Gulf International opens online-only bank in Bahrain
Dubbed meem, the digital retail banking services arm of GIB was initially launched in Saudi Arabia in 2015.
The arrival of meem in the bank's home market comes just two months after the Bahraini Government and the region's Central Bank endorsed a new fintech hub in a 10,000 square metre space overlooking the waters of Bahrain Bay and the Arabian Gulf.
Central bank governor Rasheed Al Maraj, says: “We are pleased to see meem digital banking begin its operations in Bahrain
Financial inclusion is only possible if banks and Fintech firms work together
Signing up for life insurance is one of a number of basic financial products many UAE residents take for granted. But for low-income, migrant workers, an insurance product or even a bank account can be completely out of reach. According to a new report from insurance technology start-up Democrance, low-income employees in the UAE view life insurance as a vital type of social protection, and yet the majority of them lack access to this type of coverage, The study, Lifestyle an
FinTech Hive at DIFC Broadens 2018 Programme, Expands International Outreach
FinTech Hive at DIFC, the first financial technology accelerator in the region established by the Dubai International Financial Centre (DIFC), today announced that its upcoming programme will expand its themes to include insurance, Islamic finance, and regulatory technology services. The 2018 edition will build on the success of its inaugural accelerator programme, launched last year in partnership with Accenture, a leading global professional services company. The programme
FinTech Consortium ties up with Georgetown University
Washington, D.C., 18 April2018: Fintech Consortium (“FinCon”) and Georgetown University’s McDonough School of Business have announced a strategic partnership to collaborate on numerous initiatives related to Fintech innovation and education. Possible collaborations include the development of Fintech certificate and degree programs, joint innovation labs, joint research and publication, and the exchange of Fintech ecosystem data. Furthermore, FinCon will facilitate faculty and
How Bahrain is growing into a startup haven
In 2017, Bahrain ranked second in the MENA in terms of Ease of Doing Business, and very good reasons have endorsed this ranking. The number of startups in the country has grown at a compound annual growth rate of almost 50 percent over the past three years, as per the data of the Bahrain Economic Board (EDB). The Kingdom offers entrepreneurs multiple benefits, as well as an attractive regulatory environment. So, what would hold back an ecosystem with similar components from t
MENA's Big Tech Boom
A5G-enabled digital boom across the Gulf is expected to generate $28 billion in revenues by 2023, as mobile data traffic soars, according to the Ericsson Mobility Report. The fifth-generation high-speed Internet will enable automated machinery for factories and remote monitoring of oil wells. Saudi Telecom (STC) and Cisco have agreed to collaborate on the development of 5G communication systems and networks. “Our new 5G network architecture will enable us to make the next lea
Duke of York visits Bahrain FinTech Bay
Manama, Apr. 5 (BNA): His Royal Highness Prince Andrew, Duke of York, this evening paid a visit to Bahrain FinTech Bay (BFB), where he was welcomed by Governor of Central Bank of Bahrain, Rasheed Mohammed Al Mi’raj.
HRH Prince Andrew was briefed on the BFB departments, which is the largest financial technology center in the Middle East and Africa. He also listened to an overview of the BFB role in promoting Bahrain’s standing as a leading regional center in the field of fi
UAE startups lead Mena region in investment
The UAE's vibrant startup industry has now reached levels where investors are exploring verticals in select sectors attractive for investment, paving the way for innovation and growth in the country. Venture capitalists and investors are funding more startups in e-commerce, fintech, food and beverage, logistics and transport to cash in on the growing popularity of the startup ecosystem. The UAE has retained the major share (70 per cent) of investments followed by Saudi Arabia
Why the Middle East is putting the focus on technology and innovation
The Middle East has woken up to the reality that oil is not going to last forever, and is now focusing on technology and innovation. In a bid to move towards this direction, the Economic Development Board of Bahrain (EDB) has made a strong push towards making Bahrain a fintech and a startup hub. Many now view Bahrain as a breeding ground for startups and entrepreneurs. Simon Galpin, Managing Director, Bahrain EDB, says the significant investment is driven by both the private
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