Bahrain, Financial services, Startup

Bahrain Fintech Bay announces new JV to boost AI adoption

Labiba for Artificial Intelligence announces formation of Labiba W.L.L and its venture acceleration partnership with Bahrain Fintech Bay.

The joint venture aims to extend Artificial Intelligence solutions specialised in Conversational Interface and Voice-User Interface (VUI) for Fintech firms in the local and regional market.

The Bahrain FinTech Bay (BFB) is a part of FinTech Consortium, a FinTech Incubator working with partners and stakeholders to co-incubate insightful, impactful, and sustainable FinTech initiatives. With its global network of locations in New York, Singapore, and now Bahrain, BFB works closely with its counterparts to promote collaboration and shared innovation. Through its subsidiary FinTech Consortium Bahrain, they have been appointed as the operator and ecosystem builder of Bahrain FinTech Bay.

“We are extremely pleased to be able to work closely with the Bahrain Fintech Bay (BFB) to accelerate the FinTech ecosystem in this region that has a huge potential for the future,” said Ali Hajjaj, Chief Executive Officer, Labiba. “This is a great opportunity for us to utilise our experience and expertise to strengthen the fintech landscape in the Middle East and Africa.”

With a focus on the Arabic language, Labiba is dedicated to creating machines capable of understanding not just the formal Arabic, but all the different Arabic dialects used by the customers. The organisation now operates in Jordan, UAE and Bahrain, and the partnership with Bahrain Fintech Bay is certainly a giant step towards the fulfilment of their expansion plans.

Khalid Saad, Chief Executive Officer of Bahrain FinTech Bay, said, “Our partnership with Labiba, a leading artificial intelligence and robotic process automation firm headquartered in Jordan represents our first regional partnership under our Venture Acceleration Platform.  We believe that their advanced chatbot/solution/platform that understands Arabic dialects will add tremendous value to the market.”

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