Bahrain has signed a collaborative agreement with Singapore as the country hopes to establish itself as a financial technology hub. The Bahrain Eco
Bahrain has signed a collaborative agreement with Singapore as the country hopes to establish itself as a financial technology hub.
The Bahrain Economic Development Board (EDB), the public institution responsible for formulating a future economic strategy for the Kingdom of Bahrain, has joined Dubai-based advisory company Trucial Investment Partners to close the partnership deal with the Singapore FinTech Consortium.
This collaborative effort will look into the development of commercial and legal infrastructure necessary to assist and sustain Bahrain`s FinTech ecosystem.
“This includes assisting in the execution of a range of comprehensive initiatives related to regulation, co-working, incubation and venture capital. We believe the collaboration with a multitude of public and private sector partners are opportune, timely and will contribute to the future-proofing of its financial service center.”, said Gerben Visser, co-founder of the Singaporean FinTech incubator.
The agreement will encourage interaction between FinTech companies in the Middle East via Bahrain and those in the ASEAN via Singapore, commented a local media on their website bna.bh.
“Singapore has been an excellent model of FinTech development and we can now benefit from SFC’s expertise as we develop our own hub.”, said Khalid Al Rumaihi, EDB’s Chief Executive in an interview with bna.bh.
“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.”, added Khalid Al Rumaihi.
“We have been working closely with the Singapore FinTech Consortium to launch a comprehensive FinTech platform in the Middle East and we have found in Bahrain the ideal partner, stakeholders and geographic location for this venture.”, said Maissan Al Maskati, Trucial Investment Partners’ Managing Partner in an interview with the online media.