According to the Bahrain News Agency, Bahrain Economic Development Board (EDB), FinTech incubator and ecosystem builder Singapore Fintech Consortium (SFC) and Dubai-based asset management and advisory firm Trucial Investment Partners have partnered to develop a FinTech (financial technology) ecosystem and regulatory framework for the Kingdom.
The framework role is part of a wider partnership collaboration that aims to transform Bahrain into the region’s FinTech powerhouse. The agreement also includes support in developing related commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s FinTech ecosystem. It will pave the way for increased interaction between FinTech firms in the Middle East via Bahrain and those in ASEAN via Singapore and will facilitate the entry of Singaporean FinTech companies into the Kingdom.
Khalid Al Rumaihi, EDB’s Chief Executive said: “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 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.”
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