MANAMA – Bahrain government is inviting Indian Fintech firms to establish Bahrain as a base for Fintech activities. The middle eastern company wants to become a part of the growing fintech space in the region. Bahrain has given options to Indian fintech firms to open banking, blockchain, crypto assets, robo advisory, and remittances. In Bahrain, after the oil and gas sector, only the financial service sector is the biggest contributor to GDP, so it is vital for the country to ensure growth of this sector to take the nation’s economic stability to a new height, Bahrain Economic Development Board (EDB) Senior Manager (business development – financial services) Dalal Buhejji said.
“Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory,” she said.
Bahrain has been considered as the test bed for innovations in financial services space as the country provides many advantages. Among all the advantages, low cost of doing business, right accelerator and incubators, are some of the highlights on the list. Some companies have applied for sandbox, which is seen as a safe zone to test financial innovation which sees a limited rollout of new products to select customers.
Buhejji said that EDB considers India as a key market and that is why it had a roadshow in Mumbai to attract fintech companies in December. Not only this, but EDB also signed a Memorandum of Understanding (MoU) with the Maharashtra government to provide a framework for co-operation to promote fintech in their respective markets. In order to promote startups, a public-private partnership platform in the name of Bahrain Fintech Bay is created to ensure the availability of physical space for fintech companies.