In Focus: Bahrain FinTech Bay
Bahrain is spearheading the GCC’s push toward a digital economy, and has demonstrated significant progress in the digitisation of the Financial Services sector. The FinTech Consortium’s recently launched subsidiary - Bahrain FinTech Bay (BFB) - marks a significant milestone in this regard, as it represents the largest dedicated FinTech hub in the MENA region. BFB will occupy more than 10,000 square feet of usable space in the Arcapita building at the Bahrain Bay area.
Scheduled to open in early 2018, the hub will comprise a range of state-of-the-art facilities, fully-equipped co-working spaces, and communal areas, providing the perfect creative environment for local and international corporate innovation labs and FinTech startups.
Once opened, BFB will enable the development and fast-tracking of FinTech companies, while encouraging collaboration between local and foreign investors, entrepreneurs, government agencies, and financial institutions.
As well as applying physical and digital solutions to manage the hub, the FinTech Consortium integrates BFB into its numerous FinTech platforms, including blockchain, insurance technology, regulatory technology and others.
Alongside the development of BFB, prudent oversight and supervision are addressed by the CBB’s launch of a dedicated FinTech Unit, and a FinTech Regulatory Sandbox, ensuring the best services for stakeholders.
Once initiatives such as BFB come to fruition, financial sectors in Bahrain and the region will reap the economic benefits born from the fast-track development of financial service innovations, accelerated time to market, and significantly lower IT costs.