MANAMA, BAHRAIN – Bahrain FinTech Bay (BFB), the builder of Bahrain’s fintech ecosystem, has unveiled its 2024 strategy aimed at propelling Bahrain’s fintech sector to new heights. Following its acquisition by BENEFIT in September, the organization is poised to further transform the fintech landscape in Bahrain and the wider region.
BFB will support BENEFIT in its research and development initiatives that will include industry reports and feature articles, acceleration programs, and fostering innovation in the Kingdom as a whole. 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 hot topics. This partnership will ensure Bahrain remains at the forefront of fintech education and research. The Fintech Academy is intended to develop a highly skilled workforce, foster innovation, and nurture a talent pool equipped to meet the evolving demands of the fintech sector and position Bahrain as a talent hub in the region.
In 2024, BFB is stepping up its fintech events. Bahrain, renowned for its progressive regulatory environment and distinction as a leading issuer of licenses across a wide range of sectors including cryptocurrency exchanges and open banking, is further strengthened by its exceptional business infrastructure. This combination positions the Kingdom as an ideal destination for fintech innovation and investment. These events include hosting a dedicated crypto event and an insurtech event. In addition, the upcoming second edition of the Fintech Forward Bahrain event, scheduled for October 2024, will play a pivotal role in attracting global players and cementing Bahrain’s status as a global fintech hub.
Bahrain FinTech Bay recently announced its collaboration with the Innovate for Bahrain (I4BH) initiative in collaboration with the Supreme Council for Women (SCW), Bahrain Development Bank (BDB) and BENEFIT Corporation with the support of the National Labor Fund, Tamkeen. This visionary partnership aims to build a center that promotes gender inclusion in the technology sector, creating an innovation hub and fostering an environment conducive to creativity and entrepreneurship in the Kingdom. The initiative encourages young local talents to innovate, develop and incubate solutions that will have a positive impact on Bahrain.
In its quest for growth and collaboration, Bahrain FinTech Bay is actively working to expand its network by forging strategic partnerships with regional and global fintech hubs. BFB has recently signed partnerships with Fintech Australia, Fintech Japan and is looking to form more international alliances in the future. It will continue to work with fintech companies on their business development and expansion plans in the Kingdom. These alliances will foster the sharing of ideas, 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 on various fronts: R&D, establishing a fintech academy, increasing events and strategic partnerships. This goes hand in hand with our unwavering support for the ‘I4BH’ initiative, which encompasses innovation in both fintech and non-fintech fields. This confirms our efforts to ensure that Bahrainis have access to leading educational content and programs. Our overarching goal is to position Bahrain as a global pioneer in the field of fintech and broader technological innovation.”
In conclusion, Bahrain FinTech Bay’s 2024 Strategy represents a significant milestone in the advancement of the fintech sector in Bahrain. With a focus on research, education, innovation and collaboration, the organisation is poised to play a pivotal role in shaping the future of fintech and broader technology innovation in the region. The initiatives outlined in the strategy will contribute to Bahrain’s position as a global leader in fintech and broader technology innovation, making it an attractive destination for innovators and investors.
About Bahrain FinTech Bay:
Bahrain FinTech Bay is an ecosystem builder. It incubates impactful and scalable Fintech initiatives through innovation labs, acceleration programs, curated activities and educational opportunities. This collaborative platform is dedicated to fostering the development, interaction and acceleration of the Fintech ecosystem. To bring together all market players, BFB partners with government agencies, financial institutions, corporations, consulting firms, universities, associations, venture capital firms and Fintech start-ups. Bahrain FinTech Bay is a subsidiary of BENEFIT.