Bahrain adds to Middle East’s fintech portfolio
(4 April 2017 – Singapore) Bahrain Economic Development Board (EDB) has signed a co-operation deal with incubator and ecosystem builder Singapore Fintech Consortium and Dubai-based asset management and advisory firm Trucial Investment Partners.
The trio said the agreement would help to create the commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s emerging fintech ecosystem and pave the way for increased interaction between startups in the Middle East and those in Asean markets via Singapore.
Other initiatives under consideration include a dedicated fintech hub, an incubator/accelerator platform and Venture Capital (VC) funding for startups.
Khalid Al Rumaihi, EDB’s chief executive says: "We know that to realise these opportunities it is vital to get the right ecosystem in place. This partnership will play an important role in helping us to do that.”
The move follows those of regional neighbours Abu Dhabi and Dubai, who are also building a dedicated infrastructure to capitalise on an expected boom in fintech innovation over the coming years, driven by a large unbanked population, VC inflows and the rapid emergence of a host of new startups.
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