Khalil Saad, CEO of Bahrain Fintech Bay and Ali Hajjaj, CEO of Labiba

Dubai based Labiba, the artificial intelligence and robotic process automation company, has announced the formation of Labiba WLL with its newly formed venture partner Bahrain Fintech Bay. The establishment of this venture has been done with the sole aim of extending the AI solutions (specialized in Conversational and Voice User interface) to the local and regional fintech firms.

Bahrain Fintech Bay, previously, in partnership with the Bahrain Institute of Banking and Finance (BIBF) and Bahrain Insurance Association (BIA) had announced the launch of InsurByte Conference 2019 with an aim to provide knowledge exchange, foster synergies among market players to find solutions, and foster InsurTech practices in a collaborative and transparent manner.

“We are extremely pleased to be able to work closely with the Bahrain Fintech Bay (BFB) to accelerate the FinTech ecosystem in this region that has a huge potential for the future,” said Ali Hajjaj, Chief Executive Officer of Labiba. “This is a great opportunity for us to utilize our experience and expertise to strengthen the fintech landscape in the Middle East and Africa.”

“Our partnership with Labiba, a leading artificial intelligence and robotic process automation firm headquartered in Jordan represents our first regional partnership under our Venture Acceleration Platform. We believe that their advanced chatbot/solution/platform that understands Arabic dialects will add tremendous value to the market.” Said Khalid Saad, Chief Executive Officer of Bahrain FinTech Bay.

Labiba’s AI-powered bot building platform allows organizations to build interfaces through the platform, they can design manage and operate virtual assistants on websites, mobile applications, and social channels, as well as on robots. The organization currently operates in Bahrain, UAE, and Jordan.

The Bahrain FinTech Bay (“BFB”) provides a physical hub to incubate FinTech initiatives through innovation labs, acceleration programs, curated activities, educational opportunities and collaborative platforms. Bahrain FinTech Bay partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech start-ups to bring the spectrum of financial market participants and stakeholders together.

by Megha Bhattacharya
Market Analyst at IBS Intelligence