GFH Financial Group (“GFH” or “the Group”) today announced its recent partnership with Bahrain FinTech Bay (BFB) establishing the Group as a Founding Partner of the largest FinTech hub in the Middle East and Africa established to drive innovation and create opportunities for growth.
The partnership reflects GFH’s strategy to strengthen the integration of FinTech in the region and to support the development of advanced technologies to benefit its customers and investors through the delivery of more efficient financial solutions.
GFH will work closely with BFB to improve the acceleration of FinTech development in the Middle East along-side other top-tier regional and global financial institutions and technology industry leaders. Similarly, the partnership supports the Kingdom’s efforts to drive BFB to be the leading regional FinTech hub building on the outstanding foundations and clear competitive advantages that Bahrain has to offer. These include its broad base of financial institutions, productive human capital and talent availability, government and regulator support, advanced information and communications technology (ICT) infrastructure combined with a wide range of platforms for innovation and entrepreneurship.
Marking the launch of the partnership, GFH met with BFB’s advisory board and management to discuss ways to leverage the partnership and commence cooperation efficiently.
Commenting, Mr. Hisham Alrayes, CEO of GFH said, “With the official launch of Bahrain FinTech Bay last week, GFH is delighted to move ahead swiftly with the opportunities presented by our partnership to help accelerate the development of FinTech in the region. GFH is committed to contributing to the economic growth of the Kingdom and, importantly, initiatives of the Economic Development Board and government, such as this, which will firmly establish Bahrain as the Middle East’s largest FinTech hub. GFH will take an active role in fostering the growth of BFB by putting at the hub’s disposal our vast corporate experience and track record. We aim to provide new entrants and innovative business models at BFB with access to our sophisticated network of corporate partners and associates, advising them on how best to reach regional and international capital and markets.”
Khalid Saad, CEO of Bahrain FinTech Bay, added, “We are excited to welcome GFH as a Founding Partner of Bahrain FinTech Bay. We look forward to working with them closely alongside our other partners to further develop Bahrain’s FinTech and innovation ecosystem.”