MANAMA: Bank ABC, along with its subsidiaries – the digital, mobile-only, ila Bank and payment solutions provider Arab Financial Services (AFS) – has entered into a founding partnership with Bahrain Fintech Bay (BFB).
As part of the agreement, Bank ABC Group chief innovation officer Dr Yousif Almas, ila Bank Bahrain chief executive Mohamed Al Maraj and AFS’ head of business development – acquiring Amira Ismail have joined BFB’s advisory board to enhance collaboration between the two parties.
This partnership builds on Bank ABC’s commitment to lead the fintech revolution in the Mena region and support local efforts to attract fintechs and entrepreneurs to establish a footing in Bahrain and tap into the vast potential for innovative financial services.
On behalf of the group, Dr Almas said: “The current unprecedented pandemic underscores the importance of empowering customers with accessible digital solutions that fulfil their needs and has nudged financial institutions to rethink their offerings. We are delighted to facilitate the industry’s digital transformation through our collaboration with Bahrain Fintech Bay.”
On his part, Mr Al Maraj said: “The success of our fast-growing digital, mobile only bank illustrates the strong appetite in Bahrain for seamless, smart banking solutions that empower customers to take charge of their financial lives.”
“This is further evidenced by the surge in ila’s customer base and transaction volume, which has quadrupled, amid the current social distancing practices,” he added.
The Mena region’s growing youth population, with more than half of its residents under the age of 25, and large underserved blue-collar segments make it an ideal market to deploy inclusive fintech solutions.
Commenting on the alliance, Ms Ismail said, “Our innovative merchant acquiring and fintech solutions are game-changing and market leading offerings that support our partners, seamlessly embedding fintech innovation through lifestyle-driven solutions that enhance how we transact.”
BFB CEO Khalid Danish said: “Through this collaboration we will support Bank ABC Group’s endeavour to deliver best in class solutions and services to collectively position Bahrain as the leading fintech hub in Mena.”
“During this global health crisis, innovation and ingenuity will be more significant than ever before,” he added.
&uuid=(email))