Bahrain FinTech Bay, a FinTech hub for the Middle East and Africa, has opened and announced its founding partners and some of its startups.
The Bay was launched by The Bahrain Economic Development Board and FinTech Consortium, last year.
The 28 founding partners are mixed of Bahraini and global financial services and technology companies, including American Express, Bank of Bahrain and Kuwait, Bahrain Islamic Bank, BNP Paribas, Cisco, Microsoft and PayTabs, among others. These founding partners will collaborate with the Bay and support the development of Bahrain as a FinTech hub.
One of the companies already part of the Bay is Sigma Ratings, which provides new insights on non-credit risk vulnerabilities, focusing on financial crime risk. Its rating services provide companies with a first-ever objective and independent rating on financial crime vulnerability. Using a proprietary, automated algorithm inspired by international best practice, Sigma Ratings ingests inherent risk and control effectiveness data to generate first-ever financial crime vulnerability ratings.
Companies utilise the rating to incorporate financial crime compliance into their “core business strategy” and to position themselves externally as a market leader on governance and compliance issues.
Others startups which are already part of the Bay include US-based wealth management company RobustWealth, online property investment platform Offrbox and Jordan-based Labiba, which is an AI-powered chatbot.
The Bay and its founding partners will use their resources and network to identify, prioritise and address industry challenges and help to implement solutions to support this.
Bahrain FinTech Bay CEO Khalid Saad said, “We are excited to open Bahrain FinTech Bay with the support of our founding partners who represent some of the world and region’s leading financial institutions.
“With their support, we look forward to facilitating collaboration across borders and between government, corporations and startups to accelerate innovation in the financial services sector both here and around the world.”
In a recent interview with FinTech Global, EDB managing director Simon Galpin said that FinTech can help to reposition Bahrain as a ‘pioneer’ in the global financial market.
The founding partners are:
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
