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Another day, another exciting development for FinTech startups in Bahrain. This time, the initiative is by Nest, a leading venture capital firm in the region that appears to be aiming for one heck of a debut in Bahrain.

According to reports, Nest has entered an agreement with American Express Middle East to launch the first-ever global corporate FinTech program in the region. Dubbed ACCELERATE ME, the program will primarily focus on grooming emerging FinTech firms and empowering them to deliver innovative digital solutions to Customers and Business Partners across the Middle East.

The ACCELERATE ME program will accept 15 promising regional and global startups and help them come up with products and services that enhance the efficiency of existing automated payment and customer engagement systems. Additionally, there will also be an emphasis on providing merchants with an alternative digital and physical platform.

“We are thrilled to be partnering with Nest on ACCELERATE ME program, to create a platform for local, regional and international startups and give them the opportunity to pitch their innovative solutions to American Express Middle East,” said Mazin Khoury, CEO of American Express Middle East. He added: “This new partnership with Nest will allow us to work closely with the startup community and complement the work we do at “Bahrain FinTech Bay” as one of the founding partners to strengthen Bahrain’s position as a leading financial and economic center in the region and a hub for innovation.”

Meanwhile, on a related note, Nest was recently awarded the Tamkeen (labor fund) tender, which is an initiative by the Kingdom’s government to make room for more opportunities in the country’s labor market, while simultaneously adding to the growth of enterprises.