Middle Eastern country Bahrain, in a move to promote itself as a financial tech hub has extended invitation to India to set up its fine tech companies there. There are a plethora of avenues for Indian finch companies in areas like crypto assets, the blockchain, robot advisory, open banking and remittances in Bahrain.
Financial sector is the 2nd largest contributor after oil and gas in Bahrain
Bahrain’s significant GDP contributor apart from its oil and gas sector is its financial sector and hence the Middle Eastern country doesn’t want to miss any opportunity to enhance the finch sector. “Central Bank of Bahrain has created the right ecosystem to support growth and innovation in fintech in Bahrain,” said senior manager Dalal Buhejji. He further added that “We have been revising our regulations to make it conducive for foreign companies to set base here.”
Bahrain has emerged to be an accelerator and testbed for innovations in the fintech industry. It provides multitude benefits such as low operating costs for the business, providing incubation facilities. Even though 15 different countries have established fintech companies in Bahrain, it has identified India to be one of the key countries and hence have been rolling out many activities such as roadshows in Mumbai, various investment promotions. Bahrain has also signed a memorandum of understanding with Maharashtra’s government to promote fintech in both places.
The collaboration of both the governments will encourage delegation visit, educational programs and incubation of startups.
Bahrain Fintech Bay – home for 36 different companies from 15 countries
To promote and encourage startup companies, Bahrain has rolled out a private partnership platform called as Bahrain Fintech Bay. This will provide physical space for fintech companies. “There are over 36 different companies established in the last year from an array of countries at the Bahrain Fintech Bay,” said CEO Khalid Saad.
EDB Managing Director Simon Galpin said, “ We are keen to tap into not only early-stage startups emerging from leading Indian cities but also scale-ups. Bahrain is a great test market for companies that want to diversify outside India.”
He further added, “ The Central Bank of Bahrain’s crypto assets rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, standards of business conduct, avoidance of conflict of interest and cyber security for crypto asset services. With key areas concern addressed and partnership with countries like India, Bahrain is looking at emerging as one of the key markets for global fintech services.
