A recent report has stated that Bahrain is losing technological ground to Dubai's fintech sector and requires to adapt new technology to remain relevant.
A recent and new research report has stated that Bahrain is losing technological ground to Dubai’s fintech sector and requires to adapt new technology to remain relevant.
According to BMI Research, The National reports states that, when it came to adoption and promotion of fintech, Dubai had been more enthusiastic. Due to this effect, Dubai has been the principal leader of the digital services hub within the last two years.
BMI Research adds, though, that steps are being made on Bahrain’s part:
Bahrain recent effort shows that they are building momentum and more developments may be expected in the coming months. However, Bahrain has a long way to go before catching up.
It was reported that Bahrain was in talks with Singapore’s Central Bank in a discussion on the blockchain technology for the country-wide adoption in February. Bahrain and Singapore collaborated with the Middle-Eastern administration to create a regulatory framework and fintech ecosystem to become a hub in their region.
However, the Bahrain as a nation still has a long way to go before catching up with the efforts that Dubai is currently making in the fintech sector.
Dubai’s Blockchain Power-driven Government
It was reported that Dubai was on its way to reach the 2020 goal of becoming the global first blockchain- power-driven government to utilize the fintech technology early this week.
The announcement was initially made last year in October through official media account of the Dubai Media Offices under the new program known as Dubai Blockchain Strategy, citing the hereditary Prince to the pinnacle of Dubai, Hamdan bin Mohammed.
As per the Prince, under the new activity, the general population of Dubai will just need to enter individual information or business accreditations once onto the blockchain, before it turns into a changeless record.
Different strides that the nation is taking to grasp the conveyed record incorporate consenting to an arrangement with U.K established blockchain startup ObjectTech to make digital passports for pass at Dubai International Airport. It’s trusted this will accelerate the passport confirmation process while making an entryway less border.
UAE retail banking giants Emirates NBD is likewise because of actualizing the appropriated record trying to avert check fraud and boost their credibility.