Bahrain Fintech Bay To Set Up Sister Platforms In The US, Singapore

Bahrain Fintech Bay is working to establish three “sister platforms” in the United States and Singapore to build links between firms working in the fintech sector, according to CEO Khalid Saad.

In an exclusive interview with Arabian Business, Saad revealed that Fintech Bay platforms are being established in Singapore, Silicon Valley and Detroit.

“We’re building international bridges to connect the ecosystems, to expose them [international markets] to what’s going on here, and expose [those in Bahrain] to what’s going on outside,” he said. “For us, this is key: to get exposed and create a global platform with linkages going both ways.”

Saad added that the first sister platform – Silicon Fintech Bay – is likely to open at the end of March or in early April.

“It’s also taking some of the experiences of developing the platform here and seeing what might make sense in different markets, focusing on certain niches if there are any, and adding more value to the people here and the people there,” he said.

Additionally, Saad said that a “global fintech fund” is being raised that will “hopefully” link international players in the fintech space to Bahrain Fintech Bay.

In the Arabian Gulf region, Saad said that Bahrain Fintech Bay is also working with partners in other countries to help spread fintech.

“Helping out different regional jurisdictions and institutions to move along their fintech journeys is of the utmost importance to us,” he said.

Launched in February 2018, Bahrain Fintech Bay has the aims of accelerating local early-stage fintech companies to their next stage of development, attracting foreign growth-stage fintech companies to Bahrain, and creating a physical hub for co-creation and the sharing of resources and ideas.

To date, it has attracted more than 50 local and international partners.