Fin Tech Focus

Major achievements in Bahrain Fintech - 2019

January 8 - 14 , 2020
Gulf Weekly Major achievements in Bahrain Fintech - 2019

2019 has been a year of many key achievements in FinTech. As 2020 kicks off, here’s a look back at some of the biggest achievements.

Bahrain became home to 50 companies from around the world including the region’s first fully-licensed and onshore crypto assets company, the region’s only live crypto ATM, Bahrain’s first fully-licensed insurance aggregator and the largest in the region, and Bahrain’s first crowdfunding platform.

The first Crypto ATM in the region by Jamal Mutawa Founder of Basket SPC located at Bahrain FinTech Bay, allows users to buy and sell cryptocurrencies such as Bitcoin and Litecoin using cash.

Rain became the first licensed cryptocurrency exchange in the Middle East by acquiring the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain.

Ambareen Musa CEO of Souqalmal was recognized as the ‘FinTech Leader’ and ‘FinTech Woman of the year’ by FintechAD.

RegFact took a deep dive in the ever evolving world of regulations, and the advocacy of innovative RegTech solutions!

InsurByte welcomed over 45 speakers, and 300+ delegates from around the world coming from diverse industry - Including but not limited to #Insurance.

The first FinTech-themed Startup Weekend concluded on a promising note with 10 incredible FinTech startups developed in only 54 hours over the weekend!

The FinTech for Sustainability Hackathon, in strategic partnership with the Central Bank of Bahrain and Tamkeen, gave innovative university students the opportunity to play a part in making the world a better place using sustainable FinTech solutions as a vehicle to support the growth of SDG goals.

The FinTech Consortium Institute partnered with world class universities to offer FinTech educational programs. The Georgetown FinTech Program, in partnership with Georgetown University McDonough School of Business, welcomed 100 professionals in 2019!

Khalid Saad, CEO of Bahrain FinTech Bay said “As 2019 concludes, we look back upon a year that has been filled with achievements not only for Bahrain FinTech Bay but for the FinTech ecosystem as a whole. From CBB’s onshore licensing framework for crypto assets companies and open banking regulations to the launch of the National FinTech Talent Program, in partnership with Tamkeen, providing over 100 Bahrainis opportunities in FinTech, innovation and digitalization.

“We’ve launched our sister hubs in the United States with the first Bahrain-based FinTech company expanding to Silicon FinTech Bay. We have hosted Jordan’s Crown Prince’s visit HRH Hussein bin Abdullah II at Bahrain FinTech Bay and were recognized by reputable thought leadership organizations such as the Milken Institute. We look forward to having 2020 be a year full of growth and success in the financial services sector in Bahrain.”

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