The innovation and transition of Fintech to mobile services is rapid and has greatly distributed new and previously established players in the financial services sector. This has opened the way for businesses to reach their customer segments in a way that offers them access to products and services in a more secure, efficient and convenient way.
Investing into this growing industry has seen the introduction of new approaches and concepts that are changing the way business is operating. According to KPMG’s 2019 Pulse of the Fintech Report, the global investment in Fintech companies is at $37.9 billion. Fintech aims to create a space where remittances, payments and international transfers are accessible by everyone regardless of their socioeconomic status.
Fintech is a growing global initiative with a large segment of the population including people who are earning subsistence income with little or no access to financial services such as basic saving accounts, bank account or even credit. Reports shows that 1.7 billion adults are unbanked which makes nations put more effort in digitization and moving to a cashless society.
Bahrain amongst the leaders in the GCC is in pursuit of transforming itself into a digital economy and it is considered on the leading edge of the revolution of Fintech as it is also being the most established financial center in the Gulf region through the establishment of Bahrain Fintech Bay as well as the introduction of the Regulatory Sandbox that shows how ready the Kingdom of Bahrain is to digitize.
The infrastructure of Bahrain and its diverse population with a growing number of expatriate labor force is placing Bahrain as a champion of Financial inclusion in the region as also the regulatory system in place provides the perfect environment to develop the most innovative financial solutions.