opening of the Abtec 2014 at the Bahrain International Exhibition and Convention Centre yesterday.

"The first edition of Abtec coincides with Ebtikar Association's first anniversary and makes it an annual international platform for decision makers to meet cutting-edge financial technologies and solutions in Bahrain and discuss, network and do business," he added.

The exhibition and conference was inaugurated by Central Bank of Bahrain (CBB) executive director for corporate services Dr Huda Al Maskati.

Abtec 2014 has drawn more than 70 international exhibitors from 35 countries.

It includes country pavilions from Hungary and Romania, more than 400 delegates representing leading financial institutions from across the Middle East and is expected to witness more than 2,000 visitors over the two days.

Avanza Solutions, a regional IT firm, launched at the event, "Ambit on Cloud", its Internet banking solution.

"We are now making Ambit available on a SaaS (Software as a Service) model," Avanza Solutions managing director Waqas Mirza said.

"It is a strategic Internet banking product that ensures continuous delivery of retail and corporate banking services to the customers in a personalised, efficient and secure manner.

"Ambit on Cloud requires no software to be preloaded at the customer site and is a true 'thin client' browser-based solution.

"It is completely independent of hardware, software, database products and browsers," he added.

Avanza Solutions also launched the Ambit Wiz App supporting mobile platforms such as iOS, Android, Windows Mobile and Blackberry OS.

Participants said the event brings together technology vendors face to face with a highly qualified audience of key decision-makers in the information technology departments of banks and financial services firms, thereby providing opportunities for vendors to interact with the target audience.

"We are pleased to be attending Abtec; it is important for a progressing company like ours to be a part of events like these," stated Avanza Solutions marketing head Maryam Hussain.

"We have an established presence in the region and we intend to move forward to become the leading brand of the region," he noted.

Abtec 2014 is supported by the CBB and promoted by Ebtikar Association in co-operation with the Bahrain Association of Banks.

Sponsors include the Economic Development Board as diamond partner; DirectFN as platinum partner; Temenos, Wipro and ITS as gold partners, Etronika, TradeNet, Forte Wares, Finesse and Batec as silver partners, Path Solutions as Islamic Banking technology partner; and Bahrain Institute of Banking and Finance as knowledge partner.

InterContinental Regency Bahrain is the official hotel and Gulf Air is the official airline of the event, which concludes today.-TradeArabia News Service