The Bahrain Economic Development Board (EDB) has collaborated with Singapore Fintech Consortium (SFC) and UAE-based Trucial Investment Partners to develop a fintech ecosystem and regulatory framework.
EDB said that the partnership will support more interaction between fintech firms in the Middle East via Bahrain and those in ASEAN via Singapore as well as will support the entry of Singaporean fintech firms into Bahrain.
A fintech hub, an incubator/accelerator platform and fintech-focused venture capital are currently being considered, EDB said.
EDB CEO Khalid Al Rumaihi said: “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 presents in the region and in Bahrain. Yet we know that to realise 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.”
Trucial managing partner Maissan Al Maskati said that the alliance will deliver innovations in financial literacy and education, retail banking and investment to reform GCC’s financial industry through fintech.
SFC co-founder Gerben Visser said that the partnership would have a multi-faceted role in the development of Bahrain as GCC’s regional fintech hub.
“This includes assisting in the execution of a range of comprehensive initiatives related to regulation, co-working, incubation and venture capital. We believe the collaboration with a multitude of public and private sector partners are opportune, timely and will contribute to the future-proofing of its financial service centre,” Visser noted.