The Fintech startup ecosystem in Bahrain has been ranked among the many highest within the Center East area. The sector can be ranked close to the highest when it comes to Islamic finance regulation, in keeping with Startup Genome’s International Startup Ecosystem Report (GSER) 2020.
The Central Bank of Bahrain’s regulatory sandbox program, the Al Waha Fund of Funds and Waqfe’s digital banking answer are main the cost on the subject of Fintech (and tech startup) development and adoption in Bahrain, in keeping with the newest GSER report.
Al Waha Funds of Funds goals to help the creation of a dynamic VC neighborhood within the MENA area. It is going to be aiding fund managers that make strategic investments in progressive tech startups throughout the Center East.
As talked about on its web site:
“With a sector focus on technology, the $100 million Al Waha Fund of Funds is supporting Venture Capital funds which will either invest in technology businesses, or that will deliver strategic impact through their networks and expertise.”
Waqfe’s digital banking answer is among the fastest-growing Fintech platforms within the GCC area. It entails the launch (in February 2019) of Aion Digital, a cell platform that goals to develop safe digital banking providers.
Ashar Nazim, Group CEO at Aion Digital, famous final 12 months:
“Aion’s mission is to enable existing banks in the GCC to go digital with certainty. Aion works smoothly with legacy core banking systems to deliver fast, affordable digital launch for banks. It is custom built for GCC’s regulatory and business environment and initial results have been very encouraging. Banks are able to expand beyond their traditional customer base while reducing acquisition cost by up to 80%.”
The GCC (Gulf Cooperation Council) is a regional intergovernmental political and financial union consisting of a number of Arab nations, together with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
As reported lately, over 80% of banking clients within the Center East say they’re prepared or prepared to make use of Fintech apps, nonetheless, many conventional lenders haven’t began integrating monetary know-how merchandise, in keeping with a current examine by Large 4 auditing agency Deloitte.
The Fintech sector in Bahrain is rising quickly attributable to a major improve in cell and digital funds, in keeping with Narayanan Ganapathy, Analyst at Angivest Ventures.
Bahrain and the UAE had been additionally lately ranked among the many world’s prime 100 locations for startups throughout the globe, in keeping with one other new examine revealed by StartupBlink.
Digital banking in Bahrain is now seen as a necessity, and never a “luxury” like earlier than attributable to COVID-19, in keeping with native sources.
