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Standard Chartered, Bahrain FinTech Bay to foster startups in the region

Standard CharteredLondon-based Standard Chartered and Bahrain FinTech Bay have announced a strategic partnership with the objective to support Bahrain’s FinTech sector and industry, in line with the Kingdom’s Vision 2030. The two parties will cooperate in offering thought-leadership and mentorship programs; and will provide their market expertise and solutions to individuals for growing their businesses.

Abdulla Bukhowa, CEO, Standard Chartered Bahrain said, “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.”

He further apprised, “Given Bahrain’s position as one of the leading fintech hubs in the region, we are confident that the fintech sector will continue to grow, especially with the nurturing and cultivating environment Bahrain offers. As we celebrate 100 years of being in Bahrain, we strongly believe in the need for innovation to stay relevant to our markets. We continue to invest and innovate in our digital offerings for clients. This allows us to extend our reach and provide offerings that reflects the changing needs and preferences of our clients.”

The FinTech space in the Middle East and North Africa (MENA) region is expected to have strong growth prospects where it is estimated to receive private-funding investments worth $2 billion in the GCC over the next decade.

Khalid Saad, CEO of Bahrain Fintech Bay said, “Bahrain FinTech Bay continues to strategically grow its local and international ecosystem. The partnership with Standard Chartered, who this year celebrates 100 years in Bahrain and are one of the world’s leading banks, will aim to further develop Bahrain’s FinTech ecosystem drawing on Standard Chartered’s global presence and innovation lead initiatives.”

Standard Chartered, in January, launched the SC GPI Track portal in Singapore to enable customers to trace cross-border payments. The publicly accessible portal tracks the payments for its clients which are cleared through the bank’s major clearing centres.

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