Reflecting
its commitment to drive financial services to the next frontier, Bank ABC and
its subsidiaries, ila Bank and AFS, partner with BFB to accelerate the growth
of the fintech ecosystem in Bahrain and the Region
Manama, Bahrain: Bank ABC, MENA’s leading international
bank, along with its subsidiaries, the digital, mobile-only, ila Bank, and the
MEA region’s leading payment solutions provider and fintech enabler, Arab
Financial Services (AFS), enter a founding partnership with Bahrain Fintech Bay
(BFB). This strategic alliance illustrates Bank ABC and Bahrain FinTech Bay‘s
continued commitment to play a pivotal role in the development of the fintech
ecosystem in the Kingdom of Bahrain and expedite its transformation into a
cashless, digital economy.
As part of the agreement, Bank ABC Group representatives, Dr.
Yousif Almas, Group Chief Innovation Officer, Mohamed Al Maraj, ila Bank Bahrain
Chief Executive Officer, Amira Ismail, Head of Business Development –
Acquiring, AFS, joined BFB’s advisory board to enhance collaboration between
the two parties and support BFB’s endeavor to foster innovation and empower
fintech start-ups to contribute to the development of the fintech landscape in
Bahrain.
This partnership builds on Bank ABC’s commitment to lead the
fintech revolution in the MENA region and support local efforts to attract
fintechs and entrepreneurs to establish a footing in Bahrain and tap into the
vast potential for innovative financial services in the MENA region. The MENA
region’s growing youth population, with more than half of its residents under
the age of 25, and large underserved blue-collar segments make it an ideal
market to deploy inclusive fintech solutions.
On behalf of the Group, Bank ABC Chief Innovation Officer, Dr.
Yousif Almas, remarked: “At Bank ABC, we are dedicated to cultivating
disruptive thinking and innovation in the financial services industry. The
current unprecedented pandemic underscores the importance of empowering
customers with accessible digital solutions that fulfil their needs and has
nudged financial institutions to rethink their offerings. We are delighted to
facilitate the industry’s digital transformation through our collaboration with
Bahrain Fintech Bay.”
On his part, ila Bank Bahrain CEO,
Mohamed Al Maraj, said: “The success of our fast-growing digital, mobile only
bank illustrates the strong appetite in the Kingdom of Bahrain for seamless,
smart banking solutions that empower customers to take charge of their
financial lives.”
“This is further evidenced by the
surge in ila’s customer base and transaction volume, which has quadrupled, amid
the current social distancing practices. Our partnership with Bahrain Fintech
Bay will help us bridge the local community with a global network of fintech
enablers and providers, boost efforts to create a vibrant digital economy and
promote Bahrain as the region’s leading fintech hub, creating long-lasting
positive change for our community,” he added.
Amira Ismail, Head of Business
Development – Acquiring, AFS commented on the development: “AFS has been part
of the larger regional fintech movement for many years. We are committed to
expediting the growth and acceleration of fintech activities across payments
ecosystems in Bahrain and beyond. Our innovative merchant acquiring and fintech
solutions are game-changing and market leading offerings that support our
partners, seamlessly embedding fintech innovation through lifestyle-driven
solutions that enhance how we transact.”
Bahrain Fintech Bay Chief Executive
Officer, Khalid Danish said: “We are delighted to announce our partnership
across the Bank ABC group. Our commitment to enabling innovation within the
financial services industry, coupled with our robust network of like-minded
partners will further drive our strategic national efforts towards enhancing
our digital economy.
During this global health crisis,
innovation and ingenuity will be more significant than ever before. Through this
collaboration we will support Bank ABC Group’s endeavor to deliver best in
class solutions and services to collectively position the Kingdom of Bahrain as
the leading FinTech hub in MENA.”
