To strengthen its position as a regional startup hub, Bahrain launched Bahrain FinTech Bay (BFB) in 2018 and has since issued pro-business laws and seed funds such as the $100 million Al Waha Fund of Funds. In February 2024, the Crown Prince kicked off a consultative process for Bahrain Vision 2050, underscoring the fintech sector’s role in the kingdom’s long-term economic roadmap.
Crafting the 2024 Strategy for Growth
In January 2024, BFB unveiled its most ambitious strategy yet: expanding research and development initiatives, launching specialized acceleration programmes, and increasing its roster of events. Key collaborations include the “Innovate for Bahrain” initiative alongside the Supreme Council of Women, Bahrain Development Bank, and Tamkeen, demonstrating a whole-of-ecosystem approach to fintech innovation.
Empowering Talent Through a Fintech Academy
A centerpiece of this strategy is the establishment of a world-class Fintech Academy, developed in partnership with an international academic institution. This academy will offer courses in cutting-edge fields such as artificial intelligence, data analytics, and entrepreneurial management, aiming to build a pipeline of skilled Bahrainis for the digital finance sector.
Expanding Global Partnerships
Bahrain FinTech Bay is also forging strategic alliances abroad. Recent MOUs with Fintech Australia and Fintech Japan—among other hubs—will facilitate knowledge exchange, market entry support, and co-innovation projects, further elevating Bahrain’s status on the global fintech map.
A Regulatory Framework for Innovation
Underpinning these initiatives is the Central Bank of Bahrain’s Fintech & Innovation Unit. Through platforms such as FinHub 973, the first cross-border digital sandbox in the region, the CBB enables licensed firms and startups to co-develop and test financial solutions under a streamlined, agile regulatory framework.
Bahrain has emerged as a fintech hub through strategic initiatives and regulations. Bahrain FinTech Bay, launched in 2018, anchors a vibrant ecosystem, hosting accelerators, research programs, and startup events. In 2024, BFB rolled out an expanded strategy that includes specialized acceleration tracks, a Fintech Academy offering courses in AI, data analytics, and entrepreneurship, and R&D collaborations. Meanwhile, the Central Bank of Bahrain’s FinHub 973 enables cross-border digital sandboxes, streamlining testing and licensing for innovative firms. Strategic MOUs with Fintech Australia and Fintech Japan foster international knowledge exchange and market entry. These efforts are positioning Bahrain at the forefront of financial innovation.