Bahrain FinTech Bay, the fintech ecosystem builder, has signed a memorandum of understanding with the Qatar Financial Center Authority, the global business and financial centre, to enhance fintech sector collaboration in the region.
The agreement establishes a comprehensive framework for cooperation aimed at supporting the growth and development of startup networks and facilitating knowledge exchange between Bahrain FinTech Bay and Qatar Financial Center Authority.
Bahrain FinTech Bay and Qatar Financial Center Authority are partnering to provide support to startups exploring business opportunities within each other’s territories.
Key aspects of the agreement include the provision of co-working space access in Bahrain and Qatar for startups from BFB and QFCA during their business trips. This arrangement will ensure smooth operations and networking opportunities for startups on the move.
Both organisations have also agreed to assist startups with their expansion plans into Bahrain and Qatar, by leveraging their extensive networks and local market insights. Both Bahrain FinTech Bay and Qatar Financial Center Authority plan to engage in collaborative research efforts in fintech and related areas, fostering innovation and shared expertise.
By sharing resources, knowledge, and networks, Bahrain FinTech Bay and Qatar Financial Center Authority are supporting the growth of startups, as well as supporting broader economic development in the region.
Bahrain FinTech Bay will welcome QFCA to its annual conferences for comprehensive discussions and networking within the fintech landscape. In turn, QFCA will contribute speaker suggestions and introductions for BFB’s future events. Both organisations will facilitate introductions between their core teams.
Organising virtual sessions to introduce each other’s fintech landscapes will be a priority, promoting cross-border understanding and opportunities. The memorandum of understanding also includes provisions for arranging visits to BFB and QFCA for delegations from Qatar and Bahrain, respectively, to strengthen ties and encourage direct engagement.
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