UK-based fintech company Finastra has joined Bahrain FinTech Bay, a hub that caters to the Middle East and African region.

Bahrain FinTech Bay includes various industry stakeholders such as banks, investors, developers and academics.

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Established earlier this year, the hub works together to encourage innovation and explore growth opportunities.

Finastra Middle East and Africa managing director Wissam Khoury said: “Working with Bahrain FinTech Bay will allow us to further collaborate with local Fintechs and banks, as the financial services landscape moves towards an open banking architecture.

“Our platform for open innovation, FusionFabric.cloud, is well positioned to help the ecosystem in its transition and will play a key role in doing so.”

The association with Bahrain FinTech Bay is expected to provide Finastra partnership opportunities as well as access to various events on blockchain, insurtech and regtech.

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It will also become a resident of the hub to be associated with the ecosystem.

Bahrain FinTech Bay CEO Khalid Saad said: “Becoming a partner of Bahrain Fintech Bay will allow Finastra to increase collaboration with the local financial services ecosystem.

“With such a versatile community, it is crucial for us to have partners that share our vision of bringing all the actors together in one place to inspire innovation.

“Finastra and FusionFabric.cloud will play a key role in the ecosystem, enabling our Fintechs to collaborate, develop new applications at speed and low cost, and make these services easily accessible to banks and financial institutions in the region, and around the world.”

Currently, the hub includes more than 50 partners including banks, government bodies, universities and companies.