IslamicFinance.de

Bahrain FinTech Bay is part of the kingdom's drive to revive its reputation as the Middle East's top banking and business center. After the plunge of oil prices in 2014, state revenues fell, credit ratings fell and debt soared. Large debts still pose a risk as interest rates rise, but Bahrain is starting to see initial signs of recovery. PayTabs, a Saudi company specializing in online payment solutions, will set up a base in Bahrain FinTech Bay in May. Tap Payments, a mobile payment company founded in Kuwait, moved to Fintech Bay last month. CEO Ali Abulhasan said Bahrain had regulatory advantages when compared to other Gulf Cooperation Countries. Foreign investment from 71 companies was $733 million last year, up from $281 million and 40 companies in 2016. This contributed to an average annual GDP growth of more than 3.5%. Central bank governor Rasheed Mohammed al-Maraj said that growth could accelerate further, as strong oil prices have bounced to around $65 a barrel from below $50 in mid-2017.

One of the major reasons why Saudi Aramco's investment wing Wa'ed became a partner in PayTabs was because PayTabs has the ability to build entrepreneurs in Saudi Arabia. PayTabs can help build businesses and make entrepreneurs by tackling one of the major problems people face when they start an online business; collecting payments online. PayTabs is a payment gateway with its instant online invoicing system PayPage and ready to integrate eCommerce APIs/Plugins. PayPage can be used even without a website. With additional features like Express CheckOut, PayTabs has introduced some features enabling the customer to pay without leaving the merchant's website.