Bahrain has officially launched a new fintech hub as it seeks to become the Gulf region’s centre for financial technology.
FinTech Bay features co-working spaces and shared infrastructure for local and international corporate innovation labs and start-ups inside Manama’s Arcapita Building.
The launch comes following the kingdom’s unveiling of a regulatory sandbox last year to allow fintech firms to test their concepts.
FinTech Consortium will be responsible for managing the hub through its Bahrain subsidiary and will also focus on upcoming areas including blockchain, insurance technology and regulatory technology.
Investment firms, local banks and technology companies are among the founding partners and it is initially home to start-ups including US-based RobustWealth, Offrbox and Sigma Ratings and Jordan’s Labiba.
“Bahrain Fintech Bay will play a central role in growing the supportive ecosystem that is necessary for innovation to thrive,” said Economic Development Board of Bahrain CEO HE Khalid Al Rumaih.