Bahrain FinTech Bay said it has signed a partnership deal with the Real Estate Regulatory Authority (Rera) to bolster Proptech within the kingdom and make it a pioneer in the Middle East and North Africa region.
The leading FinTech hub in the Middle East, Bahrain FinTech Bay is located conveniently in the Arcapita Building. It provides a physical hub to incubate insightful, scalable and impactful FinTech initiatives through innovation labs, acceleration programmes, curated activities, educational opportunities and collaborative platforms.
It partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech startups to bring the full spectrum of financial market participants and stakeholders together.
The joint efforts of the two entities, in line with Bahrain’s Vision 2030 and the National Real Estate Plan (2021-2024) will be accelerated to achieve a strong and sustainable real estate sector.
As per the deal, Bahrain FinTech Bay will play a major role in developing practical, scalable, and innovative solutions for the real estate sector with prime focus on the first key pillar ‘Leadership in service innovation’ of the National Real Estate plan.
Furthermore, the giant FinTech hub will develop strategic initiatives in partnership with Rera including key joint projects, PropTech-focused acceleration programmes and more.
Rera CEO Sheikh Mohammed bin Khalifa Al Khalifa said: "Leadership in service innovation is one of the main pillars in the National Real Estate Plan and Rera’s collaboration with Bahrain FinTech Bay will accelerate this mission to create an integrated investment-friendly ecosystem and bring in technology-focused regulatory reforms that will further position Bahrain as the premier destination for real estate investment both regionally and globally."
Rera, he stated, was taking measures to ensure the sustainability of the growth achieved in the performance of the real estate sector and maintain the important position and its positive contribution to the growth of GDP of Bahrain.
All of Rera's efforts is based on legal framework and effective procedures to achieve sustainability and competitiveness in this sector.
In the Middle East particularly, a large and far-reaching PropTech market has emerged. Bahrain FinTech Bay will support Rera in harnessing PropTech tools and solutions to better engage and enhance technology within the sector.
In the kingdom, various proptech solutions have been rolled out that allow comparative house hunting, or competitive asset management to be undertaken from home or the office, he added.
Bahrain FinTech Bay CEO Khalid Dannish said: "We are proud to be partnering with Rera to assist in the execution of the one of the pillars of the National Real Estate Plan, which is aligned to Bahrain’s Vision 2030."
"The real estate sector is ripe for disruptive innovation and PropTech solutions leveraging technologies such as blockchain and AI in equity and debt crowdfunding platforms, Mortgage Tech, and creating liquidity in the asset class will play a pivotal role in enabling the sectors growth by being more automated, efficient and optimized for investors, property managers, developers and consumers. FinTech in Real Estate is a large vertical of the next wave of PropTech solutions," he added.-TradeArabia News Service
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