Bahrain’s Developing Fintech-Focused Startup Scene
Bahrain
Bahrain
MEMBERS:
Tamkeen
Bahrain has within a short period of time established itself as an innovative FinTech hub, building on its track record as a financial centre, and adopting enabling regulations. Bahrain is committed to nurturing new talent for this innovative sector.
Highlights
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Ecosystem by the Numbers
EARLY-STAGE FUNDING
<$50 m
GLOBAL AVG.
$687 m
ECOSYSTEM VALUE
$164 m
GLOBAL AVG.
$28.6 bn
Fintech
Bahrain ranks first in the MENA region and second globally in terms of Islamic finance regulation according to the Global Islamic Finance Report thanks to its standards on crowdfunding and open banking. Bahrain is raising a new $100 million fund of funds that will invest in unquoted tech companies. The Bahraini government has reduced capital startup requirements from $50,000 to $100 for some businesses and introduced a regulatory “sandbox” for Fintech. In 2018, Waqfe, the fintech solutions provider, launched a digital banking platform raising $2 million from investorsPresently, there are over 90 active and diverse FinTech companies in Bahrain, which marks a 35% increase since 2018.
Reasons to Move Your Startup to Bahrain
COVID-19 Policy
The Bahraini government’s $11.3 billion COVID-19 stimulus package included financial support to insured private sector employees and a doubling of the Liquidity Support Fund to $530 million. It also allowed loan deferrals as well as utility and rent exemptions and fee waivers.
COVID-19 Policy
The Bahraini government’s $11.3 billion COVID-19 stimulus package included financial support to insured private sector employees and a doubling of the Liquidity Support Fund to $530 million. It also allowed loan deferrals as well as utility and rent exemptions and fee waivers.
Liberal tax regime
Bahrain offers 0% corporate and personal tax, making it the most liberal tax regime in the Gulf.
Wage subsidy
Bahrain’s Labour Fund (Tamkeen) offers wage subsidies to support the employment of Bahraini graduate job seekers in the private sector. The program also supports salaries of Bahraini private sector employees by subsidizing a percentage of the increment given by an enterprise to the employees.
Selected Startup Organizations
Startup Genome Members
500 Startups
Al Doseri Investments
Bahrain Development Bank
Bahrain Fashion Incubator
Bahrain Fintech Bay
Brinc
C5 Capital & C5 Accelerate
Corporate Hub
Economic Development Board
Environment Arabia
Flat6Labs Bahrain
Kickstart Bahrain
Level Z
Nest Accelerator
Osool
Rowad Program
Social Media Club
Startup MGZN
StartupBahrain
Tenmou - The Bahrain Business Angels Company
UNIDO - Bahrain
Yo Startups
News from the Ecosystem
Ali Abdulla
Ali Abdulla is the Head of Ecosystem and Marketing at Bahrain FinTech Bay, which is the leading FinTech hub in the region. In his present position, Ali actively coordinates with external actors to identify and develop opportunities for meaningful collaboration in the FinTech ecosystem.
Jenan Al-Mukharriq
A project manager with passion for content creation and empowering communities. Jenan is a highly driven community builder and organising member of the StartUp Bahrain ecosystem.
Pakiza Abdulrahman
Pakiza joined the EDB in 2017 in the capacity of Manager for the Startups. She is considered the Project leader for the @StartUpBahrain, working closely with the digital startups & collaborating with community stakeholders within the private & public sector to establish Bahrain as a global startup hub for the MENA region. With 14 years experience in the telecom sector, Pakiza has lead the Corporate Sustainability and Social Responsibility unit at Zain Telecom, responsible for the company’s strategic programs for community development, youth empowerment and environmental stewardship.
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