Global payments service provider and credit card issuer Visa has entered a new partership with the Bahrain Fintech Bay to further support the development of cutting-edge financial technology in the Middle East nation, according to local media outlet Tahawul Tech.
The new partnership is to focus on developing joint innovation and educationa initiatives, with a focus on payments, taking into account all the latest discussions on payments, security, e-commerce and financial risk. This should also result in spillover, as Bahrain Fintech Bay is also an active participant across the Fintech Consortium platform, of which Silicon Valley and Singapore are also members.
Bahrain FinTech Bay CEO Khalid Saad said:
“As Bahrain and the region’s FinTech ecosystem continues to develop coupled with Bahrain FinTech Bay’s deepening connections to global centers of fintech innovation, the partnership with Visa will be instrumental in furthering this development.”
Visa’s Bahrain Country Manager Dylan Kaloo also hoped this partnership would “bring new payment experiences to life in a secure and scalable manner.”
In February, the Bahrain central bank launched a blockchain sandbox a month after blockchain was used to store tamper-free diplomas by the University of Bahrain, only the latest in a series of pro-blockchain moves by the Gulf nation.
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