The Central Bank of Bahrain (CBB) has officially endorsed the launch of Bahrain FinTech Bay (BFB), MENA’s first dedicated fintech hub and corporate incubator (See IFN Fintech November issue).
Securing the support of the central bank is a crucial step forward for BFB which is expected to commence operations in February 2018. Under the partnership, the CBB, particularly its newly-minted dedicated Fintech & Innovation Unit, will have a hand in supporting the Bahraini fintech ecosystem through BFB and ensuring the participation of financial institutions in the fintech innovation and investment space. Equally as significantly, it will provide BFB – an initiative between Bahrain Economic Development Board and FinTech Consortium – access and guidance to its regulatory framework including its fintech regulatory sandbox.
“We are pleased to endorse Bahrain FinTech Bay and support its strategy towards positioning Bahrain as a regional leader in fintech. Its launch complements our initiative to introduce a comprehensive regulatory framework for fintech and to encourage its adoption by market participants as they look to prepare for the future,” CBB governor Rasheed Mohammed Al Maraj said.
The BFB will house state-of-the art facilities, co-working spaces, communal areas, workstations, hot desks and a variety of other shared infrastructure in its 10,000 sq ft space in the Arcapita building.