The global tech revolutions are changing the way things work in every sector. In the past, financial transactions were done manually. However, with the advent of technology, some Fintech companies have perfectly adopted and streamlined the use of technology. That has helped them to manage financial services effectively. It’s worth noting that the Fintech firms were not founded by an individual rather by a group of founders.
Bahrain FinTech Bay (“BFB”) is the biggest Fintech hub in the Middle East and Africa. The company was launched in Bahrain on 21st February 2018. It was during the unveiling when the company announced its Founding Partners. The partners do not only represent the largest part of Bahrain but also the world financial services and technology industry leaders. Additionally, BFB will partner with the region’s leading industry front-runners. The partnership will help it drive innovation and develop opportunities for growth. Also, the partnership will maintain Bahrain’s position as the best Fintech hub in the region. The enterprise will be of benefit to international startups through their expertise. Those set to benefit include RobustWealth based in the US, Sigma Ratings, and Offrbox. Labiba startup from Jordan also stands a chance of benefiting.
BFB will play a key role in increasing the supportive ecosystem needed for innovation to thrive. The health co-working and incubation creates a good environment for co-operatives and startups. The good environment helps them to test and finally spread their novelty throughout the region. Bahrain’s regulatory sandbox and the need of starting up access to funding will also help in the expansion of startups. This is according to HE Mr. Khalid Al Rumadhi, the Chief Executive of the Economic Development Board of Bahrain (EDB).
BFB was pleased to launch Bahrain FinTech Bay under the support of its founding partners. Moreover, the partners represent some of the regions and global largest financial institutions. The support will help the company to foster partnership outside the region. Furthermore, the partnership can be initiated by outside governments, startups, and co-operation. This will help in accelerating innovation in financial service sectors. According to Bahrain FinTech Bay CEO, Khalid Saad, the innovative acceleration will be both in the region and globally.