NEC Payments today announced its participation as a Founding Partner of Bahrain FinTech Bay. The announcement coincided with the first official meeting of the FinTech Bay Advisory Board at the Arcapita Building in Bahrain Bay.
FinTech Bay is an important step in the continuing development of Bahrain as a leading centre of the Financial Technology – or FinTech – industry. As the largest dedicated FinTech hub, co-working space and accelerator in the region; FinTech Bay will enable Bahraini banks, financial services institutions, and technology companies to come together with local start-ups and international entrants; and will create a partnership ecosystem to foster collaboration, share knowledge and expertise, and develop awareness of the many benefits that Bahrain has to offer the financial services and ICT sectors.
Andrew Sims, CEO, NEC Payments said “The launch of FinTech Bay will cement Bahrain’s status as a regional FinTech hub, and help it to build on the recent regulatory changes that are aimed to promote innovation and stimulate growth in the financial services segment.” He continued by commenting on NEC Payments decision to join FinTech Bay as a Founding Partner: “NEC Payments are 3 years into our journey to develop a regional FinTech business based in Bahrain, and so joining FinTech Bay as a Founding Partner was a simple decision for us. Our Digital Banking and Payment Processing technologies operate at an infrastructure level, and we see FinTech Bay as being a business driver for innovative initiatives between NEC Payments and other existing Bahraini players, as well as an entrance point to the market for new potential clients and partners of ours.”
Khalid Saad, CEO, FinTech Bay reinforced Sims’ remarks by saying “NEC Payments were an early stage FinTech entrant in Bahrain that formed at around the same time that Economic Development Board were starting to develop their strategy for promoting Bahrain as a FinTech hub. It has been rewarding to see their business develop and we are now delighted to welcome them as a Founding Partner of FinTech Bay. We are looking forward to working with them and our other partners to continue the exciting period of growth that has brought us to the launch of FinTech Bay and Bahrain’s current position as a focal point of the regional FinTech industry.”