Kingdom of Bahrain as it's official known is a nation of over 30 islands in the Arabian Gulf. Over the past year it has been fast tracking many projects in the Fintech sector in a bid to promote itself as the financial hub in the region.
Since december 2018 Bahrain is seeking participation from the Indian IT and Fintech industry to become a part of the growing financial tech space in the region and now it hopes to scale up it's initiatives to bring Indian talent from the Fintech space over to its economy.
There are plenty of opportunities for Indian companies seeking to expand their scope and tap into Bahrain's deep pockets by helping develop their blockchain, crypto-assets, robo-advisory, remittances and open banking sectors reports ET.
Financial service sector is the second biggest contributor to the GDP behind oil and gas and the effort is to grow the sector further, Bahrain Economic Development Board (EDB) Senior Manager (business development - financial services) said Dalal Buhejji-Senior Manager, Bahrain EDB.
She also added that the Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. They have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory.
Bahrain offers and has acted as test bed for innovations in the middle east, and largely in the financial services sector. The low cost and ease of doing business in Bahrain has attracted investments in Fintech. In addition to that they have had the right startup accelerators and incubators to help shape up new investments in the region.
Some Indian companies (whose names haven't been disclosed as yet) have applied for the sandbox allowing these companies to roll out their financial innovations and products to a limited or select customer base.
EDB is the investment promotion arm of Bahrain and they held a roadshow couple of months ago in Mumbai to attract serious talent and also signed a MoU (Memorandum of Union) with the government of Maharashtra.
This will allow Bahrain and the Government of Maharashtra to promote fintech with a framework to guide their decisions.
To promote startups, a public private partnership platform in the name of Bahrain Fintech Bay has been created that provides physical space for fintech companies.
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