Investcorp has announced its partnership with Bahrain FinTech Bay (BFB). Investcorp will be a founding partner of BFB. Bahrain FinTech Bay, which officially launched on 21 February 2018, comprises co-working spaces, and a variety of other shared infrastructure for local and international corporate innovation labs and FinTech start-ups.
FinTech Consortium (FTC), through its subsidiary FinTech Consortium Bahrain, will be responsible for managing the hub, as well as integrating it into its numerous FinTech platforms, including blockchain, insurance technology, and regulatory technology (RegTech).
Investcorp's Co-CEO Mohammed Al-Shroogi, said, “This is a very exciting milestone for Bahrain, as Fintech has the potential to dramatically improve financial inclusion for those with limited access or no access to traditional banking and financing products. Our partnership with Bahrain FinTech Bay is a valuable opportunity to combine our experience and expertise to harness the growth of Fintech startups and provide them with the necessary technical and leadership skills to make their startups successful. This is a top priority for us at Investcorp as we continue to empower talent in the region to be at the forefront of the ever-changing world of disruptive technology.”
Khalid Saad, Chief Executive Officer of Bahrain FinTech Bay, said, “We are pleased to be partnering with Investcorp to accelerate Bahrain’s position in the FinTech space. We are firm believers in partnerships, collaboration and the creation of a complete ecosystem that can truly drive the Fintech industry in the Middle East forward. We are confident that our partnership with Investcorp will help develop the FinTech startup scene in the region.”