How Bahrain is taking on the fintech challenge
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For decades, tiny Bahrain – population 1.5 million – has punched above its weight in the banking and financial services industry, rivalled only relatively recently in the Gulf by regional powerhouse Dubai. But rather than rest on its laurels, the small Gulf kingdom is striving to be on the cutting edge of the transformations being brought on by financial technology – more popularly known as fintech. Nowhere is this more evident than in Bahrain FinTech Bay.
Launched in February 2018, Bahrain FinTech Bay – housed in the ultra-modern and undeniably striking Arcapita Building – has a threefold aim: accelerating local early-stage fintech companies to their next stage of development; attracting foreign growth-stage fintech companies to establish regional offices in Bahrain and facilitate their expansion in the GCC; and creating a physical hub for co-creation and the sharing of resources and ideas.
