Bahrain Fintech bay celebrates one year anniversary

Bahrain Fintech Bay celebrates one year anniversary since its launch in February 2018. To date, it has attracted 75 local and international partners, 8 Venture Acceleration Platform partners, and published 5 in depth market ecosystem reports

Press Release

Manama, Bahrain - Bahrain Fintech Bay celebrates its one year anniversary since the launch in February 2018, with the aim of accelerating local early-stage FinTech companies to their next stage of development, attracting foreign growth-stage FinTech companies to Bahrain, and creating a physical hub for co-creation and the sharing of resources and ideas. The celebratory event was held at the Arcapita Building with their partners, governmental bodies, Bahrain FinTech Bay residents, financial institutions, universities, and various community members.

To date, Bahrain FinTech Bay has attracted 75 local and international partners, 8 Venture Acceleration Platform partners, and published 5 in depth market ecosystem reports, and hosted two successful platforms - ‘BlockOn’, a knowledge-exchange platform where the latest innovations and applications for the blockchain community were showcased. The second, ‘RegFact’ was held last week bringing together regulators, financial institutions, FinTechs and others to discuss the latest developments and provide key insights into the world of regulatory technology.

Earlier this year, Bahrain Fintech Bay announced the launch of its FinTech Talent Program in partnership with Tamkeen focused on the training and development of Bahrainis and is the first and only of its kind in the Middle East. In Addition, a significant development on the talent front with the announcement of the Georgetown Professional Development Certificate Program in FinTech. Bahrain Fintech Bay which will host some live classroom sessions which will accept the first cohort in April 2019.

The MENA region’s largest Fintech Hub is currently working on a few initiatives for 2019 which includes the first Fintech for Sustainability Hackathon will take place at Bahrain Fintech Bay in March, which will host 50 university students, and creating a guide for those seeking a career in the FinTech sector. In April, Insurbyte will be launched to provide knowledge exchange, foster synergies among market players to find solutions, and implement & promote innovative insurance practices in a collaborative, open and transparent manner.

Long term plans include a global fintech fund that is being raised which aims to link international players in the fintech space, establishing three “sister platforms” in Singapore, Silicon Valley and Detroit to build international links, and connect the Fintech ecosystem.

Bahrain Fintech Bay CEO, Khalid Saad commented “Bahrain’s FinTech ecosystem has witnessed key developments over the past year which have strengthened Bahrain’s position as a FinTech hub. Bahrain FinTech Bay has grown over the last year to become the largest FinTech platform in the region with over 75 partners and around 40 residents from Bahrain, the region and beyond. We will focus this year on providing more value to our partners, deepening linkages with the region and other jurisdictions through the launch of sister platforms in Silicon Valley and Singapore. Additionally, we will be focusing on creating sustainable job and education opportunities for Bahrainis in FinTech and innovation through the National FinTech Talent Development Program. I would like to take this opportunity to express my gratitude to the Bahrain Economic Development Board, Central Bank of Bahrain and all our partners and residents that have supported us throughout. I would also like to thank my wonderful team for their commitment and dedication towards making it all possible.”

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