Bahrain Islamic Bank (BisB) has announced its partnership with the Bahrain FinTech Bay (BFB), further reiterating its commitment and support towards the Kingdom’s vision to position the Kingdom as a regional FinTech hub and a leading Islamic financial center.
Set to become the first dedicated FinTech hub and corporate incubator in the Middle East and Africa region, it will be located in the Arcapita building overlooking Bahrain Bay.
The venue comprises state-of-the-art facilities, co-working spaces and a variety of other shared infrastructure, making it the ideal hub for local and international corporate innovation labs and FinTech start-ups.
The partnership between BisB and BFB comes in line with the bank’s strategy and efforts to successfully implement digital transformation and maximize the use of advanced technology to deliver the best services to its customers, said a senior official.
“BisB is 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 our strategy to spur the growth of digital banking,” remarked CEO Hassan Amin Jarrar.
“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,” noted Jarrar.
Bahrain FinTech Bay aims to develop and accelerate financial technology in the region by creating a platform to fuel the growth of the industry, tying up investors, the private sector, government bodies and financial institutions, he added.