Visa has recently decided to team up with Bahrain FinTech Bay to help boost the financial technology sector in the country. The partnership of these two companies aims to address the technological and development sector in the nation, together with furthering the educational and financial initiatives.
Having just launched its company in 2018, Bahrain FinTech Bay already boasts of an impressive line-up of partners in the field. Today, Finextra reports that it now has around 100 partners in the market.
Its partners belong to different institutions. Some of these include fellow financial technology firms and start-ups, educational institutions, public entities, and technological organizations. As a member of the Fintech Consortium’s global hub network, the company intends to improve the overall landscape of the society towards a more innovative and entrepreneurial one. It is also expected to share initiatives that will promote regional and global growth.
The company specializes in catering to the financial technology sector. Apart from this, Finextra states that the firm also dabbles in providing its customers with co-working spaces and other shared infrastructure aimed to attract other financial technology start-ups in the field. Bahrain FinTech Bay is also dedicated to providing communal areas, workstations and other similar projects to the public.
Partnership with Visa
Bahrain’s partnership with Visa will be geared towards developing innovative technologies that touch on payments and educational enterprises. The joint venture plans to have a payments-focused event where both parties will explore the latest trends and happenings in the sector, including e-commerce, payments, risk, and security.
According to Fintech Futures, Visa is excited to partner up with Bahrain primarily because it gives them the opportunity to further develop the system of networks in the financial technology sector of the country. Through this partnership, Visa hopes to “bring new payment experiences to life in a secure and scalable manner.”