The MENA region’s largest FinTech hub has officially opened for business in Bahrain. Bahrain FinTech Bay (BFB), an advanced FinTech ecosystem, was established to bring together industry leaders and new entrants from around the world to drive innovation and create opportunities for growth.
Located in Bahrain Bay at the heart of Manama, the state-of-the-art hub is a collaboration between the Bahrain Economic Development Board (EDB) and Singapore’s FinTech Consortium (FTC). It boasts 10,000 square feet of space, with co-working spaces, communal areas and workstations. A research lab includes a resource library and capabilities for data analysis and expert publication.
The launch comes as part of a continued push in Bahrain to create the region’s leading startup ecosystem, with the Central Bank of Bahrain last year introducing a regulatory sandbox, which enables businesses to test new products and services for scalability before bringing them to the wider GCC market.
The digital transformation is placing increasing pressure on financial services, and the need for organisations to evolve and offer new solutions is growing exponentially. Home to the Gulf’s longest-established financial centre as well as one of the region’s most diversified and digitised economies, Bahrain has a track record of commitment to proactively addressing industry-wide challenges. The BFB launch further cements that leadership position.
BFB’s founding partners, who include a number of world-class financial services and technology experts, are working closely to identify, prioritise, and act upon these pressures – ultimately providing increased value for customers across MENA and the world.
In the past few years, the Kingdom has been actively implementing reforms to regulation to facilitate co-working and incubation in the financial services sector. The focus has been on opening up access to funding, creating an ideal environment for startups and an unrivaled platform for organisations to test innovative concepts. Additionally, Bahrain’s digital infrastructure has benefited from the modernisation of open data and cybersecurity laws – both essential for an effective FinTech ecosystem.
Mr. Khalid Saad, Bahrain FinTech Bay CEO, said, “We are excited to open Bahrain FinTech Bay with the support of our founding partners who represent some of the world and region’s leading financial institutions. With their support, we look forward to facilitating collaboration across borders and between government, corporations and startups to accelerate innovation in the financial services sector both here and around the world.”
Bahrain FinTech Bay is a modern, flexible co-working space that facilitates the most dynamic and diverse FinTech network in the region, benefiting businesses and individuals through greater efficiency and financial inclusion. In Bahrain, FinTech is set to drive innovation in digital banking, e-wallets, blockchain, smart contracts, AI and risk management.
Partnering with Bahrain FinTech Bay will offer direct access to major capabilities, including global financial institutions, investors, and thriving FinTech companies. Partners will also be given their very own Bahrain FinTech Bay Passport, giving them access to a dedicated mobile app and partner portal.
To keep up with the latest news and updates, follow @bahrainfintech_ on Twitter and visit www.bahrainfintechbay.com.