PayTabs collaborates with largest regional fintech hub

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01 : 46 PM – 19/03/2018

Manama, Mar. 19 (BNA): As key officials from the Bahrain Economic Development Board (EDB) and the Fintech Consortium kicked off the launch of Bahrain Fintech Bay on 21 February 2018, PayTabs, the one-stop payment solutions firm has announced it would be one of the principal founders of the new Bay.

Bahrain Fintech Bay promises to be the Middle East’s most dynamic and diverse fintech network. Its’ objective is to be recognized as a complete ecosystem that will drive forward the Fintech industry in the Middle East.

Bahrain Fintech Bay comprises of 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.

Speaking at the launch event, PayTabs Founder and CEO Abdulaziz Al Jouf said: “Our aim in partnering with Bahrain Fintech Bay is twofold. 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. This partnership will enable us to further forge ahead with our goal of being a locally based, global payment processor.”

“Khalid Saad, CEO of Bahrain FinTech Bay, said, “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.”

The launch was one of a series of events and activities held to mark #FintasticBahrain week.

Speaking at the Payments Panel of the GCC Financial Forum 2018, 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% – 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 at least 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.

With a global presence and dedicated offices in Saudi Arabia, Bahrain, UAE, India and the Philippines, PayTabs is fast emerging as the preferred payment solution company for businesses globally.

I.Y

BNA 1041 GMT 2018/03/19

Number of readings : 65        Last updated : 01 : 48 PM – 19/03/2018

SOURCE: Bahrain News Agency

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