MANAMA: Finastra, a UK-based financial services software provider, has joined as a resident of Bahrain FinTech Bay (BFB).
A key part of Bahrain’s startup ecosystem, the BFB hub currently counts more than 50 partners, including banks, corporates, government bodies, universities and fintech firms.
Finastra expects its FusionFabric.cloud platform to help BFB members and other players in Bahrain “develop, deploy and consume financial software using the cloud as an enabler”.
It says the platform has reduced solution development time from months to days in a low code environment.
Finastra Middle East and Africa managing director Wissam Khoury said, “Now couldn’t be a better time to be part of this community as the Bahrain fintech scene heats up. Working with Bahrain FinTech Bay will allow us to further collaborate with local fintech firms and banks, as the financial services landscape moves towards an open banking architecture. Our platform for open innovation, FusionFabric.cloud, is well positioned to help the ecosystem in its transition and will play a key role in doing so.”
Through its membership of BFB, Finastra will have access to key industry events and Bahrain FinTech Bay’s own events on blockchain, insurtech and regtech, and collaboration opportunities with other partners and industry players.
Bahrain FinTech Bay chief executive Khalid Saad said becoming a partner of BFB will allow Finastra to increase collaboration with the local financial services ecosystem.
“With such a versatile community, it is crucial for us to have partners that share our vision of bringing all the actors together in one place to inspire innovation.
“Finastra and FusionFabric.cloud will play a key role in the ecosystem, enabling our fintechs to collaborate, develop new applications at speed and low cost, and make these services easily accessible to banks and financial institutions,” added Mr Saad.