Jeel, the innovation subsidiary of Riyad Bank and operator of Saudi Arabia’s fintech sandbox accelerator, has signed a strategic Memorandum of Understanding (MoU) with Bahrain FinTech Bay, the leading fintech hub in Bahrain. The agreement aims to strengthen the fintech ecosystem across the GCC by fostering greater collaboration and creating new opportunities for startups in both kingdoms.
A Bilateral Bridge For Regional Startups
The partnership establishes a formal framework for cooperation, creating a bilateral bridge for fintech startups looking to expand their operations. Under the MoU, Jeel will facilitate the entry of Bahraini and international fintechs into the Saudi market through its sandbox accelerator, providing them a platform to test and scale their solutions with regulatory confidence. In return, Bahrain FinTech Bay will support Saudi startups exploring Bahrain as a regional hub for their operations.
Fostering A Collaborative Ecosystem
Jeel and Bahrain FinTech Bay will collaborate on several key initiatives to build a more integrated regional market. This includes the regular exchange of market insights, updates on regulatory developments, and key innovation trends. The two hubs also plan to launch joint programs, publish collaborative reports, and create new engagement initiatives. As part of the agreement, Jeel will participate in Bahrain FinTech Bay’s FinTech Forward event, while BFB will be involved in Jeel’s Innovation Lab & Studio activities.
Aligning With National Visions
This strategic alliance strongly supports Jeel’s mission to position Saudi Arabia as a global fintech innovation hub, a key objective of the Kingdom’s Vision 2030. By connecting its sandbox with an international network, Jeel is enabling innovators to scale across borders.
“By connecting our sandbox with Bahrain FinTech Bay’s international network, we are enabling innovators to expand across borders,” said George Harrak, CEO of Jeel. He added that the partnership helps lay “the foundation for Jeel’s Banking as a Service (BaaS) platform, we are enabling fintechs to move seamlessly from testing and validation into scalable, real-world deployment.”
Suzy Al Zeerah, Chief Operating Officer of Bahrain FinTech Bay, commented, “This partnership with Jeel is a pivotal step in advancing cross-border fintech collaboration between Bahrain and Saudi Arabia. Together, we will drive startup growth, share critical market knowledge, and foster innovation that positions both our nations as leading fintech hubs in the region.”
About Jeel
Jeel is the innovation subsidiary of Riyad Bank, one of Saudi Arabia’s largest financial institutions. It operates the Kingdom’s pioneering fintech sandbox accelerator, providing a regulated environment for local and international startups to test, validate, and launch innovative financial products and services in the Saudi market.
About Bahrain FinTech Bay
Bahrain FinTech Bay (BFB) is a leading fintech hub in the Middle East, located in the Kingdom of Bahrain. It provides a dedicated ecosystem for fintech innovation by connecting startups, corporations, investors, and regulators. BFB offers a range of services including acceleration programs, co-working spaces, and corporate innovation advisory to drive the development of the financial services industry.
Source: Zawya
