Bahrain FinTech Bay Reveals 2024 Strategy for Innovation and Growth

Bahrain FinTech Bay (BFB), the catalyst behind Bahrain’s fintech landscape, has unveiled its ambitious 2024 strategy, aiming to elevate the country’s fintech sector to unprecedented heights. Since its acquisition by the BENEFIT Company in September, BFB is geared up to revolutionize Bahrain’s fintech arena and beyond.

Aligned with the BENEFIT Company, Bahrain FinTech Bay’s focus lies in spearheading research and development initiatives, including specialized reports, targeted acceleration programs, and fostering innovation throughout the Kingdom. A key milestone in this trajectory is the establishment of a world-class Fintech Academy in collaboration with a renowned International Academic Institute. This pioneering endeavor will offer exclusive courses specializing in cutting-edge fields like Artificial Intelligence (AI), Data Analytics, and Entrepreneurship. The partnership aims to keep Bahrain at the forefront of fintech education and research, nurturing a skilled workforce capable of meeting the evolving demands of the industry.

Moreover, Bahrain FinTech Bay is expanding its portfolio of fintech events, leveraging Bahrain’s progressive regulatory environment and exceptional business infrastructure. In addition to hosting dedicated events focused on crypto and insurtech, the upcoming Fintech Forward Bahrain event in October 2024 is poised to attract global stakeholders, solidifying Bahrain’s status as a premier global fintech hub.

Collaborating with the “Innovate for Bahrain” (I4BH) initiative alongside the Supreme Council of Women (SCW), Bahrain Development Bank (BDB), the BENEFIT Company, and backed by the national Labour Fund, Tamkeen, BFB aims to establish a center promoting gender inclusion within the tech sector. This initiative aspires to foster an innovation hub, encouraging creativity and entrepreneurship among Bahrain’s youth.

To expand its reach, Bahrain FinTech Bay is actively forming strategic partnerships with regional and global fintech hubs, recently sealing alliances with Fintech Australia and Fintech Japan while seeking more international collaborations. These partnerships aim to facilitate knowledge sharing and asset exchanges, enriching Bahrain’s fintech ecosystem and contributing to global innovation.

CEO of Bahrain FinTech Bay

CEO Bader Sater expressed enthusiasm, stating, “In 2024, our focus spans across multiple realms: R & D, the establishment of a fintech academy, increased event hosting, and strategic collaborations. Our commitment to the ‘I4BH’ initiative ensures access to leading educational content for Bahrainis, fostering innovation across various domains. Our ultimate objective is to position Bahrain as a global frontrunner in both fintech and broader technology innovation.”

In summary, Bahrain FinTech Bay’s 2024 strategy marks a pivotal milestone in advancing Bahrain’s fintech industry. With an emphasis on research, education, innovation, and partnerships, the organization is poised to significantly influence the future of fintech and broader technology innovation in the region. These initiatives affirm Bahrain’s status as a global leader in fintech and technology innovation, presenting an inviting landscape for innovators and investors alike.

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