StanChart joins hands with Bahrain FinTech Bay

Standard Chartered and Bahrain Fintech Bay announced a strategic partnership to support Bahrain’s fintech sector and industry, in line with the Kingdom’s Vision 2030.

The companies will work together to offer thought-leadership and mentorship programmes 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 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,” he added.

Khalid Saad, CEO of Bahrain Fintech Bay said, “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 Middle East and North Africa (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.