Bahrain: Al Salam Bank inks pact to aid startups and SMEs
Al Salam Bank has partnered with the Open Innovation Programme, an initiative supported by the Labour Fund (Tamkeen) and managed by Brinc MENA, to foster collaboration between established enterprises and Bahraini startups and SMEs.
The programme aims to connect leading enterprises with innovative Bahraini startups and SMEs to develop cutting-edge solutions that address the enterprises' challenges and requirements, enhance operational efficiency, drive sustainability, and foster economic growth within the kingdom.
Al Salam Bank's participation in the programme, the first bank to do so, underscores its commitment to fintech innovation and the development of Bahrain's financial sector.
The agreement was signed by Tamkeen's chief executive Maha Mofeez, Al Salam Bank deputy chief executive for banking Anwar Murad, and Brinc managing director Husain Haji.
Under the partnership, Al Salam Bank will collaborate with selected startups and SMEs, co-financing the development of proof-of-concepts (POCs) and pilot solutions tailored to the bank's strategic challenges and opportunities.
This collaboration aligns with Tamkeen's 2025 strategic priorities, which focus on enhancing the competitiveness of Bahrainis in the private sector, supporting enterprise growth, and accelerating digital transformation across the kingdom.
Ms Mofeez said, 'Al Salam Bank's participation in the programme is a testament to our shared vision of fostering a vibrant startup ecosystem in Bahrain. This initiative provides startups and SMEs with a unique platform to collaborate with leading enterprises, driving innovation and economic diversification in the kingdom.'
Mr Murad added, 'Innovation is at the heart of Al Salam Bank's strategy. Through the programme, we aim to leverage the creativity and agility of Bahraini startups to enhance our digital banking capabilities, improve clients experiences, and optimise operational efficiency. By working together, we can shape the future of Bahrain's financial sector and create sustainable economic value.'
A joint committee com prising representatives from Tamkeen, Brinc, and Al Salam Bank will oversee the selection and development of startup-led solutions to advance financial innovation. The programme will support the co-creation of new technologies that align with the evolving needs of the financial sector.
Mr Haji said, 'By connecting corporations with agile startups/SMEs, we are fostering a dynamic ecosystem where AI-driven automation, financial security solutions, and personalised digital banking experiences can thrive. This collaboration will drive meaningful advancements in Bahrain's banking sector and enhance clients engagement through cutting-edge technology.'
Bahrain-based startups and SMEs with innovative technology solutions are invited to apply via https://openinnovation.bh.
Selected participants will join a six-month accelerator programme, receiving tailored mentorship, funding, and the opportunity to pilot their solutions with Al Salam Bank.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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