Finastra has joined Bahrain FinTech Bay in an effort to accelerate bank and financial technology in the Middle East.
According to Finastra, Bahrain FinTech Bay 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.
Through the initiative, Finastra will gain access to key industry events and Bahrain FinTech Bay’s own events on blockchain, insurance technology and regulation technology. It will also bring collaboration opportunities with other partners and industry players.
Bahrain FinTech Bay was established earlier this year as part of a continued effort 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.
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.”
He added: “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.”
Khalid Saad, CEO of Bahrain FinTech Bay, commented: “We are delighted to welcome Finastra, a global fintech force on board. 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.”
He added: “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.”
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