Bahrain FinTech Bay reveals 2024 strategy for innovation and growth

MANAMA, BAHRAIN – Bahrain FinTech Bay (BFB), Bahrain's fintech ecosystem builder, has revealed its 2024 strategy aimed at propelling Bahrain's fintech sector to new heights. Following its acquisition by the BENEFIT Company in September, the organization is set to further transform the fintech landscape in Bahrain and the broader region.

BFB will support the BENEFIT Company with its research and development initiatives, which will include sector-focused reports and in-focus pieces, acceleration programs, and encouraging innovation in the Kingdom at large. BFB will also establish a world-class Fintech Academy in collaboration with a renowned International Academic Institute that will offer exclusive courses and programs specializing in Artificial Intelligence (AI), Data Analytics, Entrepreneurship, and other trending topics. This partnership will ensure Bahrain remains at the forefront of fintech education and research. The Fintech Academy is set to cultivate a highly skilled workforce, foster innovation, and nurture a talent pool equipped to address the evolving demands of the fintech industry and position Bahrain as a talent hub in the region.

In 2024, BFB is expanding its fintech events. Bahrain, renowned for its progressive regulatory environment and distinction as an early issuer of licenses across a spectrum of sectors, including cryptocurrency platform exchanges and open banking, is further fortified by its outstanding business infrastructure. This combination positions the Kingdom as an ideal destination for fintech innovation and investment. These events include hosting a dedicated crypto-focused event and an insurtech event. Furthermore, the upcoming second edition of the Fintech Forward Bahrain event, scheduled for October 2024, will play a pivotal role in attracting global players and solidifying Bahrain's status as a global fintech hub.

Bahrain FinTech Bay recently announced its collaboration with the "Innovate for Bahrain" (I4BH) initiative along with the Supreme Council of Women (SCW), Bahrain Development Bank (BDB), and the BENEFIT Company with the support of the national Labour Fund, Tamkeen. This visionary partnership aims to build a center that promotes gender inclusion within the tech sector, creating an innovation hub and fostering an environment conducive to creativity and entrepreneurship in the Kingdom. The initiative encourages local youth talent to innovate, develop, and incubate solutions that will positively impact Bahrain.

In the pursuit of growth and collaboration, Bahrain FinTech Bay is actively working on expanding its network by forging strategic partnerships with regional and global fintech hubs. BFB recently signed partnerships with Fintech Australia and Fintech Japan and is looking to form more international alliances ahead. It will continue to work with fintech companies on their business development and expansion plans into the Kingdom. These alliances will foster the sharing of insights, skills, and assets, contributing to the development of a vibrant fintech ecosystem in Bahrain and globally.

CEO Bader Sater shared his thoughts on the strategy, saying, "In 2024, we are expanding our offerings across various fronts: R & D, the establishment of a fintech academy, an increase in events and strategic partnerships. This is in tandem with our steadfast support for the 'I4BH' initiative, which encompasses innovation across fintech and non-fintech domains. It ensures our efforts to ensure Bahrainis have access to leading educational content and programs. Our overarching goal is to position Bahrain as a global frontrunner in both fintech and broader technology innovation."

In conclusion, Bahrain FinTech Bay's 2024 strategy represents a significant milestone in the advancement of Bahrain's fintech industry. With a renewed focus on research, education, innovation, and collaboration, the organization is poised to play a pivotal role in shaping the future of fintech and broader technology innovation in the region. The initiatives outlined within the strategy will contribute to Bahrain's position as a global leader in both fintech and wider technology innovation, making it an attractive destination for innovators and investors alike.