Singapore-based fintech firm Alpha Fintech announced on Wednesday it has teamed up with Bahrain’s Finocracy to gain access to the Gulf Cooperation Council’s (GCC) e-commerce market.
Alpha Fintech describes itself as a company that specializes in end-to-end payment solution, enabling banks to quickly access new fintech partners across the entire payments, risk and commerce spectrum. The company is backed by Wells Fargo’s accelerator program and First Quay Capital. Speaking about the new partnership, Oliver Rajic, CEO of Alpha, stated:
“The GCC region is in a unique and perfect position to surpass most other regions with respect to Fintech. The banks truly understand the need to catch up and have displayed an open mind to overhaul legacy approaches and mind-sets and invest into new technologies and operating models. We are truly delighted to be partnering up with Finocracy to bring this solution to GCC. Imagine the impact on new fintechs where as soon as they are ready to launch, dozens of banks and thousands of merchants can instantly and risk-free access and test the solutions. This would accelerate the pace of innovation and new solutions for GCC consumers.”
H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), added:
“We are delighted to see further ties between Bahrain and key FinTech markets around the world. Enabling entrepreneurs and businesses in Bahrain to have access to the expertise of leading world-class FinTech centres is a key part of developing the best possible ecosystem and stimulating future growth. We believe that there are real opportunities in the Islamic FinTech sector and are very keen for Bahrain to play a leading role in helping to develop the industry, bringing together decades of experience in Islamic finance and access to some of the most advanced centres of FinTech innovation worldwide.”
Finocracy reportedly expects between 8-10 million customers in the region to switch to a digital-first relationship. The company noted that at stake is up to 25% of banking revenue pool in the region. Leading banks are eyeing between 3 to 7 partnerships with fintech challenger platforms to defend and grow their business.
