12 March 2018, Manama, Kingdom of Bahrain. Microsoft Bahrain today announced it has joined Bahrain FinTech Bay as a founding partner to support financial technology (FinTech) startups in Bahrain. The move is in line with the company’s commitment to the Kingdom’s 2030 vision to accelerate growth, innovation and increase economic competitiveness.
Bahrain FinTech is the leading fintech hub in the middle east that aims to accelerate local early stage FinTech startups to the next growth stage of commercialization and expedite partnership opportunities; attract foreign growth stage FinTech companies to establish their regional head-offices in Bahrain and facilitate their go to market approach into GCC and; accommodate FinTech companies to accelerate their customer acquisition and scale their product & services offering through a partner ecosystem.
Microsoft will offer technological support to FinTech startups through ‘Microsoft for Startups’, a new program that delivers access to technology, go-to-market and community benefits that helps startups grow their customer and revenue base. Microsoft Bahrain and Bahrain FinTech Bay will also collaborate closely to offer workshops, training and pitching sessions to help entrepreneurs understand and use the available service offerings to enable fast application development. both companies will also work together to connect promising startups with customers and partners in Bahrain and the rest of the world.
“In recent years, we are seeing rapid growth of Bahrain’s FinTech ecosystem.” said Khalid Saad, CEO of Bahrain FinTech Bay. “As a catalyst for Bahrain’s digital innovation, Bahrain FinTech Bay is striving to foster growth in this sector by paving ways to new opportunities through collaborations with industry partners. By creating synergy between Bahrain FinTech Bay and Microsoft’s profound technologies for FinTech solutions, we will provide comprehensive support to help accelerate Bahrain’s FinTech startup ecosytem growth.”
New technologies like the cloud, artificial intelligence and blockchain are driving industry-wide digital transformation and bringing with them profound change and significant benefits. The financial services industry is banking on digital transformation to enable institutions to interact with consumers in new and exciting ways; empower professionals with new insights and tools; help businesses operate more efficiently; and open new opportunities never thought possible.
“Bahrain is a major global financial center and a regional hub for FinTech innovation.” said Sheikh Saif Hilal Al Hosni, Country Manager at Microsoft Bahrain & Oman. “As an industry leader, Microsoft is committed to empowering and growing the local FinTech startup ecosystem by providing the latest technological tools, comprehensive support and market visibility that startups need to succeed. It is our pleasure to join forces with Bahrain Fintech Bay and support the FinTech startup community in Bahrain, in hopes of fostering a culture of innovation among aspiring entrepreneurs to positively impact the finance industry with their creations.”
Microsoft’s offerings such as BlockChain-as-a-Service (BaaS) provides FinTech startups with a rapid, low-cost, low-risk and ‘fail-fast’ platform to experiment, develop and deploy BlockChain applications using various distributed ledger technologies and updated tools from 17-plus partners.
Through the ‘Microsoft for startups’ program, the company is committed to helping technology startups realize their goals on their own terms, and in the shortest time possible. The program offers free access to Microsoft Azure cloud services, software and support for three years and help propel their growth, empowering them to achieve more.