14 August 2023 (California, USA): In a strategic business move, Sabeer Nelli, a prominent US fintech entrepreneur, announces the expansion of ZilBank to Bahrain, endorsing it as the perfect launchpad for his Middle Eastern venture. Nelli’s decision is significantly influenced by Bahrain’s appealing regulations, its strategic geographical positioning, the strength of its financial sector, and its established role as a gateway to the Middle East.
A critical factor in Nelli’s decision has been the ongoing efforts by the Bahrain Economic Development Board. By actively nurturing fintech firms, the Board has successfully positioned Bahrain as an appealing environment for growth and innovation within the sector. The country’s commitment to fintech is evident, making it an attractive destination for innovators such as Nelli.
Bahrain, also known for its strong legacy as an Islamic finance hub, offers a supportive regulatory environment courtesy of the Central Bank of Bahrain (CBB). The Kingdom has always shown unwavering support for the industry through robust regulations and has facilitated a solid foundation for the sustainable growth of the fintech industry. The support for the fintech industry is unequivocal, with open arms welcoming innovations that promise to enhance the existing efficiency and effectiveness of current systems.
Renowned for his ethical approach to business, Nelli founded ZilBank as part of Zil Money Corporation to address the challenges small businesses often encounter in financial management. His banking principles, built around fundamental socio-religious guidelines, discourage activities such as charging interest, gambling, and speculation, thereby aligning perfectly with the ethos of Islamic finance.
This compatibility was a deciding factor for Nelli when choosing to expand his business to the Middle East, beginning with Bahrain. Zil Money Corporation, the parent company of OnlineCheckWriter.com, ZilBank.com, and ZilMoney.com, is devoted to creating innovative payment technologies that cater to the changing requirements of businesses. Their commitment extends to ensuring all their services uphold Shariah, a critical requirement within the Middle Eastern markets.
With ZilBank, Nelli is keen on helping Bahraini individuals and businesses intending to set up a bank in the US. He believes there is a pressing need to support non-US residents in their aspirations to set up a bank account in the US remotely, and ZilBank is designed to meet this need. ZilBank’s fee-free business checking account necessitates only the submission of fundamental business details and a valid US visa, making the process streamlined and user-friendly.
ZilBank also boasts a plethora of other benefits. Users can manage multiple bank accounts through a single platform, facilitating smooth financial management across different business pursuits. Additionally, the platform offers features such as instant money transfers between ZilBank accounts and efficient ACH and wire transfers. As the cherry on top, having a U.S. bank account allows entrepreneurs to receive U.S. dollars directly, thus bypassing foreign exchange fees and opening a world of opportunities in the global market.
Choosing Bahrain as the base for his business expansion is a strategic move by Nelli. The financial service sector in Bahrain is the second-biggest industry, after oil and gas. This speaks volumes about the country’s commitment to financial services and its potential for growth, particularly within fintech. Nelli’s move indicates a recognition of the increasing importance of fintech in transforming global financial services and facilitating financial inclusion.
The expansion of ZilBank into Bahrain is a testament to the ability of fintech firms to seize opportunities and adapt to diverse markets. Nelli’s anticipated success could serve as a benchmark for other fintech companies, inspiring them to consider Bahrain as a potential location for their own expansion. This strategic move is not just a win for Nelli’s business, but it also enhances Bahrain’s standing as a burgeoning fintech hub in the Middle East, setting the stage for continued growth and innovation within the region’s fintech sector.