Bahrain Fintech Bay (BFB), Bahrain’s fintech ecosystem builder, has announced its 2024 strategy aimed at taking Bahrain’s fintech sector to new heights. Following its acquisition by BENEFIT Company in September, the organization plans to further transform the fintech landscape in Bahrain and the wider region.
BFB will support Benefit Companies with research and development initiatives, including sector-focused reports and priorities, acceleration programs, and encouraging innovation across the Kingdom. BFB is also a world-class fintech academy that collaborates with renowned international academic institutions to offer exclusive courses and programs specializing in artificial intelligence (AI), data analytics, entrepreneurship, and other trending topics. will be established. This partnership will ensure that Bahrain remains at the forefront of fintech education and research.
The Fintech Academy aims to cultivate a talent pool that can develop a highly skilled workforce, foster innovation, meet the evolving demands of the fintech industry, and position Bahrain as a regional talent hub. That’s what I mean.
In 2024, BFB will expand its fintech events. Bahrain is known for its advanced regulatory environment and reputation as an early issuer of licenses across a variety of sectors, including crypto platform exchanges and open banking, further strengthened by its outstanding business infrastructure. . This combination positions the Kingdom as an ideal destination for fintech innovation and investment.
These events include hosting dedicated crypto-focused events and insurtech events. Furthermore, the second Fintech Forward Bahrain event, scheduled for October 2024, will play a pivotal role in attracting global players and cementing Bahrain’s position as a global fintech hub. will be fulfilled.
Bahrain Fintech Bay recently announced its partnership with the “Innovation for Bahrain” (I4BH) initiative with Benefit Company, with support from the Supreme Council for Women (SCW), Bahrain Development Bank (BDB) and National Labor Fund Tamkeen. announced cooperation. . This visionary partnership aims to build a center to promote gender inclusion in the technology sector, create an innovation hub, and foster an environment that fosters creativity and entrepreneurship in the Kingdom. This initiative encourages local youth talent to innovate, develop and cultivate solutions that have a positive impact on Bahrain.
In pursuit of growth and collaboration, Bahrain Fintech Bay is actively working to expand its network by forging strategic partnerships with regional and global fintech hubs. BFB recently entered into partnerships with FinTech Australia and FinTech Japan, and is looking to forge further international collaborations in the future. We will continue to work with fintech companies to develop and expand our business in the Kingdom. These partnerships will foster the sharing of insights, skills and assets, contributing to the development of a vibrant fintech ecosystem in Bahrain and the world.
CEO Bader Sater said of the strategy: “In 2024, we will expand our offering in various areas, including research and development, the establishment of a fintech academy, and an increase in events and strategic partnerships. This comes in parallel with our resolute support for the ‘I4BH’ initiative, which embraces innovation. This ensures our commitment to ensuring Bahrainis have access to cutting-edge educational content and programs. Our overarching goal is to position Bahrain as a global frontrunner in both fintech and broader innovation. ”
In conclusion, Bahrain FinTech Bay’s 2024 Strategy represents an important milestone in the advancement of Bahrain’s FinTech industry. With a renewed focus on research, education, innovation and collaboration, the organization is poised to play a pivotal role in shaping the future of fintech and broader technology innovation in the region. The initiatives outlined in this strategy will contribute to Bahrain’s position as a global leader in both fintech and broader innovation, making it an attractive destination for innovators and investors alike.