Bahrain based Finocracy, and Denmark’s Copenhagen FinTech Hub sign cooperation agreement to fast track FinTech solutions in GCC
Finocracy to open up opportunities for Islamic banks to target 10 million consumers through collaboration with FinTech challenger platforms
Talent Bridge and Business Bridge to enable 150 challenger FinTech companies in the Copenhagen FinTech ecosystem to explore entry into GCC market
Telecoms veteran, former CFO of Batelco Sameer Altaf, joins Finocracy board of directors to build telco-banking sector alignment
Dubai, 8 October 2017,
Former Chief Financial Officer at Batelco, Sameer Altaf, has joined the board of directors of Finocracy. Sameer will advise on the growing convergence of telecom and banking sector across GCC market.
Sameer’s joining coincides with collaboration announced between Bahrain and Danish companies to build new fintech solutions for GCC market.
The agreement was signed between Bahrain based Finocracy and Denmark’s Copenhagen FinTech that hosts more than 40 successful FinTech businesses in their FinTech Lab and more than a hundred outside. The cooperation will see creation of the Talent Bridge and the Business Bridge to allow for accelerated launch of new fintech solutions across GCC and emerging markets.
Ashar Nazim, Managing Director of Finocracy said: “Business Bridge is a game-changer. It will ease the entry of Danish firms in GCC, collaborating with Islamic banks and bringing innovative solutions for digital ready customers. It also provides GCC startups ready access to Danish innovations.”
Under the Talent Bridge program, Finocracy will take up a seat in Copenhagen FinTech Hub alongside 40 challenger institutions. The channel will allow for entrepreneurs and FinTech players in both markets to work closely to build and launch new solutions. GCC talent will gain access to Copenhagen’s strongly regulated, flexible innovation ecosystem to test their solutions.
The Business Bridge program will enable successful FinTech players from Copenhagen FinTech to roll-out their solutions for GCC consumers. Denmark and Copenhagen is home to several success stories such as Lunarway, a digital bank, Coinfy, a bitcoin payments solution, and Lendino, a peer to peer lending platform. Denmark has earned a reputation for success in innovation, incorporating human-centric design as an essential element in their approach. Finocracy creates access to innovative solutions for Islamic banks in GCC.
Thomas Krogh Jensen, CEO Copenhagen FinTech said: “We are very happy about the collaboration. The fact that Finocracy will have physical presence in the Copenhagen FinTech Lab is a major advantage in building the bridge and the close relationship.” and he continues “Denmark is a small country, but one of the most digitized in Europe with a strong innovative culture. This collaboration opens up a new market for our FinTech companies that offer scale and exciting new business opportunities. We have already now companies looking to bring their solutions to the region”
|Over next five years, Finocracy expects between 8-10 million customers in the region to switch to a digital-first relationship. That is a big prize to win. At stake is up to 25% of banking revenue pool in the region. Leading banks are eyeing between 3 to 7 partnerships with fintech challenger platforms to defend and grow their business.|
Finocracy works alongside Islamic banks and financial institutions to invest in and build FinTech solutions. It brings access to the global FinTech ecosystem to assist financial institutions implement change agenda in an informed, efficient and credible manner. Finocracy is aiming to roll out 15 high-impact FinTech platforms by 2022. The objective is to open up access to 10 million under-banked consumers for its clients.
About Copenhagen FinTech
Copenhagen FinTech is an association built on the vision of creating a Danish growth adventure within FinTech. Copenhagen FinTech combines the visionary ideas of FinTech entrepreneurs, the experience of the established financial institutions, the desire for societal benefits of the public sector and the research from the universities with the overarching purpose of building a thriving FinTech ecosystem for the benefit of all stakeholders.