Bahrain FinTech Bay has entered a new strategic alliance with MENA’s leading international bank, Bank ABC. The objective of the partnership is to create a framework that will allow both entities to collaborate and contribute to Bahrain’s burgeoning FinTech ecosystem and turn the Kingdom into a cashless, digital economy.
Bank ABC’s subsidiaries including the mobile-only ila Bank, and Arab Financial Services (AFS) will also be parties to this new alliance.
To make the collaboation more efficient and effective, three top executives from Bank ABC and its subsidiaries have joined BFB’s advisory board.
Reacting to this new partnership, Dr. Yousif Almas, Group Chief Innovation Officer, at Bank ABC, noted: “At Bank ABC, we are dedicated to cultivating disruptive thinking and innovation in the financial services industry. The current unprecedented pandemic underscores the importance of empowering customers with accessible digital solutions that fulfill their needs and has nudged financial institutions to rethink their offerings.”
Mohamed Al Maraj, ila Bank Bahrain CEO, CEO chipped in by saying, “The success of our fast-growing digital, mobile-only bank illustrates the strong appetite in the Kingdom of Bahrain for seamless, smart banking solutions that empower customers to take charge of their financial lives.”
Among other things, the partnership will support MENA-based FinTech startups and entrepreneurs to expand their presence to the Kingdom, while simultaneously giving Bahraini consumers a wide range of high-quality financial services to choose from.