Pnyx Hill and Bahrain FinTech Bay Sign MOU to Foster FinTech Innovation and Compliance Advisory Solutions in the Kingdom of Bahrain

Manama, Bahrain – [October 8, 2024] – Pnyx Hill Ltd, a trusted specialized business solutions provider with Headquarters out of Abu Dhabi Global Market, UAE (ADGM), and Bahrain FinTech Bay (BFB), one of MENA’s leading fintech hubs, have signed a Memorandum of Understanding (MOU)  to enhance collaboration in the areas of FinTech innovation, governance, and compliance services across the ME.

The agreement, signed by Andreas Kourouklaris, CEO of Pnyx Hill, and Suzy Al Zeerah, COO of Bahrain FinTech Bay, establishes a framework for both organizations to leverage their combined expertise and networks, creating new opportunities to support the growth of FinTechs in the region through The Kingdom of Bahrain. This partnership represents a key step in aligning with Bahrain’s wider digital transformation and sustainability agendas.

Key Objectives of the MOU

The MOU outlines specific areas where Pnyx Hill and Bahrain FinTech Bay will collaborate, including:

• Strategic Participation and Innovation Opportunities: Pnyx Hill will actively engage in Bahrain FinTech Bay’s high-profile events, contributing thought leadership, regulatory insights, and advisory expertise that are crucial to shaping the future of the FinTech industry. Additionally, Pnyx Hill will support the development of BFB’s ecosystem by working together on collaborative events, workshops, and initiatives designed to explore cutting-edge FinTech solutions and foster innovation.

• Advisory and Compliance Expertise: Pnyx Hill will offer governance, risk, and compliance advisory services tailored to BFB’s portfolio companies, providing them with the tools needed to navigate complex regulatory frameworks and ensure long-term resilience. The partnership will help FinTech startups access professional guidance as they grow and scale internationally within Bahrain’s fintech ecosystem.

• Expanding Networks: Leveraging its regional and international network, Pnyx Hill will introduce potential collaborators, partners, and clients to Bahrain FinTech Bay, facilitating business expansion and knowledge exchange between key players in the fast-emerging Fintech ecosystem in ME.

Empowering the FinTech Ecosystem

With the FinTech industry witnessing unprecedented growth in the Middle East, this partnership between Pnyx Hill and Bahrain FinTech Bay comes at a critical juncture. By working together, the two entities aim to support the development of robust FinTech platforms, ensuring they meet the highest standards of governance and regulatory compliance.

“We are excited to partner with Bahrain FinTech Bay to deliver the support that growing FinTech companies need to navigate today’s complex regulatory and business landscapes,” said Andreas Kourouklaris, CEO of Pnyx Hill. “Together, we will unlock opportunities for innovative solutions, provide strategic guidance, and enable FinTech firms in Bahrain to scale sustainably and compliantly, further strengthening the Kingdom’s thriving ecosystem.”

Suzy Al Zeerah, COO of Bahrain FinTech Bay, highlighted the importance of the agreement, stating, “This MoU with Pnyx Hill marks another significant step in our commitment to creating an environment where fintechs can thrive in Bahrain. By leveraging Pnyx Hill's expertise in compliance and governance, we are enhancing the support we offer to our portfolio companies and expanding the ecosystem that continues to attract global fintechs to Bahrain. ”