NEWS
UOB Represents MENA at the Global Blockchain Business Council
Contributing to Blockchain Standards Mapping
UOB Represents MENA at the Global Blockchain Business Council
The university represented the Middle East and North Africa (MENA) region at the Global Blockchain Business Council (GBBC) through the “Global Standards Mapping Initiative 2.0 (GSMI 2.0)”, which set to release its report in the last quarter of this year (2021).
Walaa Al Shehab, a master’s student in the Financial Technology (FinTech) program at the College of Business Administration, represented the university.
The Global Standard Mapping Initiative falls under the fellowship program organized by the Global Blockchain Business Council (GBBC) and aims to advance blockchain technology and the digital assets ecosystem. Nine working groups, composed of stakeholders from the business community, industry, government, and academic institutions, participated in the GSMI 2.0 initiative. Each group focused on a critical topic related to the advancement of blockchain technology and the digital assets ecosystem. Blockchain technology acts as a ledger that records all financial transactions, assets, expenditures, and similar activities within the financial sector, and is also utilized in other fields.
As part of the “Digital Assets and Crypto Regulation” group, Al Shehab aims to conduct further research and analysis on blockchain and digital asset standards, proposing a set of regulatory guidelines for digital assets. These guidelines will identify the most effective regulatory frameworks and provide recommendations for countries to adopt such regulations. Digital assets are currently subject to a wide range of regulatory frameworks around the world, some jurisdictions have implemented effective regulations, while others have either hindered innovation or failed to adequately protect consumers.
The GBBC launched an eight-month fellowship program for outstanding students from academic institutions to participate in research and analysis efforts within the GSMI 2.0 initiative.
UOB is among the first universities to issue digital certificates utilizing blockchain technology. As a pioneer in blockchain technology within the MENA region, the
university’s students have directly experienced the benefits of blockchain solutions, such as the creation of a secure system for verifying and recording important records and data. This partnership has provided an opportunity to contribute to the advancement of blockchain and digital asset standards at the global level. The university has also begun issuing graduate certificates using this technology.
Al Shehab said:” I am proud to be part of this global movement, especially as a student in the master’s Program in Financial Technology. This experience has strengthened my belief that the University of Bahrain’s programs are designed to prepare students for future careers. It has help me learn how to connect with the outside world and adapt to the massive changes occurring in the field of financial technology”.
It is worth noting that the Global Blockchain Business Council was established in 2017 in Switzerland as an industry association for the blockchain technology ecosystem. The organization aims to increase the adaptation of blockchain technology to create more secure, equitable, and functional communities by engaging global regulatory and business stakeholders.
