US FinTech ZilBank expands in Bahrain
By Delisha Fernandes
In a strategic business move, Sabeer Nelli, a US FinTech entrepreneur, has announced the expansion of ZilBank to Bahrain, endorsing it as the perfect launchpad for his Middle Eastern venture.
ZilBank, aims to help individuals and businesses in Bahrain to set up a bank in the US. The company believes there is a pressing need to support non-US residents in their aspirations to set up a bank account in the US remotely, and ZilBank is designed to meet this need.
Bahrain, is known for its strong legacy as an Islamic finance hub, offers a supportive regulatory environment courtesy of the Central Bank of Bahrain (CBB). The Kingdom has always shown unwavering support for the industry through robust regulations and has facilitated a solid foundation for the sustainable growth of the FinTech industry.
ZilBank offers various benefits, users can manage multiple bank accounts through a single platform, facilitating smooth financial management across different business pursuits. Additionally, the platform provides features such as instant money transfers between ZilBank accounts and efficient ACH and wire transfers. Having a US bank account allows entrepreneurs to receive US dollars directly, thus bypassing foreign exchange fees and opening opportunities in the global market.
The expansion of ZilBank into Bahrain will help FinTech firms to seize opportunities and adapt to diverse markets. This strategic move is not just a win for ZilBank, but it also enhances Bahrain’s standing as a FinTech hub in the Middle East, setting the stage for continued growth and innovation within the region’s FinTech sector.
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