Reported by: banking|Updated: September 18, 2018
Bahrain Economic Development Board facilitated the closure of the $100 million Al Waha Fund of Funds promoted by Bahrain Development Bank recently. David Parker, ED – Financial Services at the Board, tells Banking Frontiers that the Al Waha Fund of Funds will invest in venture capital funds that have a presence in Bahrain, helping innovative and technology-driven startups in the kingdom and across the Middle East by increasing access to funding, as well as attracting new funds and expertise to the country. Although the Fund will be used to support a diverse range of startups across several sectors, the Board is especially excited about the potential contributions of the technology sector to the kingdom’s economy, particularly from fintech, he adds.
Parker maintains that one of Bahrain’s success stories in fintech is NEC Payments, which was formed in December 2014 and is licensed and regulated by the Central Bank of Bahrain as an Ancillary Services Provider (Card Processing). The company was formed with the objective of supporting the growth of the financial services industry in Bahrain. It provides innovative technical and service solutions with an emphasis on card and mobile payment processing, outsourced program management services, and payments consulting.
– Manoj Agrawal, Group Editor