The Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) have announced plans to launch Bahrain FinTech Bay (BFB), a dedicated fintech hub in the Middle East and Africa.
The new hub, expected to open in February 2018, will target development of fintech firms and facilitate interaction between investors, entrepreneurs, government organisations and financial institutions.
The hub will comprise co-working spaces, communal areas, workstations, hot desks, and other shared infrastructure to attract global innovation labs and fintech start-ups.
The facility is being set up in collaboration with the Central Bank of Bahrain, as well as other government entities and financial institutions.
Bahrain Economic Development Board CEO Khalid Al Rumaihi said: “The launch of our regulatory sandbox, which allows entrants to test their banking ideas and solutions, will show the extent of support available to fintech companies of all sizes in the Kingdom.
“This partnership to develop the dedicated fintech co-working space and digital ecosystem platform will play an important role in developing this further.”
FinTech Consortium Bahrain chairman Maissan Al Maskati added: “Bahrain today offers the most compelling and credible fintech proposition in the Middle East. It is the only regional financial centre to provide a complete offering for corporate and individual fintech innovators.”