Bahrain looks to Singapore for fintech fortune
The kingdom of Bahrain is looking to Singapore’s success as it tries to boost its fintech fortunes with a new ecosystem and regulatory framework.
The Bahrain Economic Development Board (BEDB), Singapore Fintech Consortium (SFC) and Dubai-based asset management firm Trucial Investment Partners have teamed up for the development plans.
Khalid Al Rumaihi, BEDB’s chief executive, says: “Singapore has been an excellent model of fintech development and we can now benefit from SFC’s expertise as we develop our own hub.”
Gerben Visser, SFC co-founder, adds that it will help with regulation, co-working, incubation and venture capital – and the collaboration “will contribute to the future-proofing” of Bahrain’s financial service centre.
There are no specifics or timelines about when hubs, accelerators and incubators will open – but these are all under consideration by BEDB.
It’s a bit obvious, but BEDB says the deal will pave the way for increased communication between firms in the Middle East via Bahrain and those in ASEAN via Singapore.
