Ever since Bahrain was named the “Best Financial Center” by global investor magazine in 2010 [1], it has tried to maintain that title and set to find ways to become the regional fintech hub.
“We invite technology companies to set up their offices in Bahrain and use it as a base to serve the entire GCC and Middle East region” [2].
— Walid Hamad, Central Bank of Bahrain
Bahrain has the largest number of licensed financial institutions in the region with 403 institutions and several thousand authorized funds. The financial sector is second to oil and gas in Bahrain’s GDP [3, 4].
Verify worked directly with the Bahrain’s Economic Development Board to register a presence in Bahrain. The regulatory environment is positive and Verify continues to work with Bahrain to advance the state of financial technology.
Verify is currently pushing out Verify Payments with the aim of enabling seamless bank-to-bank transfers in the region. We’re always on the lookout for great developers! If you’d like to join a team on the bleeding edge of financial technology, send us a note → jobs@verify.as
References:
[1] CBB, (2010). Bahrain Named Financial Centre Of The Year,
http://www.cbb.gov.bh/page-p-bahrain_named_financial_centre_of_the_year.htm
[2] Forbes, (2016). Bahrain Aims To Become Regional Fintech Hub To Boost Its Financial Services Sector,
https://www.forbes.com/sites/dominicdudley/2016/12/15/bahrain-fintech/#69925a0d52d7
[3] CBB, (2018). Fact Sheet,
http://www.cbb.gov.bh/page-p-financial_sector_fact_sheet.htm
[4] EDB, (2017). Invest in experience. Financial services in Bahrain,
http://bahrainedb.com/app/uploads/2017/06/Financial-Services-A4-Brochure-Jun2017.pdf