GFH launches next generation of conversational AI assistant
Manama, Bahrain – GFH Financial Group ('GFH' or 'the Group') recently announced the launch of the next generation of its investment app with the release of a conversational voice feature for its AI-powered assistant, the GFH AI Assistant, becoming the first investment bank in the region to roll out a fully voice-operated conversational AI assistant, enabling users to manage their investments simply by speaking to the app.
The initiative comes within GFH's constant strive to embrace cutting-edge financial technologies and industry-leading security measures, ensuring clients enjoy a seamless and highly protected investment journey, from registration and onboarding to real-time portfolio management. The enhanced AI assistant is powered by OpenAI and offers instant intelligent responses, creating a highly intuitive and responsive user experience, and offering an all-in-one fully digital investment experience.
The launch of the upgraded AI assistant builds on the Group's ongoing digital transformation strategy and further enhances its position as one of the leading investment banks in the GCC region, where it was recently honoured with two prestigious regional awards for leadership in digital banking and fintech solutions
Commenting on the occasion, Mr. Osama Nasr, Chief Digital Banking Officer of GFH, said: 'We are delighted to introduce the next generation of the GFH AI Assistant — the first voice-enabled AI assistant of its kind among investment banks in the GCC. This enhanced version allows users to engage in natural, hands-free conversations to check their portfolio performance, inquire about expected returns, or explore new investment opportunities - anytime, anywhere. We're excited for our clients to experience the future of intelligent investing with the GFH AI Assistant.'
He added: 'Our goal is to lead the region in digital innovation by bringing the future of investing into our clients' hands today. With this new conversational AI feature, we're removing barriers and making digital investing as simple and intuitive as having a conversation. It's about creating a more connected and effortless experience for our investors – in line with our commitment to delivering solutions that align with their needs and how they choose to engage with their finances.'
Additionally, investors can access the GFH Wakala Account through the app, offering expected monthly returns of up to 7% per annum with monthly profit distribution exclusively available to individual investors. The app also supports a wide range of secure payment methods, including cryptocurrency, providing users with maximum flexibility in how they invest.
The upgraded GFH AI Assistant is now available through the updated GFH app, downloadable via the Apple App Store or Google Play Store, and it is open to all GCC nationals and residents.
About GFH Financial Group B.S.C.
GFH Financial Group, licensed as an Islamic wholesale bank by the Central Bank of Bahrain and headquartered at GFH House, P.O. Box 10006, Manama Sea Front, Kingdom of Bahrain is one of the most recognised financial groups in the Gulf region. Its businesses include Investment Management, Treasury & Proprietary Investments, Commercial Banking and Real Estate Development. The Group's operations are principally focused across the GCC, North Africa and India, along with strategic investments in the U.S., Europe and U.K. GFH is listed on four stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait, Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) where it is one of the most liquid and actively traded stocks. For more information, please visit www.gfh.com.
About Wakala Investments
Wakala is an agency contract, where the account holder (principal) appoints GFH (agent) to carry out investment activities on its behalf. Investments in Wakala are subject to risks, and returns are not guaranteed. This communication is for informational purposes only and does not constitute an offer, solicitation or recommendation to subscribe for or purchase any investment product in any jurisdiction where such an offer or solicitation would be prohibited by applicable laws or regulations. Prospective investors should conduct their own due diligence and, if in doubt, seek independent legal, tax and financial advice before making any investment decision.
GFH Financial Group
Nawal Al Naji
Senior Manager - Corporate Communications
Email: Nalnaji@gfh.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
World moves toward a digital-first financial landscape
The fintech revolution is significantly transforming the financial landscape, providing innovative solutions that enhance accessibility, efficiency, and user experience, but it still requires strict regulations to protect consumer data and financial assets, experts say. Leading executives, analysts and experts said technologies such as mobile banking, blockchain, and artificial intelligence (AI) are enabling seamless transactions and personalised financial services, catering to a diverse range of consumers, including the unbanked population especially in the developing countries. They are of the view that fintech companies are disrupting traditional banking models, offering faster loan approvals, lower fees, and enhanced transparency. However, this rapid growth comes with challenges, primarily concerning security, privacy, and regulatory compliance. 'As fintech expands, the potential for fraud and cyber threats increases, necessitating stringent security measures to protect consumer data and financial assets. Furthermore, the lack of comprehensive regulatory frameworks can lead to inconsistencies and risks in the market,' they said. To ensure sustainable growth and consumer protection, fintech must evolve alongside regulatory developments and policymakers need to adopt adaptive regulations that foster innovation while addressing risks, according to an expert. 'Collaborative efforts between fintech firms, traditional banks, and regulators can create a balanced ecosystem that encourages growth while safeguarding against potential pitfalls. In this way, the fintech sector can continue to revolutionize finance, ensuring that technological advancements align with societal expectations and regulatory standards,' he said. Disrupting Finance Industry Nicholas Wright, Head of Institutional Sales, Saxo Bank, said fintech is all about disrupting the finance industry, and its influence is felt across various sectors, including banking, insurance, and telecommunications, as finance is at the core of every industry. The Middle East, particularly the UAE, is striving to establish itself as a global hub for fintech in the coming years. 'Traditionally, cities like London, New York, and Hong Kong have dominated the financial sector due to their well-established banking systems and infrastructure, which now require modernisation. The presence of these extensive financial ecosystems makes them a natural fit for fintech startups, which often emerge to address inefficiencies or gaps in existing systems,' Wright told BTR. 'What sets the UAE apart is its government's proactive approach to fostering a supportive environment for fintech. The country has established regulatory sandboxes, allowing startups to test their ideas without the usual barriers. This initiative makes the UAE an attractive destination for new fintech companies, particularly as its financial sector continues to expand, offering ample opportunities for partnerships,' he said. A prime example of this transformation is e&, formerly known as etisalat. The company has evolved into a fintech powerhouse, offering a range of services through its platform, from payments to investment opportunities. This shift aligns perfectly with the notion that telecom companies, with their vast customer bases, can collaborate with fintech firms to enhance their offerings and add value to their users' lives. The UAE's future vision includes becoming a leading digital hub by embracing digital currencies, banking, and payment systems. By offering incentives and support for innovation, the country is actively attracting cutting-edge companies away from traditional financial centres. Meanwhile, Saudi Arabia established the King Fahad Financial Centre and also aims to attract more fintech companies to the country. These transitions mark a shift from conventional banking methods to a future driven by digital currencies and blockchain technology. Additionally, fintech is evolving into the realm of 'super apps' — comprehensive platforms that function like supermarkets for financial services. These apps enable users to manage multiple financial activities in one place, from booking flights to handling investments and accessing wealth management services. E& money exemplifies this trend by striving to offer a full suite of financial services through its platform. 'The UAE is betting on the idea that technology and fintech will redefine financial centres, potentially reducing the reliance on traditional hubs like London and New York as the world moves toward a digital-first financial landscape. It's an exciting transformation that could fundamentally reshape how we think about money and financial services,' Wright said. Challenges, Regulatory Issues Arun Leslie John, Chief Market Analyst at Century Financial, said the rapid growth of fintech globally has developed numerous obstacles and regulatory issues for fintech applications. 'Venture capital is still one of the biggest hurdles for fintech startups. Investors are sceptical about startups' sustainability in the long term and pose questions regarding the problem the product solves, market size, and probability of success. Convincing the investors takes careful financial planning, long-term perspective, and proof of the idea with figures or user surveys,' John told BTR. Meanwhile, finding the right investor to discover and acquire is also key to a startup's success. Startup business conferences and startup accelerators offer avenues to connect with potential investors. Differentiation from competitors involves a complete pitch deck presentation covering company overview, problem-solving, market opportunities, business models, and financial projections. In addition, competition with established financial and technological giants like PayPal and Amazon is a hard challenge for fintech startups. In order to be successful, startups could consider niches of the market where titans are not so powerful or have fateful problems of digital finance development. In B2C or B2B industries, startups should introduce new solutions in order to be the market leader. Furthermore, regulatory regimes are constantly evolving, and the evolution can facilitate or hinder the growth of FinTech solutions. For instance, regulations like PSD3 in the EU and Consumer Duty regulations in the UK are attempting to enhance consumer protections. 'But there are issues as well. The Buy Now, Pay Later sector is coming under the lens as well, with countries like Australia now requiring formal credit checks for operators. Regulations have always driven innovation, though, as one can see from the UK's open banking platform,' John said. He said the international cross-border payments market is also experiencing dramatic changes, and inefficiencies in the conventional financial system are paving the way for disruption. Fintech players are stepping in and offering simplified transactions, and instruments like stablecoins are offering real-time settlement and reduced charges. 'The question is whether governments will embrace these innovations or focus on protecting traditional banks. With online trade, supply chains, and remote work, efficient international transactions will be vital. Companies that will be in a position to anticipate and adapt to regulatory shifts are likely to succeed in this new world,' he said. Regulations Need to Navigate Wright of Saxo bank said fintech entrepreneurs often come from tech backgrounds, such as software or web development, where regulation is not a major concern. However, when they step into fintech, they quickly realise they are entering a highly regulated space. 'In fact, nearly 80% of entrepreneurs underestimate the complexities of the regulatory landscape they will need to navigate — an issue that is experienced globally. The UAE government is actively working to ease this transition for new fintech companies. Initiatives like the regulatory sandboxes at ADGM and DIFC allow businesses to test their ideas in a controlled environment, helping them refine their models while addressing compliance requirements,' he said. 'For fintech firms to operate effectively, they must obtain a certain level of regulatory approval. Banks are generally reluctant to partner with unlicensed fintech companies, yet regulators often require a working product before granting a licence. This creates a frustrating cycle where companies need a licence to grow but also need a proven concept to secure that licence,' he added. Scaling fintech businesses in the GCC presents additional challenges, particularly due to the region's relatively small populations. While Saudi Arabia offers a larger market, other countries must navigate regulatory differences that impact growth. 'Each nation has its own set of rules, with most requiring that customer data remain within national borders. This poses a challenge for fintech firms, which typically rely on cloud-based services for operational efficiency.' He said the requirement to store customer data on local servers means that many fintech startups cannot leverage cloud hosting — often the most cost-effective and scalable option. 'Instead, they are forced to establish physical infrastructure, which increases costs and slows expansion. While fintech is designed to minimise physical constraints, these regulations push firms toward more traditional operational models.' The path to success in fintech is far more complex than many entrepreneurs initially anticipate. To thrive, they must strike a balance between technological innovation, regulatory compliance, and market adaptability. Transformation to Stay Wright said fintech is at a pivotal moment where nearly every financial process and transaction can be digitised and enhanced. This transformation is ongoing and here to stay. 'Established banks like Emirates NBD, First Abu Dhabi Bank and Saxo Bank, etc., will likely continue to thrive by expanding their digital capabilities and adapting to the evolving financial landscape. As a result, the future will likely see a blend of traditional banking institutions alongside innovative digital solutions,' he said. At the same time, he said significant consolidation is expected within the fintech space. 'While fintech companies excel in technology, they need customers to sustain their business. Post-Covid, the surge in digital banking demand led fintech firms to prioritize customer acquisition over profitability, resulting in inflated valuations based on user numbers rather than actual earnings.' However, with rising interest rates and tighter financial conditions, the landscape is shifting. Raising funds remains possible but is now more challenging, and fintech firms must compete aggressively to attract both customers and investors. Consolidation seems inevitable — fintech companies will increasingly merge or acquire one another to achieve scale and sustainability. 'Looking ahead, we may see two key trends: traditional banks incorporating and collaborating with fintech firms or large fintech players expanding by acquiring smaller firms. These emerging fintech giants could eventually compete directly with traditional banks,' he said. Additionally, fintech has the potential to revolutionise financial inclusion, particularly in Africa and Asia, where large unbanked populations still lack access to financial services. By leveraging technology, fintech can bridge these gaps and democratise banking access. 'This momentum isn't slowing down, especially with the Middle East emerging as a major fintech hub. The rise of fintech in the UAE and beyond is positioning the region as a formidable competitor to established financial centers like London,' he said. Promising Outlook John of Century Financial said fintech is poised for growth in the next five years, driven by technological advancements and increasing digital adoption. 'The fintech market is valued at an estimated $356.79 billion in 2025 and is projected to grow at a compound aggregate growth rate (CAGR) of over 14% in the next five years, reaching $686.85 billion by 2030. North America currently leads the fintech market, while the Asia-Pacific region is expected to grow at the highest CAGR,' he said. He said one of the main drivers of this growth is embedded finance. It involves integrating financial services into non-financial platforms like social media and ride-hailing apps. 'PayPal, Stripe and Square are leading this segment, offering loans and payment options to users right within their daily routine. The Buy Now, Pay Later trend is also rising, changing how people access credit.' Meanwhile, artificial intelligence and machine learning are transforming wealth management, risk assessment, and fraud detection, making financial services more efficient and personalised. John said the fintech landscape is also evolving with the emergence of decentralised finance (DeFi) and central bank digital currencies (CBDCs). 'Innovations in DeFi, like advanced lending protocols and blockchain-based insurance platforms, are pushing for a more transparent financial system. Central banks worldwide are exploring CBDCs to improve financial inclusion, streamline transactions, and reduce the complexities of cross-border payments,' he said. 'As fintech continues to grow and innovate, it's reshaping the global financial landscape. In the future, we can expect financial services to become even more integrated into our daily lives, making transactions smoother, more data-driven, and more sustainable. 'With companies pushing the boundaries of innovation across payments, lending, wealth management, and blockchain solutions, fintech's influence on the future of finance will only grow stronger,' John concluded.
Zawya
3 hours ago
- Zawya
Saudi RGA deploys largest AI-powered road inspection fleet
Saudi Roads General Authority (RGA) has launched the largest and most advanced AI-powered road inspection fleet in the world for the Hajj season. This fleet consists of 18 high-tech units utilising five state-of-the-art technologies, all aimed at improving road safety, enhancing quality, and ensuring an exceptional experience for pilgrims. It includes specialised equipment for scanning surface damage, measuring the International Roughness Index (IRI), assessing pavement layer thickness, evaluating structural deflection, and testing skid resistance. As the national regulator of Saudi Arabia's road sector, RGA said it aims to elevate the quality of roads in the kingdom to rank sixth globally by 2030 and reduce road fatalities to fewer than five per 100,000 people. Saudi Arabia currently boasts the world's leading intercity road connectivity, with a total network exceeding 73,000km. On the new fleet, RGA said its key highlights include seven surface damage scanners equipped with high-resolution cameras, laser units, GPS, and data storage systems for precise analysis and immediate maintenance decisions, especially critical on routes to the key sites. Four IRI units evaluate road smoothness and driving comfort using laser sensors. Another three use multi-frequency radar to check pavement layer thickness, while another three measure road deflection under traffic loads using advanced sensor systems. A single skid resistance unit simulates rainy conditions to test friction levels and ensure safety in adverse weather. The fleet is completed by a mobile digital imaging scanner that inspects unpaved elements such as road signs and safety barriers, assisting in identifying potential risks and optimising maintenance planning. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
3 hours ago
- Zawya
Bahrain's Sama Bay Project enters fast track
Bahrain-based Millet Engineering Bureau has announced that work is in full swing at the Sama Bay development located on the Galali waterfront with its second phase over 90% completed. According to the Bureau, the initial phase of Sama Bay covered a total area of 75,000 sq m in a prime coastal location. This phase introduces a vibrant mix of facilities including 14 retail units with flexible leasing options, 14 food trucks integrated within an open-air service zone, and two fully equipped public beaches designed to accommodate recreational and leisure activities. As the firm overseeing the design and implementation of Sama Bay project, Millet Engineering Bureau said it was delighted to see the project on track for full delivery in the near future. The second phase represents a pivotal advancement, introducing an exclusive array of seaside dining venues designed to deliver exceptional culinary experiences in an idyllic setting, said a statement from the Bureau. These additions are set to further elevate the project's profile as a signature destination and a driver of both tourism and economic growth, in alignment with Bahrain's Tourism Strategy 2022–2026 and the national development goals outlined in Economic Vision 2030. It also features the 'Al Nakheel Premium,' a state-of-the-art open-air fitness gym nestled in a natural environment, alongside multiple sports amenities such as a football field, padel courts, and a variety of outdoor seating areas distributed throughout designated relaxation and social zones, said the statement. Dr Salman Alghatam, the General Manager of Millet Engineering Bureau, stated that work on Sama Bay has progressed in alignment with the project's master schedule and in accordance with the highest engineering and quality standards. "In a remarkably short span, the project has emerged as a flagship destination for tourism, recreation, and lifestyle activities, drawing widespread interest from Muharraq residents, citizens, and international visitors alike," stated Dr Alghatam. "Its strategic coastal setting, combined with thoughtfully designed spaces, offers a seamless and enriching experience that meets a broad spectrum of interests while delivering outstanding quality and comfort," he added. Dr. Alghatam pointed out that since the launch of Phase I, the Sama Bay has attracted strong visitor engagement and served as a venue for major public events such as Bahrain Sports Day, affirming its role as a dynamic hub for wellness and community life. The second and final phase of the project significantly elevates the waterfront experience through the addition of six architecturally distinct buildings with direct sea views, each designed to accommodate two restaurants, he stated. Together, these 12 venues will offer a diverse array of dining experiences, thoughtfully curated to appeal to a wide range of tastes and culinary preferences, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
