Standard Chartered and Bahrain Fintech Bay have announced a strategic partnership to support Bahrain’s fintech sector and industry, in line with the Kingdom’s Vision 2030.
Standard Chartered and Bahrain FinTech Bay will work together to offer thought-leadership and mentorship programs to the growing fintech industry and share innovative market expertise and solutions to individuals seeking to grow their fintech businesses.
Abdulla Bukhowa, CEO of Standard Chartered Bahrain said: “We are pleased to announce this strategic partnership with Bahrain Fintech Bay. In line with our strategy, this partnership provides another platform for the bank to share global expertise and innovative financial solutions that suit a steadily growing digital business market, led by a diverse population.
“Given Bahrain’s position as one of the leading fintech hubs in the region, we are confident that the fintech sector will continue to grow, especially with the nurturing and cultivating environment Bahrain offers. As we celebrate 100 years of being in Bahrain, we strongly believe in the need for innovation to stay relevant to our markets. We continue to invest and innovate in our digital offerings for clients. This allows us to extend our reach and provide offerings that reflect the changing needs and preferences of our clients.”
Khalid Saad, CEO of Bahrain Fintech Bay said: “Bahrain FinTech Bay continues to strategically grow its local and international ecosystem. The partnership with Standard Chartered, who this year celebrates 100 years in Bahrain and are one of the world’s leading banks, will aim to further develop Bahrain’s FinTech ecosystem drawing on Standard Chartered’s global presence and innovation lead initiatives.”
With its strong prospects for growth, the financial technology market in the Mena region is estimated to grow by up to $125 million a year to reach $2.5 billion in 2022, bringing the number of fintech start-ups from six in 2005 to 250 by 2020. The sector is poised for a major leap with projected private-funding investments worth $2 billion in start-ups in the GCC over the next decade. – TradeArabia News Service