Bahrain’s young innovators have made their mark with “Hayat,” a carbon offsetting platform designed to enhance climate mitigation efforts in Bahrain by fostering partnerships and encouraging community involvement, was named the winner of the Mastercard Challenge on Financial Inclusion for the SDGs. The winning startup, developed by a team of students from the Bahrain Institute of Banking and Finance (BIBF) and Bahrain Polytechnic, stood out for its innovative, sustainable approach.
The final pitch took place during the Bahrain Fintech Forward 2024 at Exhibition World Bahrain, in the presence of key government officials, including Noor bint Ali AlKhulaif, Bahrain’s Minister of Sustainable Development, and Rawan bint Najeeb Tawfiqi, Minister of Youth. The competition drew five finalist teams, all competing to develop solutions that address financial inclusion challenges tied to the Sustainable Development Goals (SDGs).
The judging panel, featuring industry experts like Shamina Singh, Founder of Mastercard’s Centre for Inclusive Growth, and Shaikh Mohamed bin Khalifa Al Khalifa, CEO of Beyon Digital, evaluated the solutions based on innovation, feasibility, and their potential to disrupt the financial inclusion landscape.
The victory of “Hayat” highlights Bahrain’s growing focus on financial technology and sustainability, as well as its dedication to fostering young talent. This year’s edition of the challenge, which coincided with Bahrain’s flagship fintech event, placed a spotlight on the Food & Beverage (F&B) sector, driving innovation in this critical industry.
In recognition of their achievement, the “Hayat” team was awarded a visit to Mastercard’s EEMEA headquarters in Dubai, alongside a comprehensive NFT course and a three-month internship at the BENEFIT Company. They will also gain access to resources from Startup Bahrain, ensuring continued growth for their promising platform.
Minister Noor bint Ali AlKhulaif lauded the initiative, noting, “Through initiatives like the Mastercard Challenge on Financial Inclusion for the SDGs, we are providing opportunities for Bahrain’s youth to develop practical solutions using financial inclusion as a key enabler to achieve a more sustainable future. The focus of the challenge is particularly important given Bahrain’s position as a regional financial hub, and by equipping youth with skills and tools like data analytics and artificial intelligence, we are investing in the future of our financial sector and strengthening Bahrain’s role as a champion and leader in this field. Our partnership with Mastercard is a prime example of how collaborations between the public and private sectors can empower young talent and drive innovation. This collaboration aligns with the Ministry of Sustainable Development’s commitment to fostering a culture of innovation and sustainability.”
And Shamina Singh, founder and president of the Mastercard Centre for Inclusive Growth, expressed: “We are incredibly proud to have witnessed the passion demonstrated by the students today. Their creativity and commitment to addressing and solving for tomorrow through homegrown innovation is truly remarkable. Through our partnership with the Ministry of Sustainable Development in Bahrain, BENEFIT, Tamkeen, and Startup Bahrain, we have created this platform to provide young leaders with the opportunity to showcase their potential and contribute to a more sustainable future. This challenge aligns perfectly with Mastercard’s commitment to digital inclusion and fostering inclusive growth. We are excited to follow the students’ journeys as they continue to thrive and drive positive change in Bahrain and beyond.”
