Indian Fintech industry has caught Bahrain's attention. During a recent visit to the Indian subcontinent, Simon Galpin, Managing Director, Bahrain Economic Development Board (EDB) revealed the kingdom's plan to set up a Fintech Centre by next year.

The Centre, which is expected to go live by February/March 2018, will be providing accelerators and co-working spaces for fintech companies. In addition to this, it will also be providing networking opportunities to startups and financial institutions interested in the making it big in the fintech industry.

EDB's Galpin was in the country last week as part of his country's efforts in pursuing Indian fintech startups and manufacturing companies in pharmaceuticals and food processing industries who are looking for opportunities to expand to locate to Bahrain and make use of the liberal environment that the country has to offer.

According to him, the country isn't necessarily looking at early stage companies, it is in fact more in the favour of firms that have already established a name for themselves in their own home country and are now looking for ways to spread their ground.

Galpin has been always appreciative of India's fintech industry, especially of the mobile payments space. He believes that the companies can have a brighter future on the Gulf Cooperation Council (GCC) market. According to him, since a majority of foreign workers in Bahrain are here without local bank accounts, mobile payments can be of big help in the country.

In addition to the Fintech centre plans, Bahrain had recently launched a regulatory sandbox that allows startups and fintech companies to test and experiment their banking ideas and solutions.

The regulatory sandbox provides a great opportunity for fintech businesses around the globe to expand and thrive in the Gulf and puts Bahrain in a strong position as a fintech and financial services hub in the GCC.

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