By Tasnim Nazeer / Forbes ME - Image Credit: Shutterstock
SOURCE: Forbes ME - Tech Firm C5 Accelerate Is Looking To Power Up Fintech In Bahrain
Hadyah Fathalla, Executive Director at C5 Accelerate Bahrain, talks about how tech start-up scene in the region are evolving and how the company is spearheading the use of Cloud technology in the region.
Could you tell us more about the objectives of C5A and its role in the economy?
C5 Accelerate is really a transformative technology innovation, acceleration, and investment company that aims to encourage, empower, and support the growth of innovative tech start-ups through the power of cloud computing and the geographic expansion of AWS, a cloud company.
Two years ago we launched the Cloud10 Scalerator in Bahrain as one of the region’s first cloud innovation accelerators and a platform.
Bahrain has been very active in the fintech sector, how can C5A cater for the growing industry in the Middle East?
The government has been a fundamental driver, especially in nascent innovation ecosystems such as in Bahrain and the MENA region in general. The government of Bahrain has been very active, pragmatic, and fast-moving in creating a holding environment conducive to the growth of young businesses, notably in the tech sector.
What do you feel is unique about C5A in its product offerings?
We have tremendous support from Amazon Web Services, which not only offers up to $50,000 of cloud credits to each start up, but also offers exclusive personalized training and face time with their solutions architects. We also have a very solid global investors network, which is bolstered by close relationships with Tamkeen, MOIC and the EDB.
We offer hands-on, personalized mentoring sessions in business planning and investment, as well as weekly investor sessions that focus on fund raising, approaching startups and evaluations.
How do you think Bahrain could leverage existing fintech developments globally and create the right ecosystem for start-ups?
Bahrain has a rich history as a leader in the financial sector and has witnessed significant growth in the financial ecosystem. It now has one of the highest concentration of financial institutions and authorized funds in the region.
The government has been pragmatic and fast-moving in liberalizing the market and the regulatory climate.