Al Salam Bank has taken a bold step toward driving Bahrain’s digital banking evolution. the bank became the first in Bahrain to join the Open Innovation Program. This pioneering initiative is backed by the Labor Fun (Tamkeen) and managed by Brinc Middle East
The program aims to connect major corporations with Bahraini startups and SMEs. Through this effort, Bahrain hopes to unlock new financial technologies and elevate digital transformation. The collaboration also focuses on boosting operational efficiency and fostering sustainable growth in the financial sector.
Al Salam Bank signed the agreement with Her Excellency Maha Abdulhameed Mufiz, CEO of Tamkeen. Also present were Anwar Murad, Deputy CEO of Banking at Al Salam Bank, and Hussain Haji, CEO of Brinc Middle East.
The partnership allows the bank to work closely with startups to test real solutions. These projects aim to solve pressing challenges in the financial sector using cutting-edge technology.
Maha Abdulhameed Mufiz expressed her confidence in the initiative. She emphasized the importance of innovation in creating lasting economic value. She also praised the bank’s role in driving Bahrain’s digital banking evolution.
Meanwhile, Anwar Murad highlighted that innovation remains central to Al Salam Bank’s strategy. He added that fintech will help enhance customer experience and streamline operations.
Hussain Haji, representing Brinc Middle East, echoed this sentiment. He stressed that innovation leads to smarter, more secure banking services.
As part of this effort, a joint committee will select promising startups. These companies will join a six-month acceleration program. During that time, they’ll receive mentorship, funding, and testing opportunities with the bank.
Al Salam Bank plans to explore technologies like AI, predictive analytics, and robotics. The goal is to create smarter services and reduce operating costs.
In conclusion, Al Salam Bank’s partnership marks a key milestone in driving Bahrain’s digital banking evolution. The initiative offers startups a valuable platform to innovate, grow, and shape the future of finance.
