Bahrain FinTech Bay Announces Strategic Partnership With Bahrain Development Bank & Rowad
Manama, 12 December 2017: Bahrain FinTech Bay (“BFB”) have announced today a partnership with Bahrain Development Bank and its Rowad Program (“Rowad”).
Bahrain Development Bank will be a founding partner of BFB and will work closely with the BFB to deliver certain initiatives supporting Fintech entrepreneurship, through its Rowad Platform which includes the Rowad Program, SeedFuel-Rowad, and the Invested Platform. This will provide entrepreneur support programs, access to the BFB for the Seed Fuel program for qualified Fintech companies of up to BHD 25,000 in equity investment, and the ability access the investor platform, InvestedTM. In addition to creating this direct affiliation between Rowad Platform and BFB, the Bahrain Development Bank will cooperate with the BFB on a number of media events, conferences and projects that will support the development of Bahrain’s fintech ecosystem. Equally, the Rowad Program, which will also be a supporting partner of BFB, will position its platform as a plugin for Fintech startups, engage in BFB’s media and launch event strategy, and provide fintech entrepreneurs access to training programs, workshops, coaching programs, incubation, and a link to financial support offered by the Bahrain Development Bank and other SME supporting organizations.
Sattam Al Gosaibi, CEO of Bahrain Development Bank said:
“We are keen on developing this strategic partnership between BDB and BFB to allow for effective collaboration between relevant stakeholders to support the overall Fintech Entrepreneurship eco- system. Providing support through our Development Services platform of Rowad will provide Fintech startups and companies with a valuable support mechanism for their startup journey coupled with the high level of expertise within Fintech that they will receive from the BFB.”
Areije Al Shakar, Vice President, Bahrain Development Bank said:
We are proud to extend our Rowad Platform suite of services which include Rowad Program, Seed Fuel, and Invested to the BFB and form this unique collaboration bringing both areas of expertise to the overall benefit of supporting Fintech entrepreneurship in Bahrain.
Maissan Al Maskati, Chairman of FinTech Consortium Bahrain said:
“We are pleased to enter into this strategic partnership with the Bahrain Development Bank and the Rowad program. An important component of Bahrain Fintech Bay’s mission is to support and encourage fintech innovation and startups, and we believe that this partnership strengthens the depth of knowledge, expertise, and funding available to fintech entrepreneurs looking at Bahrain’s offering. We are confident that through this collaboration we can create the ideal conditions for early stage innovation and fintech entrepreneurship to truly develop in the Kingdom.”