Arab Monetary Fund, Bahrain FinTech Bay reinforce their cooperation to Drive Financial Innovation in the Arab region through knowledge sharing and skills development

2024-05-06

Arab Monetary Fund, Bahrain FinTech Bay
reinforce their cooperation to Drive Financial Innovation in the Arab region through knowledge sharing and skills development.

Dubai, UAE - The Arab Monetary Fund (AMF) and Bahrain FinTech Bay (BFB) today took steps to strengthen their partnership, by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai Fintech Summit and the AMF Fintech events in Dubai, UAE. Under the MOU, the two institutions establish a comprehensive framework for collaboration, spanning various critical areas, and how best to leverage their respective comparative advantages to address their shared vision towards building a robust and agile fintech ecosystem and making digital financial services work for financial inclusion and stability across the Arab region. The (MOU) was signed by the HE Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund and Mr. Bader Sater, the Chief Executive Officer of Bahrain FinTech Bay.

This MoU crystallizes future collaboration between AMF and BFB in advancing financial innovation and inclusion throughout the Arab region and a number of joint activities have been identified, including in the areas of (i) collaborative research, and publications; (ii) capacity development activities; (iii) joint events and workshops, (iv) tailored educational programs, among others.

On this occasion, H.E Fahad Alturki, Director General Chairman of the Board of the Arab Monetary Fund, said "The AMF is committed to working with the BFB and our other international and regional partners to support fostering financial innovation and sustainability across the region. Together, we aim to empower entrepreneurs, advance financial literacy, and drive inclusive economic growth, ultimately shaping a brighter future for the Arab region."

From his side Mr. Bader Sater, the Chief Executive Officer of Bahrain FinTech Bay, said "This partnership signifies a key milestone in our commitment to advancing financial innovation in both the Kingdom and the wider region. By joining forces with AMF, we aim to leverage our expertise and resources to create a more dynamic fintech ecosystem."

About the AMF: the AMF is a regional Arab organization of 22 member states, founded in 1976, and has started operations in 1977. The AMF's mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets;

About Bahrain FinTech Bay: the BFB an ecosystem builder. It incubates impactful and scalable Fintech initiatives through innovation labs, acceleration programs, curated activities, and educational opportunities. This collaborative platform is dedicated to furthering the development, interaction, and acceleration of the Fintech ecosystem. To bring the full spectrum of market participants together, BFB partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, venture capital, and Fintech start-ups. Bahrain FinTech Bay is a subsidiary of the BENEFIT Company.