BisB announces winner of Innovation challenge

  • Date: 21-Jan-2021
  • Source: Bizbahrain
  • Sector:Technology
  • Country:Bahrain
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BisB announces winner of Innovation challenge

Hassan Amin Jarrar, Chief Executive Officer of BisB,

Following the appointment of Bahrain Islamic Bank's (BisB) judging panel for the "BisB Innovation Challenge“ competition, which was run as part of the Bank's partnership with the CBB Digital Lab "FinHub 973“, the winner was recently announced as Verofax, founded by Wassim Merheby and their technology partner Turnkey Lender. Verofax proposed a unique approach and emerged as the Fintech with the potential to build a promising Proof of Concept (PoC) for the sought solution.



The appointed judging panel comprising of Osama Nasr, Chief Information Officer of BisB, Wesam Baqer, Chief Corporate & Institutional Banking of BisB, and Yasmeen Al Sharaf, Head of Fintech and Innovation Unit at the Central Bank of Bahrain (CBB); deliberated to make an initial selection of ten applicants, which were subsequently narrowed down to five that presented in a demo day on 18 January 2021.



Verofax, a Globally Mature and enterprise ready Fintech, was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers' financial data.



Panel judge Wesam Baqer, Chief Corporate & Institutional Banking of BisB reiterated support of the winning FinTech,