As main officials from the Bahrain Economic Development Board and the Fintech Consortium kicked off the introduction of Bahrain Fintech Bay on 21 February 2018, PayTabs, the one-stop payment solutions organisation reported it would be one of the key founders of the glitzy new Bahrain Fintech Bay.
Located at the swanky Arcapita building in Manama, Bahrain Fintech Bay pledges to be the Middle East’s most energetic and various fintech network. Its’ aim is to be identified as a entire ecosystem that will drive forward the Fintech industry in the Middle East.
Bahrain Fintech Bay constitutes state of the art facilities, communal areas, co-working spaces, hot desks, workstations, and a variety of other shared infrastructure, making it the ideal center for local and international corporate innovation labs and FinTech start-ups to start themselves in.
Talking at the launch event, Abdulaziz Al Jouf, Founder and CEO of PayTabs stated, “Our aim in partnering with Bahrain Fintech Bay is two-fold. We believe firms like ours which 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 which Bahrain is leap frogging into. This partnership will enable us to further forge ahead with our goal of being a locally based, global payment processor.”
CEO of Bahrain FinTech Bay, Khalid Saad mentioned, “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 introduction was one of a series of events and activities conducted to mark #FintasticBahrain week.
Talking at the Payments Panel of the GCC Financial Forum 2018, which was conducted earlier that day, at the Four Seasons Hotel, Philippe Berard, PayTabs Chief Digital Officer, mentioned, “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 invested $20 million from undisclosed investors. The company has ideas to utilize the funding to organisation into a minimum of 20 new markets in Europe, Southeast Asia, Africa and the MENA regions. The main aim of the organisation is to change the way merchants send and receive payments.
About PayTabs: PayTabs is a company that processes payments securely and effectively. The company caters to small, medium and large enterprises through different business models. PayTabs provides clients services to seamlessly ‘plug and play’ various features on to their websites. It even generates quick online stores using a tool known as API plugins. It prides itself on providing simple invoicing services for merchants and professionals.
With a global presence and dedicated offices in Saudi Arabia, India, Bahrain, UAE, and the Philippines, PayTabs is rapid developing as the preferred payment solution company for businesses globally.
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