Bahrain and Singapore link up to develop fintech

Both parties to engage in multi-faceted efforts to develop a financial technology hub in the Middle East

Bahrain and Singapore link up to develop fintech

Insurance News

By Gabriel Olano

The Bahrain Economic Development Board (EDB) has established a partnership with fintech incubator Singapore Fintech Consortium (SFC) to put up a fintech ecosystem and regulatory framework.
Trucial Investment Partners, a Dubai-based asset management and advisory firm, will also be part of the deal, supporting Bahrain in the necessary commercial and legal infrastructure to kickstart its push to develop into a fintech hub serving the Middle East region.

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The collaboration will help strengthen the relationship between the fintech sectors between the Middle East and ASEAN via Bahrain and Singapore, respectively. Both parties are considering building a dedicated fintech hub, an incubator accelerator platform, and a fintech-focused venture capital fund. It will also help Singaporean fintech companies expand into the Bahrain market.
Bahrain EDB chief executive Khalid Al Rumaihi said in a statement that Singapore is an excellent model for the development of fintech and acknowledged the SFC’s capability to help his country’s development.
“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,” he added.

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