The Bahrain Economic Development Board (EDB) has signed an agreement with fintech incubator Singapore Fintech Consortium (SFC) and Dubai-based asset management and advisory firm Trucial Investment Partners to foster fintech ecosystem and regulatory framework.
The partnership agreement also includes support to development associated commercial and legal infrastructure required to initiate as well as sustain Bahrain’s fintech ecosystem. The role of the fintech regulatory framework is a part of a wider collaboration that is focused on transforming Bahrain into the region's fintech powerhouse.
“Singapore has been an excellent model of fintech development and we can now benefit from SFC’s expertise as we develop our own hub. We are very excited about the opportunities that fintech presence in the region and in Bahrain. Yet we know that to realize these opportunities it is vital to get the right ecosystem in place. This partnership will play an important role in helping us to do that,” Khalid Al Rumaihi, EDB’s Chief Executive, stated.
The agreement will foster increased interaction between fintech startups in the Middle East region through Bahrain as well as those in ASEAN through Singapore. With the agreement, Singaporean fintech firms will have an opportunity to enter into the Kingdom.
There are also other initiatives that are being considered that include a dedicated fintech hub, an incubator/accelerator platform and fintech-centric venture capital.
“We believe that Bahrain is uniquely positioned to build on its strength in financial services and become a major player in global FinTech. Bahrain offers many factors that would support the development of a thriving fintech ecosystem, including having a highly-reputed regulator, a young and innovative local population, world-class technological and telecom infrastructure, and a size advantage, like Singapore, that is well suited for start-ups,” Maissan Al Maskati, Managing Partner of Trucial Investment Partners, said. “We have been working closely with the Singapore Fintech Consortium to launch a comprehensive FinTech platform in the Middle East and we have found in Bahrain the ideal partner, stakeholders and geographic location for this venture.”
