"To innovatively enhance the potential of Islamic banks to positively affect the lives of 10 million consumers across the GCC and emerging markets through the strategic development and deployment of 15 FinTech platforms by 2022."
About ALGO BahrainA
ALGO Bahrain is a FinTech Consortium of Islamic Banks in Bahrain. Our mission is to launch innovative financial solutions that are suited for the digital economic ecosystem. Our founding bank members are, Kuwait Finance House-Bahrain, Al Baraka Banking Group and Bahrain Development Bank. Further Islamic banks are expected to join in 2018.
Why ALGO Bahrain?W
Every aspect of our current Islamic banking business model is being disrupted by technology, where customers’ lifestyles and expectations are fundamentally changing. Where some see disruption and risk, we see an opportunity for Islamic banks to transform smartly. Saving billions through cost efficiencies and unlocking revenue sources, through a collaborative ecosystem.
Four out of ten customers in the GCC are ready to switch to a digital-first relationship. Our aim is to lead the digital revolution in the GCC through launching next generation technology platforms such as crowdfunding, robo-advisory, payment solutions and more. ALGO Bahrain collaborates with regulators, governments and financial institutions to drive the FinTech industry revolution).
What We DoW
Through a collaborative approach, Algo Bahrain will enable Islamic banks to research, innovate and operationalize FinTech solutions in a cost effective and accelerated way.
Bring the smartest ideas on global proven innovations
Acquire best-in-class digital solutions
Fast-track digital implementation
Launch collaborative digital platforms