Bahrain’s EDB has set up office in Mumbai to accelerate its fintech development program. The new fintech fund will invest in Indian startups that have an economic interest in Bahrain. In a bid to speed up its financial offerings in the fintech space, Bahrain has tied up with the Singapore Fintech Consortium to invest in fintech start-ups in the middle-east and Asia region to boost the development of financial technology in Bahrain.
The new fund will earmark a certain portion of its investment assets to Indian startups that have an interest in the Bahrain region and those that are planning to scale up their operations in the middle-east.
Bahrain will also run accelerator programs to bring fintech innovation to the Middle-east. “We are going to run a couple of accelerator programs. Once we identify fintech ventures which have an interest in Bahrain, then the logical next step is to set up a visit, and so we can connect them with the regulators or telecom companies or financial institutions. We will manage that through Mumbai,” said David Parker, Business Development, Financial Services, Bahrain Economic Development Board.
Parker also said that Bahrain’s Economic Development Board is talking to quite a few companies and bringing them together in the Fintech Hub in Bahrain. “The EDB joins all the different components and we look at the innovators around the world and get them to Bahrain. We are the glue that puts all the different things together. With the focus being on driving the ecosystem faster,” added Parker.
Bahrain has a strong financial industry and the country has been doing financial services for over 50 years, and so it will be able to catch up with some of the fintech developments that have happened in countries like India and Europe. “We are working with regulators and we are keen to catch up with the rest of the world on fintech development,” mentioned Parker.
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