Bahrain FinTech Bay Welcomes London-Based Firm Finastrabr>
London-based FinTech firm Finastra has joined a FinTech hub in the Middle East in an effort to accelerate bank and financial technology in the region.
Founded in 2017, Finastra is the third largest financial technology company in the world. The company has $2.1 billion in revenues and has offices in 42 countries. The company employs over 10,000 people and has over 9,000 customers across 130 countries. Earlier this year, the firm launched its blockchain platform for syndicated loans as an app on R3’s Corda platform. Called Fusion LenderComm, the solution enables financial institutions acting as agents to publish loan data to the ledger and extend self-service capabilities to lenders. It reduces the cost and burden of agent-to-lender administration and enables lenders to see accurate information on-demand so they can optimize syndicated loan portfolios.
In its announcement, Finastra said that it has joined the Bahrain FinTech Bay (BFB), which was established earlier this year as part of a continued push in Bahrain to create the region’s leading startup ecosystem. The hub brings together key financial services players, from financial institutions, banks and investors to FinTechs, developers, industry bodies and academics, to drive innovation and create new opportunities for growth.
“Now couldn’t be a better time to be part of this community as the Bahrain FinTech scene heats up,” said Wissam Khoury, Managing Director for the Middle East and Africa at Finastra. “Working with Bahrain FinTech Bay will allow us to further collaborate with local Fintechs and banks, as the financial services landscape moves towards an open banking architecture. Our platform for open innovation, FusionFabric.cloud, is well positioned to help the ecosystem in its transition and will play a key role in doing so.”
As a member of the BFB, Finastra will have access to BFB events on blockchain, InsurTech and RegTech, as well as other “key industry events.” The company will also become a resident of the Bahrain FinTech Bay, which will enable the firm to collaborate with other partners and industry players.
Khalid Saad, CEO of Bahrain FinTech Bay, said that becoming a partner of the Bahrain FinTech Bay will allow Finastra to increase collaboration with the local financial services ecosystem.
“With such a versatile community, it is crucial for us to have partners that share our vision of bringing all the actors together in one place to inspire innovation,” said Saad. “Finastra and FusionFabric.cloud will play a key role in the ecosystem, enabling our FinTechs to collaborate, develop new applications at speed and low cost, and make these services easily accessible to banks and financial institutions in the region, and around the world.”