Tagged: bahrain

Open Banking: Reserve Bank of Bahrain Shares Updates on New Guidelines for Fintechs, SMEs

The reserve bank of Bahrain has shared its commentary on the work being done by retail banks to implement the infrastructure for compliance with the Bahrain Open Banking Framework (Bahrain OBF). This work was carried out after a grace period that allowed for implementation which… Read More

JPMorgan Is Working with Bahrain’s Central Bank and Bank ABC to Launch Real-Time Cross-Border Payments, May Work on CBDCs Later

The reserve bank of Bahrain is reportedly working with J.P. Morgan (NYSE:JPM) and Bank ABC in order to launch a real-time cross-border payments system (as part of a digital currency settlement pilot program). Bank ABC and J.P. Morgan will be conducting tests including the transfer of… Read More

Arab Monetary Fund Releases Fintech Index, a Measure of Financial Tech Adoption in Middle East

The Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, has launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations. The United Arab… Read More

Bahrain-Based Crypto Exchange Rain Secures $6 Million Through Series A Investment Round Led By Middle East Venture Partners

  Rain Financial, a Bahrain-based cryptocurrency exchange, announced one r the weekend it secured $6 million through its Series A funding round, which was led by Middle East Venture Partners (MEVP) with participation from Coinbase, Vision Ventures, CMT Digital Ventures, Abdul Latin Jameel Fintech Ventures,… Read More

Israel’s Fintech-Aviv and Bahrain Fintech Bay Partner Up on Financial Innovation

Bahrain Fintech Bay (BFB) and the Fintech Association of Israel –Fintech Aviv (FTA) have agreed to collaborate on the development of Fintech in the region. Earlier this year, diplomatic relations between the two countries were normalized ushering a new era of cross-border innovation and partnership…. Read More

Asian Countries like Bahrain and India Continue to Develop Financial Infrastructure to Support Payments Processing and other Fintech Services

Dalal Buhejji, the Director of Business Development, Financial Services at the Bahrain Economic Development Board, has noted that there are currently around 400 financial institutions based in Bahrain. Buhejji pointed out that these companies are offered a “stable, predictable and proven” regulatory and business environment… Read More

Bahrain and Saudi Capital of Riyadh Named as Top Fintech Ecosystems to Watch Closely: Report

The Kingdom of Bahrain and Saudi Arabia’s capital city Riyadh were recently chosen as the top Fintech ecosystems to watch closely, according to a report from research organization Startup Genome. The researchers at Startup Genome analyzed the economies and deal activities of several different countries…. Read More

Central Bank of Bahrain Launches FinHub 973, a Virtual Fintech Platform for the MENA Region

The Central Bank of Bahrain has introduced FinHub 973, which aims to serve as a virtual Fintech platform for the MENA region. The platform has been launched with the help of the Economic Development Board, Bank ABC, ila Bank, Benefit, National Bank of Bahrain, and… Read More

Fintech Businesses and Startups in Israel, the UAE, and Bahrain Form Strategic Partnerships Following Signing of Abraham Accords

The Abraham Accords were recently signed between Israel and the United Arab Emirates (UAE) and the Kingdom of Bahrain.  The agreement is officially called the Abraham Accords Peace Agreement: Treaty of Peace. It establishes diplomatic relations and “full normalization” between Israel and several Middle Eastern… Read More

UK Fintech Fasset Will be Tokenizing Hard Assets via Blockchain Tech as Part of Bahrain’s Fintech Sandbox Program

UK-based Fintech firm Fasset, a provider of blockchain-based solutions for the financing of sustainable infrastructure, has reportedly been approved or authorized to test out its software which tokenizes hard assets. The project is part of Bahrain’s Fintech regulatory sandbox program. The permit was issued by… Read More

Diplomatic Thaw: As Arab Countries Open Relations with Israel, OurCrowd Sees Opportunity

Jon Medved

OurCrowd, a leading global investment crowdfunding platform that is based in Israel, is well-positioned to take advantage of the improving relations in the middle east. Last month, Israel and the United Arab Emirates (UAE) announced the normalization of diplomatic relations. The official signing of the… Read More

Bahrain to Introduce Regulations for E-Commerce Businesses which Support Nation’s Digital Transformation Strategy

The Middle Eastern country of Bahrain has identified key focus areas to further develop its economy. The nation’s government has outlined a national strategy for supporting digital commerce. Zayed Alazayani, the Industry, Commerce and Tourism Minister, stated that the Kingdom will be introducing new laws… Read More

Open Banking Is Increasingly Being Adopted by Fintech Sector in Bahrain and the MENA Region

Bahrain introduced its first Open Banking product for the MENA region during December of last year. The central bank of Bahrain is among the first major institutions in the Middle East to propose and create regulations that require the adoption of Open Banking technologies by… Read More

Apps for P2P Money Transfers and Account Aggregation are Most Popular Fintech Solutions in the Middle East: Survey

Approximately 20% or one-fifth of bank account holders in the Middle East are now using Fintech solutions, according to a recent survey performed by Deloitte. The survey, which examined nine key markets in the Middle East, reveals that consumers in the region are quite willing… Read More

Fintech Startup Ecosystem in Bahrain Ranked Among the Fastest-Growing Sectors in the Middle East: Report

The Fintech startup ecosystem in Bahrain has been ranked among the highest in the Middle East region. The sector is also ranked near the top in terms of Islamic finance regulation, according to Startup Genome’s Global Startup Ecosystem Report (GSER) 2020. The Central Bank of… Read More

Fintech Adoption: Over 80% of Middle East Consumers Say they’re Willing to Use Financial Technology Apps

Over 80% of banking customers in the Middle East say they’re ready or willing to use Fintech apps, however, many traditional lenders have not started integrating financial technology products, according to a recent study by Big Four auditing firm Deloitte. The study revealed that 18%… Read More

Fintech Sector in Bahrain Is Growing Rapidly due to Increase in Mobile and Digital Payments, Narayanan Ganapathy, Analyst at Angivest Ventures Confirms

Narayanan Ganapathy, a financial analyst, angel investor, and the CEO at Angivest Ventures, recently noted that significantly more people are using smartphone apps and other types of software to make digital payments, because of the COVID-19 outbreak and resulting challenges. Ganapathy, whose comments came during… Read More

Middle East Fintech Sector Continues to Expand as Bahrain and UAE Move Up in Global Startup Rankings: Report

Bahrain and the United Arab Emirates (UAE) were recently ranked among the world’s top 100 destinations for startups across the globe. A new study published by StartupBlink, called the Startup Ecosystem Rankings Report, determines the score for each country by taking into consideration many different… Read More

Digital Banking in Bahrain Now Seen as a Necessity, Not a “Luxury” Like Before Due to COVID-19, Local Fintech Professional Says

  Bahrain’s residents have been using mobile and digital payments platforms a lot more now than they were before the COVID-19 outbreak. Safe distancing measures have been introduced throughout the Kingdom, in order to prevent the further spread of the Coronavirus. There are currently 7,888… Read More

Fintech: Bahrain’s Banking Industry Remains Focused on Adopting Innovative Financial Technologies, According to Local Investment Professional

David Parker, co-chief investment officer at the Bahrain Economic Development Board (an organization responsible for attracting inward investment into the Kingdom for key areas such as technology development and supporting the local financial and banking industry), recently confirmed that the country aims to position itself… Read More

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