PayTabs partners with Bahrain Fintech Bay

MANAMA: PayTabs, the one-stop payment solutions firm, announced it would be one of the principal founders of the Bahrain Fintech Bay, which was launched on February 21.

Housed at the Arcapita building in Manama, Bahrain Fintech Bay promises to be the Middle East’s most dynamic and diverse fintech network. Its objective is to be recognised as a complete ecosystem that will drive forward the fintech industry in the Middle East.

Bahrain Fintech Bay comprises state-of-the-art facilities, co-working spaces, communal areas, workstations, hot desks, and a variety of other shared infrastructure, making it the ideal hub for local and international corporate innovation labs and fintech start-ups to base themselves in.

Speaking at the launch event, PayTabs founder and chief executive Abdulaziz Al Jouf said: “Our aim in partnering with Bahrain Fintech Bay is two-fold. We believe firms like ours that provide world-class payment solutions deserve world-class infrastructure to support this drive. PayTabs is also keen to explore the fields of shared innovation and ride the wave of transformation and dynamism that Bahrain is leapfrogging into. This partnership will enable us to further forge ahead with our goal of being a locally based, global payment processor.”

Bahrain FinTech Bay CEO Khalid Saad added, “We are excited to welcome PayTabs as a founding partner of Bahrain FinTech Bay. As one of region’s leading fintech firms, we look forward to working with them to further develop Bahrain’s fintech and innovation ecosystem.”

Speaking at the payments panel of the GCC Financial Forum 2018, which was held earlier that day, at the Four Seasons Hotel Bahrain Bay, PayTabs chief digital officer Philippe Berard said, “Bahrain’s central location in the Middle East makes it a critical online payments hub. Internet penetration in the kingdom is over 90 per cent – one of the highest in the world and it is only natural that e-commerce thrives against this backdrop.”

In 2017, PayTabs raised $20 million from undisclosed investors. The company plans to use the funding to venture into a minimum of 20 new markets in Africa, Europe, Southeast Asia and the Mena regions. The mission of the company is to transform the way merchants send and receive payments.

Source: http://www.gdnonline.com/Details/333233/PayTabs-partners-with-Bahrain-Fintech-Bay