A Memorandum of Understanding (MOU) has been signed between Bahrain FinTech Bay (BFB) and the Qatar Financial Center Authority (QFCA), ushering in a new era of collaboration in the fintech sector across the region.
This agreement builds up a comprehensive framework for cooperation focused at supporting the growth and development of startup networks and facilitating knowledge exchange between the two parties.
The MoU between BFB and QFCA signifies a mutual commitment to provide support for startups exploring business opportunities within each other’s territories. Key aspects of the agreement include the provision of co-working space access in Bahrain and Qatar for startups from BFB and QFCA during their business trips.
Industry sources added that this initiative will aid in smooth operations and networking opportunities for startups on the move. Further, both organizations have agreed to assist startups with their expansion plans into Bahrain and Qatar, respectively.
This will be achieved by leveraging their extensive networks and local market insights. Additionally, BFB and QFCA have expressed their intent to engage in collaborative research efforts in fintech and related areas, fostering innovation and shared expertise.
Industry sources further added that an integral part of this partnership will be participation in events and networking opportunities. BFB will welcome QFCA to its annual conferences for comprehensive discussions and networking within the fintech landscape. In turn, QFCA will contribute speaker suggestions and introductions for BFB’s future events. Both organizations will facilitate introductions between their core teams.
Organizing virtual sessions to introduce each other’s fintech landscapes will be a priority, promoting cross-border understanding and opportunities. The MOU also includes provisions for arranging visits to BFB and QFCA for delegations from Qatar and Bahrain, respectively, to strengthen ties and encourage direct engagement.
This partnership is a testimony to both Bahrain FinTech Bay and Qatar Financial Center Authority’s dedication to driving the fintech ecosystem forward. By sharing resources, knowledge, and networks, BFB and QFCA are not just supporting the growth of startups but are also contributing to the broader economic development in the region.
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