During his visit to India, Simon Galpin, the Managing Director of the Bahrain Economic Development Board ( EDB) confirmed the Kingdom is planning to open a Fintech Center in the country next year. It will include co-working spaces for fintech firms. In addition to that, it will also provide networking opportunities for startups and big banks interested in the fintech industry.
Galpin attended India trying to attract local fintech startups and manufacturing companies in pharma and food processing industry to relocate to Bahrain and benefit from the liberal business environment the Kingdom offers. Galpin pointed out that he was interested not in startups but in firms that have already established themselves in India and look for new horizons:
We are 20-30 per cent less expensive than Dubai and you(as a company) are not restricted to be located only in a special zone. A company setting up base can cater to our domestic as well as international markets.
Galpin highly appreciated the fintech industry in India, especially in terms of mobile payments and predicted a brighter future for them on the GCC markets. Most of the foreigners in Bahrain were workers without local bank accounts, so mobile payments would be of help, added he.
The EDB manager did not miss to mention the efforts the Kingdom has made in the recent months to create favorable conditions for the growing startup ecosystem. Bahrain recently launched a Regulatory Sandbox to allow fintech firms to test their services. In the coming months, the Kingdom will also establish new regulations for equity crowdfunding and peer-to-peer lending, reminded Galpin.