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Data virtualisation leader Denodo is targeting significant expansion in Bahrain’s government, telecom, and finance sectors following its strategic agreement with Al Salam Bank, the company has confirmed.
Denodo, a US-headquartered firm that specialises in logical data management, stated that the kingdom’s ambitious digital transformation plans make its market “particularly promising.”
The company’s Southern EMEA and ME regional vice-president for sales Gabriele Obino told the GDN that the company is currently in discussions with several key prospects and expects to secure additional customers soon.
“Bahrain wants to innovate as a country and as a major customer,” Mr Obino noted, adding that the nation’s alignment with cutting-edge technology is why the firm is focusing its expansion efforts here.
The Al Salam Bank deal, which sees the bank implement Denodo’s platform to modernise its data and integrate Artificial Intelligence (AI) capabilities, serves as a crucial foothold.
Mr Obino stressed that having the right data foundation is prerequisite for any AI success: “There’s no AI without data. If you want an AI strategy, you must first set the right strategy for data.”
The core of the Al Salam Bank partnership involves the democratisation of data within the institution, making it easier for business users to access the information they need, when they need it. Denodo acts as the key component in this new data and AI strategy.
Furthermore, Denodo’s platform addresses key regional concerns around data sovereignty, privacy, and security.
“Security is the keyword for banking,” Mr Obino affirmed, explaining that Denodo’s platform assures the maximum level of security and granular control over data access. “We are sure that the data management is done with the top-level security layer... only the people that have the permission can arrive to this information.”
Discussing the regional focus on fintech and digital innovation, Denodo highlighted its capability for interoperability. The platform allows institutions, such as the Central Bank of Bahrain, to easily and securely exchange information with all stakeholders in the market, simplifying complex interactions inherent in new financial technologies like crypto and payment solutions.
Denodo’s unique logical approach to data management and focus on metadata is also vital for AI. By building a semantic layer, the platform provides the necessary context for AI engines to understand user requirements, thus improving accuracy and mitigating the risk of “hallucination.”
The company maintains a strong presence across the GCC, counting seven out of the top 10 banks in Saudi Arabia among its clients, including the top four. To support its rapid expansion, Denodo works closely with local partners, including Bahraini technology provider NAIB IT.
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