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Major firms support Bahrain FinTech Bay

Bahrain Business
Wed, 07 Mar 2018
GDN Online Desk

MANAMA: Bahraini digital banking and payment technology company NEC Payments sees the Bahrain FinTech Bay (BFB) as a business driver for innovative initiatives between it and other Bahraini players, as well as an entry point to the market for new potential clients and partners.

The company’s chief executive Andrew Sims said this was the reason for NEC Payments coming on-board as a founding partner for BFB, which has shaped up to be the largest dedicated fintech hub, co-working space and accelerator in the region.

Another founding partner is Batelco whose Bahrain chief executive Mohamed Bubashait said “Batelco has been making inroads into the world of fintech with the recent introduction of its bWallet launched in collaboration with Arab Financial Services. We are excited to enter into this partnership with other leading companies and collaborate in driving the further development of the industry.

Mr Bubashait will represent Batelco on the board of BFB.

Also involved as a founding partner is GFH, which said the partnership highlights the government’s relentless efforts to expand the industry body’s scope by incorporating key players in financial services.

“With the official launch of BFB last week, GFH is delighted to move ahead swiftly with the opportunities presented by our partnership to help accelerate the development of fintech in the region,” GFH CEO Hisham Alrayes said.

“GFH is committed to contributing to the economic growth of the kingdom and, importantly, initiatives of the Economic Development Board and government, such as this, which will firmly establish Bahrain as the Middle East’s largest fintech hub.”

Mr Alrayes said that GFH is keen on taking a more active role in expediting the growth of BFB by providing corporate experience and resources for the cause.

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