Bahrain to enhance fintech innovation in the region

MANAMA: Almas Nexus (Almas), a next-generation alternative investments fintech company that is focused on providing investors with a global platform to access cutting edge, institutional-quality investment products, today signed a Memorandum of Understanding (MoU) with the Bahrain Economic Development Board (“EDB”).
The agreement looks to have the two organisations cooperate in the field of fintech innovation, ensuring the Kingdom remains one of the region’s leading fintech hubs, and an attractive destination for innovation and investment. Almas’s platform will be made available to wealth advisors and institutions in Bahrain as well as across the GCC, Europe and Asia. Through long-term cooperation, the EDB and Almas will also look to develop local and regional talent to enhance Bahrain’s position as a key incubator for cutting-edge financial technology solutions.
 David Parker, Executive Director of Financial Services at the Bahrain Economic Development Board, said: “We are very pleased to announce this cooperation with Almas. We witness real momentum for fintech in the region, where businesses and startups are looking to develop innovative products and services to meet growing demands. Strategic relationships like this one are vital to ensuring the right ecosystem is in place to continue this momentum.”
 Mark Nichols, CEO, Almas, stated: “We are honored to be entering into a collaboration with the Bahrain Economic Development Board. Our aim is to offer wealth managers and institutional investors premium sources of alpha from around the world, many of which would otherwise be inaccessible. The support from the EDB is a powerful endorsement of our proposition and the potential for future growth.”
Almas was created to extract unique sources of investment returns and seamlessly deliver that alpha to its established, global network of investors via a proprietary technology platform. Its senior management team unites strong institutional investment management expertise with innovative product development, global distribution and advanced technology solutions.
Headquartered in Stamford, CT, Almas is the first global fintech investment platform with a strong presence in the Gulf, and is rolling out regional sales hubs to connect and service its international network of clients and partners on a 24/7 basis.
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The Bahrain Economic Development Board works with the government and both current and prospective investors to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment. EDB Bahrain is the first point of contact for investors looking to establish their businesses in the Kingdom. We’re here to help you get off the ground. The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
The Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) announced the launch of “Bahrain FinTech Bay” (BFB), on Nov.5. the largest dedicated FinTech hub in the Middle East and Africa. The new hub aims to further the development and acceleration of Fintech firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions.

BFB, with an area of over 10,000 square feet of usable space, is located in the Arcapita building overlooking the waters of Bahrain Bay and the Arabian Gulf. Scheduled to open in February 2018, it will comprise state of the art facilities, co-working spaces, communal areas, workstations, hot desks, and a variety of other shared infrastructure.

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