Tuesday, June 18, 2024
ReportBahrain Islamic Bank to roll out fintech accelerator programs

Bahrain Islamic Bank to roll out fintech accelerator programs

Bahrain’s oldest Islamic bank is taking the lead in harnessing the power of fintech by means of collaboration.

Bahrain Islamic Bank (BisB) is hoping to attract fintech start-ups into the Kingdom and has aligned itself with Flat 6 Labs Bahrain – a start-up accelerator program under the Cairo-based Flat 6 Labs umbrella. Flat 6 Labs has launched over 75 companies backed up by more than 300 entrepreneurs.

This partnership, under which BisB and Flat 6 Labs will introduce accelerator programs as well as joint programs and initiatives to invest in technopreneurs, comes amid the bank’s digital ambition to become a leader in the fintech space which is likely to nurture the growth of Shariah compliant fintech. This is also in tandem with Bahrain’s national goal to be a regional center for fintech – an agenda being spearheaded by the Bahrain Economic Development Board (EDB).

EDB is currently working on establishing a fintech ecosystem and regulatory framework, and is looking to Singapore for guidance: it has engaged fintech incubator and ecosystem builder Singapore Fintech Consortium as well as Dubai-based advisory firm Trucial Investment Partners to develop the necessary legal infrastructure. The Kingdom is also considering setting up a dedicated fintech hub on its shore and building an incubator/accelerator platform as well to explore fintech-focused venture capital.


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