Manama, 4 February 2018: Bahrain FinTech Bay (“BFB”) and the Fintech Consortium (“FTC”) have announced today a strategic partnership with OffrBox, a New York City based Fintech startup that has developed an end-to-end real estate transaction platform where you can buy and sell residential properties online. OffrBox was featured as one of New York City’s Top 50 Startups to Watch in 2017.
OffrBox has created an online market where participants looking to buy or sell residential real estate can list, search and review properties on the OffrBox online platform. The unique value proposition to customers is that once a property has been identified, participants can review detailed property documentation, negotiate the purchase price, and then complete their contract process and deal closing via the platform. OffrBox reduces wasted time and frustration by creating a seamless transaction flow from initial offer to the actual purchase closing.
OffrBox is excited to bring these capabilities to Bahrain and contribute its knowledge and technology towards the development of the country’s fintech ecosystem. OffrBox is currently expanding the platform to integrate real estate financing and blockchain for title registration. These added modules will enable buyers and sellers to experience a streamlined real estate transaction process with automated clearing and settlement of loan funding for purchases and digitized title transfer and registration at closing.
Maissan Al Maskati, Chairman of Fintech Consortium, said: “We are delighted to bring OffrBox to Bahrain Fintech Bay. Real estate is an important sector in the Kingdom and wider GCC region, and we believe OffrBox’s innovative technology can help modernize the sector and generate greater efficiency by streamlining real estate transactions and reducing their costs significantly.”
Eric Andrew, President and Founder of OffrBox, said, “We have taken much note and interest in Bahrain and its regional leadership position in Fintech. Specifically, we believe that Bahrain Fintech Bay offers us a unique opportunity to deploy the OffrBox platform, enhance its capability through local innovation, and work with industry to develop leading technology for real estate investment.”