The Family Office, a Bahrain-based regional wealth manager, plans to hire at least 40 Bahrainis as part of its foray into fintech.

The firm, which has assets under management of $2.1 billion, yesterday inaugurated its new Fintech Lab in the presence of Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj at its headquarters in Al Zamil Tower.

Mr Al Maraj said the initiative fits well within the CBB’s vision to enhance financial technologies in the kingdom.

“It is also part of our overall strategy to develop financial services and places technology innovation at the core of national plans. It also complements our efforts within the government towards digital transformation,” he added.

“I think what we have seen today with the people and the technology deployed is very satisfactory and I wish this will encourage others to see how they can use digitalisation to improve services and scale up.”

Speaking on the sidelines, founder and chief executive Abdulmohsin Al Omran said the Fintech Lab is a dedicated space where experts, emerging talents, and visionaries collaborate to develop and implement groundbreaking fintech solutions.

“We have invested in a 1,000sqm space here to ensure we can expand further by leveraging local talent including graduates in coding and data science and we will combine them with experienced people from the outside world to take the industry to another level,” he added.

According to Mr Al Omran, the firm plans to hire at least 40 Bahrainis, five of whom have already started.

The Family Office currently employs 160 people, with Bahrainis heading most of the departments.

Explaining that the firm offers customised portfolio solutions in diversified alternatives such as private equity, private debt and real estate, the official further added that through a combination of data-driven insights, advanced technologies, and user-centric design, the aim is to revolutionise wealth management services.

“In 2014, we made a plan charting the company’s growth over the next 10 years and one of the targets was to be in line with the best technologies by 2024.

Over the last three years we have invested a significant amount of money, time and resources into setting up a full technology ecosystem,” Mr Al Omran said.

The Fintech Lab will catalyse the creation of cutting-edge digital products that empower investors to make informed financial decisions with ease and convenience.

It will serve as a hub for collaboration with industry-leading experts, harnessing the full potential of emerging technologies such as artificial intelligence, blockchain and machine learning.


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