Bahrain: Emerging Firms Invest Up to USD66m in Financial Technology

Bahrain: Emerging Firms Invest Up to USD66m in Financial Technology

Thursday, 8 February, 2018 - 10:15
Manama - Obaid al-Suhaimi
The Bahrain Economic Development Board (EDB) estimated the investment flow of emerging firms in the financial technology field as USD66.6 million. EBD announced, Wednesday, the first Fintastic Bahrain Week from February 19 to 21. The week-long series of activities will bring together around 700 international and regional financial services experts.

Khalid al-Rumaihi, Chief Executive, Bahrain Economic Development Board, commented: “Just as we set the global benchmark for Islamic banking regulation, today the Kingdom’s regulatory sandbox is creating new inroads for innovation, enabling FinTech firms to test and experiment new banking ideas and solutions. Fintastic Bahrain Week presents an important moment to share insights from Bahrain, the GCC and around the world to help shape the future of the sector.”

The return of the seventh annual GCC Financial Forum, co-hosted by Euromoney Conferences and EDB, will form the backbone of the week, taking place on February 20 and 21.

Euromoney will bring together international and regional financiers, economists, investors, bankers and policy makers to discuss and debate challenges and future opportunities for the global financial sector, and what this means for the GCC, with a primary focus on innovations like FinTech, blockchain, artificial intelligence and big data.

High profile speakers are converging for the GCC Financial Forum, part of Fintastic Bahrain Week, include Lord Mervyn King, Economist and Former Governor of the Bank of England; and Mohamed El Erian, Chief Economic Advisor at Allianz. They join prominent voices from Bahrain, including Sheikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, and Rasheed Mohammed al-Maraj, Governor of the Central Bank of Bahrain.

According to MAGNiTT 2017 State of MENA Funding report, FinTech maintains its position at the top of the investment deal flow, accounting for just below 12% of all startups deals and valued at US$ 66.6 million.

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