The event, held at the bank’s headquarters in Manama, provided a platform for insightful dialogue and knowledge exchange, underscoring the bank’s commitment to fostering innovation and supporting women in entrepreneurship.

During the session, participants shared key milestones from their entrepreneurial journeys, emphasizing using digital solutions and modern technology to develop innovative products and services that address evolving market needs. They also showcased aspects of their projects, explored strategies for growth and expansion, and discussed approaches to boost their presence in local and regional markets.

The discussion addressed challenges women entrepreneurs face, including liquidity constraints, marketing hurdles, intense competition, and access to financing. Additionally, the participants explored opportunities presented by emerging technologies, such as artificial intelligence, and their potential to drive growth across diverse sectors.

The speakers warmly congratulated Bahraini women on the occasion of Bahraini Women’s Day, celebrated annually on December 1st, extending their best wishes for continued progress, leadership, and success. They also highlighted the vital contributions of Bahraini women to the nation’s development, underscoring their remarkable achievements across various fields.

Ten women-led startups have been selected for the fifth cohort of the “Women in Tech” program, representing a wide range of industries. These startups operate in sectors such as e-sports, B2B marketplaces, food technology, educational technology, human resources and employee wellness, event management platforms, restaurant management systems, health technology, and corporate rewards and loyalty programs.

The Standard Chartered Women in Tech Bahrain Incubation Program is conducted in partnership with Bahrain FinTech Bay and strategic collaborators, including the Central Bank of Bahrain, the Labour Fund (Tamkeen), the Supreme Council for Women, and the United Nations Industrial Development Organization’s Investment and Technology Promotion Office in Bahrain (UNIDO ITPO Bahrain). Since its inception, the program has supported over 40 local startups through mentorship and training, with 16 of these startups receiving financial awards totalling more than $230,000.

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The top three finalists were awarded $50,000 in equity-free grants, highlighting the region’s commitment to supporting female tech entrepreneurship.

The SC Women in Technology program is an international initiative aimed at providing assistance to technology businesses led or owned by women. Standard Chartered provided crucial financial expertise, while Falak contributed its deep knowledge in growing early-stage companies. By combining Falak’s wide network of investors and experts with the bank’s international reach across over 52 countries, the partnership aimed to boost innovation and growth for entrepreneurs.

The judging panel comprised distinguished figures at the forefront of innovation and leadership in both business and technology communities, including Mazen Bunayan – CEO of Standard Chartered Bank Saudi Arabia, Amal Dokhan – General Partner of 500 Global MENA, Basmah Al Sindi – Managing Partner of Impact46, Nada Al Jeffri – Chief Risk Officer at Standard Chartered Bank Saudi Arabia and Hussein Alattar – CEO of TechInvest. Saud Alsabhan, Vice Governor of Enterpreneurship in the General Authority for Small and Medium Enterprises (Monshaat) was also in attendance as an esteemed guest speaker.

“The Women in Tech program this year has once again highlighted the incredible potential and leadership of Saudi women and their global counterparts in spearheading digital transformation. Our aim extends beyond merely bolstering the vibrant tech ecosystem in Saudi Arabia; it’s about illuminating the increasing involvement and impact of women in this sector,” commented Al Dakheel, CEO of Falak Investments.

Among the standout startups in this cohort were: Afsih, a communications-based assistive technology; AVA, a multi-store hospitality ecommerce platform; Tarkeez, an AI productivity and time management app; Rodud, a logistics technology utilising data to enhance efficiency, decision-making, and communication; ShopIT, a personalised online shopping platformCrew KSA, a talent resource acquisition platform; FinCart, a connection platform for merchants to shippers; 360Moms, an AI health and parenting chatbot; and Rafah.AI, an AI Chatbot for mental health support.

Finalist Norah Alghusun, CEO and Co-Founder of Afsih, the initiative which took the top spot in this years cohort said, “This achievement is surreal, leaving me both humbled and immensely proud to be chosen as the 1st winner out of all the 8 other exceptional entrepreneurs. The program was filled with shared knowledge and mutual support, highlighting the vibrant social fabric unique to our cohort and that what a community is. Adwa’s guidance was an instrumental for us, enriching our path with invaluable insights. Thankful for my team’s relentless dedication and hard work. Our achievements are a testament to their commitment. I’m deeply appreciative of Standard Chartered Bank and Falak Investment Hub for spearheading this initiative. Their unwavering support has been crucial to our growth and success throughout this journey and with this prize it’s certainly going to accelerate our path towards the next level.”

Falak Investment CEO, Al Dakheel continues, “This cohort of dynamic female entrepreneurs exemplifies the critical role women are assuming as innovators and leaders in technology, and the brilliant potential of contributions of women in this emerging technological ecosystem of Saudi Arabia. Their contributions are not just shaping the present but are paving the way for a future where female-led tech start-ups are at the heart of global technological advancement. Through our partnership with Standard Chartered Bank, we’re not only celebrating the achievements of these women but also reinforcing our shared commitment to nurturing a diverse and inclusive tech industry.”

Mazen Bunyan, CEO Standard Chartered Bank Saudi Arabia, said “We would like to congratulate all the participants and especially the winners in the second year of Standard Chartered’s Women In Tech (“WiT”) KSA Program. Standard Chartered Women in Tech Incubators support female-led entrepreneurial teams with business management training, mentoring, and seed funding.

“Increased diversification of income and resources away from oil, demand for digital-led services, and business-friendly models are some of the key drivers leading to increased entrepreneurial activity in Saudi Arabia. We are proud to have cooperated with Falak Investment Accelerator and introduce the “Women and Technology” program to the Kingdom. We would like to note that the spirit of diversity and entrepreneurship are values that we celebrate at Standard Chartered Bank, and we hope that by providing support and guidance in the early stages we can help women succeed and become leaders in job creation. We are confident that by working with our strategic partners, we will be able to unleash great potential, by creating an enabling environment for aspiring female entrepreneurs,” He continued.

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The launch event, which took place at the DIFC Fintech Hive, was attended by several members of the local startup community, as well as executives from Standard Chartered, Hub71, Fintech Hive and Finyal Media. In its third year, Standard Chartered’s Women in Tech programme aims to promote the economic and social development of women entrepreneurs in the UAE through innovation and technology-led entrepreneurship.

The UAE-leg of this programme is part of the Bank’s global Women in Tech initiative that is live across nine markets, including Standard Chartered New York, Kenya, Pakistan, Nigeria, and Bahrain. In the UAE, the programme is focused on capacity building for women-owned enterprises and targets female-led entrepreneurial teams to provide them with training, mentorship and seed funding. In addition to mentorship programmes, Standard Chartered, DIFC Fintech Hive, and Hub71 will be giving away a total of USD 100,000 in funding to the winners of this year’s cohort.

Rola Abu Manneh, CEO of Standard Chartered Bank UAE, said “At Standard Chartered, we embrace and celebrate diversity, and we are proud to launch our third cohort of the Women in Tech programme in the UAE, in partnership with the DIFC Fintech Hive and Hub71. The initiative is part of our commitment to be Here for good, while bridging the vast funding gap that still exists for women entrepreneurs in the area of technology. We are confident that with such strong partners on board we will be able to bring even greater value to entrepreneurs for the third year, especially given a more simplified and favourable ecosystem for start-ups in the UAE.”

Raja Al Mazrouei, Executive VP, DIFC Fintech Hive, said “The Women in Tech program is a great launch pad for female-led businesses in the UAE. The support provided to these female founders during the program is necessary to accelerate the growth of their start-ups and I am thrilled to be part of an initiative that supports diversity and women in the entrepreneurial landscape.”

Jida Itani, COO of Hub71, said “Technology is central to our lives and cuts across all industries. Public and private sector initiatives that promote innovation are essential to growing industries and diversifying economies. At Hub71, we have witnessed a surge in female entrepreneurs and investors as part of our diverse community of more than 100 start-ups, where we empower women to take a leap of faith and venture into the world of tech. Our culture is based on openness, risk taking, excellence, and inclusivity, and our collaboration with Standard Chartered and DIFC Fintech Hive reinforces our long-term commitment to equal opportunities and a favourable environment for anyone from anywhere, with whatever idea they wish to grow.”

To date, Standard Chartered UAE has accelerated two cohorts, comprising of 12 start-ups, who have collectively raised over USD 5 million from various venture capitalists to expand their businesses within and outside of the UAE. The applications for the third cohort are open until 5 September 2021.

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Samsung is currently working with a number of banks in the UAE to carry out the initial testing stages including; Mashreq Bank, ENBD, NBAD, ADCB, RAK, and SC. If you want to register for the early access, you can visit this link.

“Since the introduction of Samsung Pay, we have seen great momentum and experienced significant consumer adoption in the countries where it is now active. We are excited to be in the early access phase of bringing this service to the UAE and we hope to introduce this value-added service to the entire public permanently very soon, in order to drive and lead innovation in mobile commerce. In addition, Samsung Pay also provides consumers in the UAE with a safe, smart and better mobile wallet,” said Mohammad Gharaibeh: Head of IT and Mobiles (B2B) division at Samsung Gulf Electronics.

Samsung Pay is the only mobile wallet that allows users to pay with Samsung Eligible smartphones at terminals where you can swipe or tap using a debit or credit card. The safe and secure payment system protects user’s information with a fingerprint or PIN authentication. During the early access stage, Samsung will be establishing its Samsung Pay services with a number of banks in the UAE, and will announce the official access date of the contactless payment service.

Gharaibeh added, “Once launched, Samsung Pay will be accepted wherever you can swipe or tap your credit card in the UAE and the merchants do not need to upgrade their existing terminals.  UAE Samsung smartphone users will be able to perform transactions at almost any merchant in a simple, convenient and secure manner, without having to use a plastic card. The mobile service is secure and compatible with the latest Magnetic Secure Transmission (MST) and Near Fields Communication (NFC) technologies. Smartphone users will be able to use Samsung Pay at their favorite chains, as well as thousands of independent shops.”

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Standard Chartered aims to further enhance its brand in the country and spread awareness about its career prospects, professional growth opportunities, and multicultural working environment among the local population. The Standard Chartered stand will be manned by a team of experienced recruitment specialists who will screen talent and maintain a databank from the information collected at the event.

Nicholas Harvey, Regional Head of Talent Acquisition, Standard Chartered Bank, said, “Standard Chartered Bank continues to actively support the UAE government’s Emiratization initiatives and has devised a hiring strategy which aims to attract, train and retain more Emiratis. Also, we continue to introduce innovative workplace enhancement initiatives to appeal to the highest quality of UAE National talent such as the recently launched, part-time work scheme. Through our participation at Tawdheef, we are confident of meeting graduate and professional Emiratis who desire to grow in their career and contribute to the success of the bank.”

Standard Chartered Bank in the UAE recently introduced a part-time work scheme for their UAE National employees. Under this programme, employees can request to shift from full time work to part time work in order to pursue their education. Employees taking part in this scheme will be allowed to reduce their working hours from eight hours to a minimum of four, subject to necessary management approvals and Bank policies. The part time work programme will give participating employees the opportunity to balance work and personal life while also allowing the bank to reach out to a wider recruitment pool and create more job opportunities for job shares.

Standard Chartered is one of the oldest banks in the UAE having been established in 1958. Since then, the bank has been an active support of the country’s economic growth and social development. One of the recent initiatives the bank supports is ‘Masrafi,’ an initiative by the UAE government to promote Emiratization in the banking sector. Masrafi is carried out with the cooperation of ‘Tanmia’ – the National Human Resource Development and Employment Authority and the Emirates Institute of Banking and Financial Studies.

Standard Chartered Bank actively participates in career fairs as well as campus placement activities organized by various universities with an aim to recruit UAE Nationals.   

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By the end of June, around 4,200 enterprises, mostly SMEs, benefited from the schemes which included more than 1,000 startups and more than 700 micro enterprises. The beneficiaries represent a broad cross-section of sectors and industries within the Kingdom which includes: wholesale and retail trade with 32%, the construction sector at around 21%, professional services at 13%, and accommodation and food services at 8%.

The finance schemes have seen steady growth over the past six-months, with the number of beneficiaries increasing significantly per month. From the beginning of the year until June, the total number of beneficiaries has increased by approximately 25%.

Tamkeen offers these finance schemes in cooperation with 9 local banks, which include: Bahrain Development Bank, Bahrain Islamic Bank, BMI Bank, Al Salam Bank, Kuwait Finance House, Khaleeji Commercial Bank, Standard Chartered Bank, and for Micro Financing, Family Bank and Ebdaa bank. The agreement with the banks aims to bridge the finance gap for many institutions that require the necessary funding for various operational activities.

Tamkeen’s Chief Executive Mr. Mahmood Hashem Al-Kooheji commenting on this milestone said “We are very delighted to see such a great response by energetic Bahraini entrepreneurs that seek to evolve their businesses towards a path of prosperity and sustainability. This milestone of more than 4,000 beneficiaries is proof of catering to the needs of the private sector to ensure overall economic revitalization and development.”

Mr. Abdulla Al Hamar, owner of Auto Spa Cars Centre, was among the beneficiaries of one of Tamkeen’s Finance Schemes. Mr. Al Hamar explained the challenges encountered during the process of setting up his business, and how Tamkeen’s support helped him overcome these challenges and develop the growth of his business as the ultimate destination for cars care solutions.

Mr. Al Hamar also added, “Turning my business idea to a successful business was not an easy process, but thanks to the support provided by Tamkeen, many of the hurdles we faced were lessened. Tamkeen is making enormous efforts to support the private sector, focusing on small and medium enterprises. Therefore, I would advise Bahrainis who are serious about improving their businesses to benefit from the wide variety of programmes provided by Tamkeen.”

Ms. Seema Al Saati, owner of a cleaning services office under the name “Bubbles for cleaning”, received financial support through Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa Micro Finance Scheme in cooperation with the Supreme Council for Women which is managed by Ebdaa bank in cooperation with Tamkeen.

She commented: “I thank Tamkeen for supporting my project financially and morally through Her Royal Highness Princess Sabeeka Bint Ibrahim Al Khalifa Micro Finance Scheme which has empowered women economically and facilitated entrance into the job market. They were constantly following my steps, consulting me and advising me which has opened doors for me to look to the future to be bright and visionary.”

Entrepreneurs who have the following documentation available and wishing to benefit from these programmes can visit Tamkeen official website www.tamkeen.bh to see the various financing programmes available:

1. 6 months Bank statements
2. 6 months Electricity bills (paid)
3. Latest LMRA Bahrainisation Certificate Calculator
4. Copy of the enterprise CR or/and license required and the constitutive documents (copy of Partnership Agreement Memorandum and Article of Association), CPR of enterprise owner and any constitutive documents.
5. Audited Financial Report subject to the bank policy
6. Additional documents might be required for any amount equivalent or above BD50,000 subject to the bank policy.

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