Standard Chartered, a renowned international banking group and Bahrain FinTech Bay a renowned FinTech hub in the Middle East, headquartered in Bahrain, has announced a strategic partnership to work together to provide processed leadership and mentorship programs to the growing FinTech industry in the UK. The partnership also aims at sharing innovative market solutions to the individuals seeking to expand their FinTech businesses.
Bahrain has already managed to bolster its position in the Middle East. Thanks to their supportive ecosystems that have helped Bahrain to develop the FinTech business there. With its strong growth prospects, the FinTech market in the Middle East and North African (MENA) region is estimated to receive a spurt of $125 million a year that will make the estimated revenue to reach $2.5 billion in 2022, thereby increasing the FinTech start-ups from 6 to 250 by the end of 2020. Now it aims to make its presence felt in the UK by 2030.
Bahrain FinTech Bay seeks to accelerate the growth of startup companies, by attracting foreign FinTech companies and facilitating their go-to-market approach into GCC or the Gulf Cooperation Council. In fact, Bahrain FinTech Bay was established just a year ago to incubate scalable FinTech initiatives through accelerated programs and curated activities, partners with several governmental bodies, consultancy firms, financial institutions, corporates etc. The aim is to bring the stakeholders and the entire spectrum of financial market participants together. This partnership with London-based Standard Chartered bank is also a leap towards that endeavor.
Abdulla Bukhowa, Standard Chartered CEO at Bahrain, said in this regard,
We are pleased to announce this strategic partnership with Bahrain FinTech Bay. In line with our strategy, this partnership provides another platform for the bank to share global expertise and innovative financial solutions that suit a steadily growing digital business market, led by a diverse population.