Bahrain FinTech Bay (BFB), the largest FinTech hub in the Middle East and Africa, has announced its founding partners, coinciding with its launch today in Bahrain.
BFB will work with established industry leaders and new entrants from Bahrain, the region and around the world to drive innovation and create opportunities for growth, said a statement.
BFB’s founding partners represent a broad cross-section of Bahraini and global financial services and technology industry leaders. Some of them are: AFS, Cisco, Microsoft, NBB, Al Salaam Bank, American Express, Batelco, BBK, AlBaraka, BNP Paribas, Ahli United Bank, Bahrain Islamic Bank, GFH, GIB, Investcorp, Kuwait Finance House, BFC, Bin Hindi and others.
They will collaborate with BFB in accelerating Bahrain’s position as a leading regional FinTech hub. International start-ups already set to gain from the partners’ expertise at the FinTech co-working hub include US-based RobustWealth, Offrbox and Sigma Ratings as well as Jordanian startup, Labiba.
Khalid Al Rumaihi, Chief Executive of the Economic Development Board of Bahrain (EDB), said the opening: “Bahrain FinTech Bay will play a central role in growing the supportive ecosystem that is necessary for innovation to thrive. The facilitation of co-working and incubation, combined with Bahrain’s regulatory sandbox and focus on opening up access to funding, is creating an ideal environment for startups and corporates to test and then scale across the region.”
BFB will work with its founding partners to leverage their combined resources and network to identify, prioritise and address industry-wide challenges and utilise economies of scale to implement solutions that bring innovation that captures the regional opportunity.
Khalid Saad, CEO of Bahrain FinTech Bay added: “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.”
BFB looks forward to working closely with our Founding Partners to build on Bahrain’s leadership as a financial centre, he said.