UK-based Finastra, a financial services software provider, said that it has joined Bahrain FinTech Bay to accelerate bank and fintech collaboration in the Middle East.

With one of the most diverse and dynamic networks across the Middle East and Africa, the Fintech hub brings together key financial services players, from financial institutions, banks and investors to Fintechs, developers, industry bodies and academics, to drive innovation and create new opportunities for growth.

Wissam Khoury, managing director for the Middle East and Africa at Finastra said: “Now couldn’t be a better time to be part of this community as the Bahrain Fintech scene heats up. Working with Bahrain FinTech Bay will allow us to further collaborate with local Fintechs and banks, as the financial services landscape moves towards an open banking architecture.

“Our platform for open innovation, FusionFabric.cloud, is well positioned to help the ecosystem in its transition and will play a key role in doing so.”

Through this membership, Finastra will have access to key industry events and Bahrain FinTech Bay’s own events on Blockchain, InsurTech and RegTech, and collaboration opportunities with other partners and industry players. The company will also become a resident of Bahrain FinTech Bay to be at the heart of the ecosystem.

Khalid Saad, CEO of Bahrain FinTech Bay, said” “We are delighted to welcome Finastra, a global Fintech force onboard. Becoming a partner of Bahrain Fintech Bay will allow Finastra to increase collaboration with the local financial services ecosystem. With such a versatile community, it is crucial for us to have partners that share our vision of bringing all the actors together in one place to inspire innovation.

“Finastra and FusionFabric.cloud will play a key role in the ecosystem, enabling our Fintechs to collaborate, develop new applications at speed and low cost, and make these services easily accessible to banks and financial institutions in the region, and around the world.”

Bahrain FinTech Bay was established earlier this year as part of a continued push in Bahrain to create the region’s leading startup ecosystem. The hub currently counts over 50 partners, including banks, corporates, government bodies, universities and Fintechs. – TradeArabia News Service