The Bahrain Fintech Bay (BFB) will open its doors in February 2018, welcoming fintech firms, investors, entrepreneurs, government bodies and financial institutions to its space spanning over 10,000 square feet.
Launched by the Bahrain Economic Development Board (EDB) in partnership with FinTech Consortium (FTC), a fintech incubator and ecosystem builder with presence in London and Singapore (and now Bahrain), the Bahrain Fintech Bay, located in the Arcapita Building in Manama, will house state-of-the art facilities, co-working spaces, communal areas, workstations, hot desks and a variety of other shared infrastructure.
“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 realize these opportunities, it is vital to get the right ecosystem, including ensuring a supportive regulatory environment and infrastructure is in place,” shared Khalid Al Rumaihi, the CEO of EDB.
The Bahrain Fintech Hub follows the introduction of a fintech regulatory sandbox by the Central Bank of Bahrain as well as crowdfunding regulations. Bahrain’s fintech initiatives have a strong Islamic finance emphasis as the Kingdom strives to leverage on its solid Islamic finance infrastructure and repertoire to position itself as a global center for Islamic fintech.
IFN Fintech understands that the development and enhancement of the Bahrain Fintech Bay will be supported by the private sector, a model similar to that being adopted in Malaysia to ensure the long-term sustainability of these infrastructures.
In the Bahraini case, FinTech Consortium Bahrain will act as the operator and ecosystem builder of Bahrain Fintech Bay. Management of the hub will be done through physical and digital solutions and the Bahrain Fintech Bay will be integrated into FTC’s fintech platforms including blockchain, insurtech and regtech among others.