The Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) have announced the launch of what they claim is the largest FinTech hub in the Middle East and Africa.
The Bahrain FinTech Bay (BFB) hub aims to further the development and acceleration of FinTech firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions.
BFB, with an area of over 10,000 square feet, is located in the Arcapita building overlooking the waters of Bahrain Bay and the Arabian Gulf. Scheduled to open in February 2018, it will comprise state of the art facilities, co-working spaces, communal areas, workstations, hot desks, and a variety of other shared infrastructure.
FinTech Consortium, through its subsidiary FinTech Consortium Bahrain, has been appointed as the operator and ecosystem builder of Bahrain FinTech Bay. FTC will apply physical and digital solutions to manage the hub, as well as integrate BFB into its numerous FinTech platforms, including blockchain, insurance technology, regulatory technology, and others.
H.E. Khalid Al Rumaihi, chief executive of the Bahrain Economic Development Board, said: “We are happy to announce this partnership with FinTech Consortium and we are delighted to have the benefit of their expertise as we develop our own regional FinTech hub.
“We are very excited about the opportunities that FinTech presents in the region and in Bahrain’s ability to serve as a hub for innovation in this sector. We know that in order to realise these opportunities, it is vital to get the right ecosystem, including ensuring a supportive regulatory environment and infrastructure is in place.”
Gerben Visser, co-founder of the FinTech Consortium, added: “We are pleased to work closely with the Bahrain Economic Development Board to accelerate Bahrain’s position in the FinTech ecosystem. Bahrain FinTech Bay will promote innovation, entrepreneurship and foster collaboration between our partners.
“With the strong support from the Bahraini government and central bank and a world-class infrastructure, we are confident that Bahrain FinTech Bay will contribute to the future-proofing of Bahrain’s financial centre.”
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