Fintech booms to billions

TDT | Manama

Email : editor@newsofbahrain.com

A 12-fold leap by 2032 positions Bahrain as Gulf’s rising fintech force
     • Central Bank reforms and Gulf’s first fintech sandbox boost growth
     • Real-time payments to hit 77% of transactions by 2028

Bahrain is all set to become a fintech powerhouse in the Gulf, with the sector poised for a twelvefold leap to BD10.4 billion by 2032.

This meteoric rise from BD831 million in 2023, according to research firm DataCube, highlights Bahrain’s growing dominance as a leading digital finance hub in the region.

Powering up this transformation are bold regulatory reforms and a wave of innovation by the Central Bank of Bahrain.

CBB’s proactive stance has set the tone for the region. From launching the Arabian Gulf’s first regulatory sandbox to establishing a specialised fintech unit, the CBB has laid the groundwork for a thriving digital ecosystem.

New regulations now guide everything from digital banking and crypto-assets to open banking, crowdfunding, and online payment platforms.

Instant payment services are surging ahead, with Mastercard forecasting the real-time payment market to hit BD564 million by 2028 — accounting for 77% of all financial transactions in Bahrain.

Digital wallets and mobile payment apps are also expanding fast, expected to reach a market value of BD8.36 billion within the same timeframe.

Highlighting Bahrain’s fintech leadership, Forbes named four Bahraini companies among the Middle East’s top 50 fintech firms in 2025: Tarabut Gateway (open banking), EazyPay (payments), and crypto platforms CoinMENA and Rain. Excluding Tarabut, these firms processed transactions worth over BD5.47 billion last year.

Bahrain’s Electronic Fund Transfer System (EFTS), alongside the widely used BenefitPay app and its services — including Fawri, Fawri+, and Fawateer — saw transaction volumes soar to BD33 billion in 2024 alone.

According to DataCube, financial services, banking, and insurance are expected to generate around 21% of Bahrain’s total fintech revenue by 2032, up from 17.2% of GDP today.

The sector’s growth is broad, spanning digital wallets, instant payments, lending platforms, and cryptocurrency transactions, serving everyone from individuals to major corporations.

This rapid expansion is fuelling demand for fintech talent. According to Tamkeen’s 2024 skills report, key roles include operations, AI and data specialists, software developers, sales and client support, as well as compliance and risk managers.