UK-based multinational bank Standard Chartered has joined hands with Bahrain Fintech Bay to support the growing fintech sector in the country, according to local media reports.
Both Standard Chartered and Bahrain Fintech bay will carry out thought-leadership and mentorship programmes and also share their expertise and solutions to individuals or fintech startups in the country.
Abdulla Bukhowa, chief executive at Standard Chartered Bahrain told the media, “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.”
“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. We continue to invest and innovate in our digital offerings for clients. This allows us to extend our reach and provide offerings that reflect the changing needs and preferences of our clients.”
Bahrain is competing with the likes of Abu Dhabi, Dubai, and Saudi Arabia to develop a fintech ecosystem and become the leading fintech hub in the region.
Standard Chartered has also increased its footprint in the Middle East by opening a new representative office in the UAE. Situated at the Abu Dhabi Global Market, the new office will help customers access various financial services offered by Standard Chartered.
Rola Abu Manneh, chief executive at Standard Chartered UAE revealed that the emirate continues to be a strategic market for the bank and the new representative office is an important step to bring the bank closer to its clients in Abu Dhabi and across the Emirates.