Bahrain FinTech Bay and the FinTech Association of Israel have recently signed an agreement.
Bahrain FinTech Bay (BFB) and the FinTech Association of Israel – FinTech Aviv (FTA) have recently signed an agreement. The agreement outlines the intention of both parties to cooperate and collaborate on matters of mutual interests. They are intended for the development of the fintech industry in the region.
The agreement follows the signing of the Abraham Accords Peace agreement between Bahrain and Israel in September 2020.
The Abraham Fund
The Abraham Fund will bolster regional trade, enable strategic infrastructure projects, and increase energy security through the provision of reliable and affordable access to electricity. The fund also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region.
Bahrain FinTech Bay and FinTech Aviv will aim to strengthen and further develop the fintech ecosystem in the Middle East. Both parties will collaborate on joint projects, community events, and facilitate communication and introduction between companies and venture capital interested in expanding in both countries.
Speaking of the development, Khalid Dannish, CEO of BFB, stated,
“Bahrain has taken tremendous strides towards embracing, adopting, and promoting innovative technology and we are pleased to launch this partnership to further enable Bahrain’s fintech ecosystem and open up opportunities for our respective fintechs and partners through our collaboration with FinTech Aviv. This exciting step towards cross border cooperation with the Israeli FinTech community will pave the way for future partnerships and collectively strengthen our ecosystems.”
Bahrain FinTech Bay
Since its establishment in 2018, Bahrain FinTech Bay (BFB) has become one of the leading FinTech Hubs in the region. BFB has over the years incubated over 50 impactful fintechs that have looked to establish their MENA headquarters in Bahrain. Additionally, BFB has strategically partnered with over 20 global scale-ups looking to expand regionally via its unique venture acceleration platform.
BFB has over 50 partners across governmental bodies, financial institutions, universities, venture capital, and fintech startups to bring the full spectrum of market participants together.
FinTech-Aviv was established in 2014, and it serves the needs of the Israeli FinTech ecosystem. It counts more than 6,000 start-ups and 300 research and development centers. FinTech-Aviv consists of more than 30,000 community members. Moreover, it serves the needs of Israel’s ecosystem players. These are growth-stage FinTech companies, venture capitals, insurance firms, and multinational companies.
Nir Netzer, the Chairman of FinTech-Aviv, added,
“In this unprecedented time of new economic and political order in the Middle East, we’re honored to extend our relationship and partners network to Bahrain and to initiate this unique collaboration to facilitate the export of Israeli technologies to new markets. The FinTech-Aviv community and its 30,000+ Israeli and worldwide members, proudly hold the torch of this exciting initiative and are humbled to be leading Israeli FinTech companies towards the exploration of new horizons with our new business partners.”