Together, Qatar Financial Center Authority and Bahrain FinTech Bay will support startups.

To improve collaboration in the fintech sector in the region, Qatar Financial Center Authority, the global business and financial center, and Bahrain FinTech Bay, the fintech ecosystem builder, have signed a memorandum of understanding.

Maurine Lind

March 06, 2024

1Min Read

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Banking

The agreement creates a thorough framework for collaboration between Bahrain FinTech Bay and Qatar Financial Center Authority with the goal of fostering the expansion and development of startup networks and promoting information sharing.

Together, Qatar Financial Center Authority and Bahrain FinTech Bay will encourage entrepreneurs looking to expand into each other's markets.

One of the main features of the deal is that startups from BFB and QFCA would have access to co-working spaces in Bahrain and Qatar when they are on business visits. For startups who are on the go, this arrangement will provide seamless operations and networking opportunities.

Additionally, both organizations have committed to use their broad networks and in-depth knowledge of the local markets to support entrepreneurs looking to expand into Bahrain and Qatar. In an effort to promote innovation and pooled knowledge, Bahrain FinTech Bay and the Qatar Financial Center Authority intend to work together on joint research projects in fintech and related fields.

Bahrain FinTech Bay and Qatar Financial Center Authority are fostering the expansion of startups and promoting the overall economic development of the region by exchanging resources, expertise, and networks.

QFCA will be invited to Bahrain finance Bay's yearly conferences for in-depth talks and networking within the finance industry. For its part, QFCA will choose speakers and provide introductions for upcoming BFB events. The two organizations will help their core teams get acquainted.

Creating online forums where participants may learn about one another's financial environments will be a top focus in order to foster opportunities and understanding across borders. To improve relations and promote direct interaction, the memorandum of understanding also contains clauses for scheduling delegations from Bahrain and Qatar to visit BFB and QFCA, respectively.