Bahrain aspires to become the “it” hub for financial technology (FinTech) in the region, according to an Arab News piece covering the GCC Euromoney Conference.
Rasheed Al-Maraj, governor of the Central Bank of Bahrain (CBB), stressed the need for a progressive approach to promote an environment conducive to new businesses. Bahrain plans to introduce the latest technology in the sector.
A number of key components are required to transform these aspirations into a reality. David Parker, executive director of financial services at Bahrain Economic Development Board (EDB), pointed out those components: A regulatory sandbox, having a physical FinTech hub for entrepreneurs and setting up a FinTech fund. The CBB will be in charge of establishing the sandbox and the EDB has brought Singapore FinTech Consortium on board to help advise on that process. He said that it could initially kick off as an incubator or a co-working space for startups.
A FinTech fund is the third item as well. It aims to provide entrepreneurs, who come to Bahrain in the initial stages of their projects, with access to funding.
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