The Bahrain government’s efforts to turn the country into a hotbed for FinTech innovation gained new momentum last week after the Central Bank of Bahrain (CBB) confirmed its support for the launch of the Bahrain FinTech Bay (BFB).
With this new announcement, all FinTech initiatives in the Kingdom that fall under BFB will be supported by the CBB.
The CBB’s recently announced FinTech & Innovation Unit will work with the BFB to nurture emerging businesses who are looking to innovate and invest in the field of financial technology.
Not just that, the CBB also promised to take all provisions necessary to help innovators at BFB with the regulatory framework in place. CBB’s regulatory Sandbox is expected to play a key role here by enabling emerging FinTech companies to test their products in a safe environment with minimal regulatory restrictions.
“We are pleased to endorse Bahrain FinTech Bay and support its strategy towards positioning Bahrain as a regional leader in FinTech. Its launch complements our initiative to introduce a comprehensive regulatory framework for FinTech and to encourage its adoption by market participants as they look to prepare for the future. The CBB is confident that this level of partnership and coordination with the BFB will only enhance the Bahrain ecosystem and nurture further innovation,” said H.E. Rasheed Mohammed Al Maraj, Governor of the CBB.
The BFB is the first dedicated FinTech corporate incubator in the MENA region. It is currently headquartered in the Arcapita building.
Staring straight into the Bahrain Bay, the BFB headquarters span over a whopping 10000 sq. Feet equipped with state-of-the-art equipment, co-working spaces, communal areas, as well as other shared infrastructure.
The responsibility of operating the hub has been tasked to the FinTech Consortium, a financial technology ecosystem builder with a global influence.