The Bahrain Economic Development Board (EDB) announced on Wednesday it has formed a partnership with Singapore Fintech Consortium (SFC) and Truical Investment Partners to develop a fintech ecosystem and regulatory frame for the kingdom.
According to EDB, the partnership aims to transform Bahrain into the region’s fintech “powerhouse” and will include support in developing related commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s fintech ecosystem. The organization noted that the partnership will pave the way for increased interaction between fintech firms in the Middle East via Bahrain and those in ASEAN through Singapore and will facilitate the entry of Singaporean fintech companies into the kingdom. A dedicated fintech hub, an incubator/accelerator platform and FinTech-focused venture capital are also being considered in the partnership.
“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 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.”
“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.”
“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. 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.”