The underlying objective of this new partnership is to help Bahrain emerge as a leading Islamic financial center and the FinTech hub in the Arab world, BisB said.
For the uninitiated, Bahrain FinTech Bay is a multipolar platform that aims to develop and nurture an ideal ecosystem for cutting-edge financial technologies by making it easier and more efficient for different stakeholders in the industry to collaborate. These stakeholders include: established and emerging FinTech companies, investors, financial services institutions, and government bodies.
“We are honored to work alongside the Economic Development Board towards the vision of strengthening Bahrain’s position as a financial hub in the region. This partnership comes in line with the bank’s strategy to spur the growth of digital banking. With the strong support provided by the Government of Bahrain and the Central Bank of Bahrain, we are confident that ‘Bahrain FinTech Bay’ will further strengthen the Kingdom’s financial position,” said Hassan Amin Jarrar, the CEO of BisB.
It is worth mentioning here that the BFB is the first of its kind endeavor in the Middle East and Africa region. The venture, headquartered in the Arcapita building, includes co-working spaces in addition to an array of state-of-the-art facilities and shared infrastructure.