Bahrain could be the Islamic Fintech Capital
Finocracy announced Future Finance 2030, the 1st Global Islamic Fintech Hub, announced at SeedStars GCC, would be the focal point of the fast-growing Islamic Fintech space. The Fintech Hub will be at CH9.
Future Finance 2030, expected to launch in the first quarter of 2017, will include key elements that will continue to power the rapid expansion of Islamic Fintech, while building connectivity with the wider Islamic Finance Industry. To this end, Future Finance 2030 will include an accelerator program, a virtual network to connect various businesses and through leaders with startup founders, educational programs for executives and students and a global hackathon series that will encourage the future of Islamic Fintech development across emerging markets.
Dr. Nazar Al Baharna, Chairman of CH9, said, “Future Finance 2030 will play a major role, not only in shaping the future of Islamic finance, but also in the way key emerging markets conduct financial and business transactions, and the way moving forward. Islamic Fintech will play a prominent role in energizing the vital SME sector in these blossoming economies and lead to the development of widespread innovation. As such, I feel that this hub will form the foundation of this space by capacity building entrepreneurs and supporting their ideas. BAHRAIN COULD BE THE ISLAMIC FINTECH CAPITAL”
Dr. Al Baharna urged all the financial Institutions to take advantage of this opportunity and join the Hub to take the lead in this fast growing industry.
Mohammad Raafi Hossain, CEO of Finocracy, mentioned, “By 2020, nearly 66% of the world will be connected to the internet via their mobile phones. That’s an additional 2-3 billion new consumers entering the digital financial space. Around 80% of these new users will be coming from Muslim-majority countries. This is a significant opportunity for Islamic Fintech and the wider Islamic Finance industry to increase market share and develop a younger, more resilient, future consumer base. “We believe that the launch of Future Finance 2030 will be the foundation needed to make this next generational move forward.”
Finocracy is the first ethical fintech advisory, advocacy and platform development firm based in Asia. In just under a year, Finocracy has partnered and advised with some of the leading private and public sector institutions in Ethical Finance and have helped them develop strategies and build fintech solutions, many of which will be launched within the next 12-18 months.