FinTech Focus

New base open

February 6 - 12, 2019

As Bahrain forges ahead with its transformation into a digital economy, another leading UK-based technology company Innervate has chosen the kingdom to open for FinTech business.

At an official launch event held at the British Embassy in Manama, Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, and senior management from the Bahrain Economic Development Board (EDB) joined ambassador Simon Martin, Innervate CEO Andy Startin, representatives from the Department of UK Trade & Industry, Bahrain Fintech Bay and Microsoft, together with members of the local business community, to welcome the opening of Innervate Technology’s first regional office servicing the financial sector.

Innervate specialises in developing customer relationship management technology across different sectors, where finance is its core area of expertise. Innervate’s main clients in the region include the Saudi British Bank, Mitsubishi Bank, Aspen Insurance and Carnival Cruise.

With an initial investment of almost $1m, (around BD376,000) Innervate plans to recruit employees across various skill-sets ranging from system integrators, data scientists, business analysts and system architects. As a result, Innervate has become the first Microsoft Dynamics 365 Gold partner in Bahrain that mainly focuses on the financial services sector.

John Kilmartin, the EDB’s executive director – business development, said: “We’re delighted that Innervate has chosen Bahrain to establish a permanent office in Bahrain that will service clients across the region.

“This is indicative of their confidence in Bahrain’s rapidly-moving strategy to develop as a regional ICT hub and highlights Bahrain’s attractive environment where companies can experience some of the lowest costs of doing business in the Gulf.”

Innervate’s decision followed its attendance of the Gateway Gulf Investor Forum held in Bahrain last year, where companies from around the world were invited to learn more about Bahrain’s business incentives, economic policy and to drive reform and diversification.

Its CEO Andy Startin said: “The EDB, Fintech Bay, Microsoft and the Department of UK Trade & Industry have truly been inspirational partners to help get our venture off the ground in Bahrain.”

Innervate’s business development director Arun Murria also felt inspired by members of Team Bahrain over recent months which he believes gave the company confidence to choose the kingdom.

“They have warmly welcomed and actively supported us in our plans across the region, and I have no doubt we will see success in bringing Innervate’s British and international financial services expertise to customers and prospective clients across the Middle East market,” he added.

More on FinTech Focus