According to a new report on technology, Bahrain could be losing to Dubai’s fintech sector, and might have no option but to change its tactics and ado
According to a new report on technology, Bahrain could be losing to Dubai’s fintech sector, and might have no option but to change its tactics and adopt new technology if it is to remain relevant in this sector. Of the two, Dubai had shown more enthusiasm as far as adopting and promoting fintech is concerned, according to BMI Research. The National had also reported that this has caused it to be the leading digital services hub in the region in the last 24 months. However, BMI Research pointed out that Bahrain is yet to catch up, although recent efforts clearly indicate that momentum is building, and at this pace the sector can only expect more developments in the coming months.
In February, there were reports that the Kingdom of Bahrain was negotiating with Singapore’s federal bank to hold discussions regarding the blockchain technology to be adopted nationwide. At the end of the first quarter, Singapore and Bahrain teamed up with the Middle Eastern monarchy so that they could develop a fintech ecosystem as well as a solid regulatory framework for becoming a strong hub in the area, but the nation is still far from catching up with the current contributions of Dubai to this.
Dubais Blockchain-Powered Government
According to earlier reports, Dubai could be on the right track to attaining its 2020 objective of scooping the position of world’s first blockchain-powered government to utilize the said technology. The Prince noted that, under the new initiative known as Dubai Blockchain Strategy, Dubai nationals would be required to input personal or business data once onto the blockchain to enable it transform into an immutable record. The nation has also signed an agreement with ObjectTech, a blockchain startup based in the UK, to develop digital passports to gain entry into Dubai International Airport and speed up the verification process and have a gate-less border. To prevent cheque fraud and enhance authenticity, NBD, a leading UAE retail banking firm, also plans to oversee the implementation of the distributed ledger.