Payments giant Visa has partnered with Bahrain FinTech Bay to further develop the country’s financial technology ecosystem.

The collaboration will focus on the development of joint innovation and educational initiatives.

Plans also includes a payment-focused event to discuss latest trends in payments, e-commerce, security and risk.

Furthermore, it will also support Bahrain Fintech Bay in regional and global initiatives across Fintech Consortium’s platform including Silicon Valley and Singapore.

FinTech Bay CEO Khalid Saad said: “We are excited about the partnership with Visa, the world’s leading payments technology company.

“As Bahrain and the region’s FinTech ecosystem continues to develop coupled with Bahrain FinTech Bay’s deepening connections to global centers of fintech innovation, the partnership with Visa will be instrumental in furthering this development”.

Visa’s country manager for Bahrain Dylan Kaloo said: “We are really thrilled to partner with Bahrain FinTech Bay and for the opportunity it presents us to support the Bahrain FinTech ecosystem. We look forward to working with startups and innovators to foster and potentially bring new payment experiences to life in a secure and scalable manner.”

Bahrain FinTech Bay was established a year ago with government-backing to drive forward innovation and entrepreneurism in the region.

It currently has about 100 partners from public institutions, technology companies, educational institutions and financial institutions.