The Bahrain Economic Development Board is working to position the Kingdom as a fintech powerhouse, signing a co-operation deal with incubator and ecosystem builder Singapore Fintech Consortium and Dubai-based asset management and advisory firm Trucial Investment Partners.
The partners says the agreement will help to create the commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s emerging fintech ecosystem and pave the way for increased interaction between startups in the Middle East and those in Asean markets via Singapore.
Other initiatives under consideration include a dedicated fintech hub, an incubator/accelerator platform and VC funding for startups.
Khalid Al Rumaihi, EDB’s chief executive says: "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.”
Bahrain is following in the footsteps of other regional initiatives in Abu Dhabi and Dubai, building a dedicated infrastructure to capitalise on an expected boom in fintech innovation over the coming years, propelled by a large unbanked population, VC inflows and the rapid emergence of a host of new startups.