NPCI and BENEFIT Enable Seamless, Secure Transfers Between India and Bahrain

NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has announced a partnership with BENEFIT, Bahrain’s leading fintech and electronic financial transactions company, to enable real-time cross-border remittances between India and Bahrain. This linkage will connect India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS), specifically, Fawri+ service, allowing users in both countries to send and receive money instantly and securely.

The collaboration, established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), represents a key step in advancing cross-border payment connectivity between the two nations. It will enable residents to experience faster, more efficient, and cost-effective remittances, reflecting the shared vision to enhance digital financial inclusion and modernize cross-border transaction frameworks.

By linking UPI and Fawri+ service, the initiative aims to establish a strategic remittance corridor between India and Bahrain, enhancing convenience for the large Indian community in Bahrain, which constitutes nearly 30% of the country’s population. This collaboration will strengthen financial connectivity, enable transparent and secure real-time transfers, and deepen economic integration between the two nations.

Ritesh Shukla, MD & CEO, NPCI International, said, “We are delighted to partner with BENEFIT to enable secure, real-time remittances between India and Bahrain. We believe this collaboration will deepen financial connectivity, pave the way for further cross-border payment innovations, and contribute to promoting financial inclusion and shared economic growth that benefits individuals and businesses alike. The initiative will also serve the large Indian diaspora in Bahrain, making money transfers faster, safer, and more convenient.”

On this occasion, Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, stated, “The signing of the linkage agreement with India’s NPCI International represents an important strategic milestone in strengthening Bahrain’s presence in the global digital financial landscape. The partnership underscores our commitment to delivering advanced digital payment services that contribute to supporting the national economy and expanding economic relations between Bahrain and India. The new service will enable citizens and residents in both countries to send and receive money instantly and securely, reflecting our continuous efforts to meet the growing demand for fast, reliable, and cross-border financial solutions.”

Once live, this partnership will pave the way for seamless and inclusive cross-border remittances between India and Bahrain, supporting the shared vision of both nations to enhance digital connectivity and build an efficient, real-time payment ecosystem.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI) and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

For more information visit, nipl.com

Bahrain, Karnataka Sign Pact on Cooperation in Fintech, AI, Cyber Security

The Bahrain Economic Development Board (EDB) and Karnataka government on Thursday signed a pact to promote cooperation in AI, fintech and other emerging technologies.

The Kingdom's investment promotion agency signed the memorandum of understanding (MoU) with the Department of Information Technology; Biotechnology; and Science & Technology of the state government on the sidelines of the World Economic Forum annual meeting here.

The agreement aims to build robust fintech, artificial intelligence (AI), Internet of Things (IoT) and cybersecurity ecosystems where startups and technology firms engage in external partnerships with corporates, universities, research institutions, technology experts and government agencies.

Besides, it is looking to develop education programmes and curricula relating to fintech, AI, IoT and cybersecurity to benefit the sectors in their respective jurisdiction. This may include facilitating and enhancing cooperation between relevant authorities such as universities/research institutions, technology experts, and government agencies.

They will also nurture fintech, AI and cybersecurity startups and centres and collaborate to facilitate their growth through development and support.

Bahrain is one of the oldest and most established financial centres in the Gulf region and it has capitalised on its banking expertise to grow one of the most concentrated and advanced fintech ecosystems in Middle East and North Africa (MENA).

Karnataka is also known as a leading technology hub in India and has also emerged as the leading R&D and innovation ecosystem for startups. It is home to over 1.2 million software professionals and a large number of Fortune 500 companies.

EDB said Bahrain will benefit from Karnataka's expertise in emerging technologies such AI and cybersecurity, while Karnataka will have access to the Kingdom's renowned fintech prowess.

Authorities from both sides will also collaborate on facilitating SMEs, including startups, through incubation and ecosystem exposure visits.

Economic and trading relationships between India and Bahrain has been shifting increasingly towards service exports, fintech and ICT. Bilateral trade between the two nations currently stands at some USD 1.3 billion.

Khalid Humaidan, Chief Executive of Bahrain Economic Development Board, said: "Bahrain and India share historic ties dating back 5,000 years to the Dilmun era, generating hundreds of millions of dollars in annual bilateral trade. With today's MoU signing at Davos, we look forward to further strengthening those links and welcoming innovative Indian firms seeking to access and scale across the growing $1.5 trillion GCC market.

"Bahrain not only offers competitive costs and easy set-up, but the government has implemented a programme of ambitious reforms to encourage investment in a range of sectors. India is an emerging power in fields such as FinTech and ICT, with great experience we can learn from - and as the de facto test bed of the Gulf, Bahrain has positioned itself as the ideal destination of choice for turning knowledge into opportunity."

E V Ramana Reddy, Additional Chief Secretary at the Department of IT, BT and S&T, Government of Karnataka, said: "For the first time, Government of Karnataka is keenly participating in the WEF Annual Meeting with a delegation headed by Chief Minister.

"The Annual Meeting is a fitting venue for the signing of this MoU as global leaders have converged here to discuss sustainability. Disruptive technologies such as AI and IoT have the potential to solve this challenge." PTI BJ

India and Bahrain to Partner in the areas of Space Technology, Solar Energy

MANAMA, Aug 25 (PTI): India and Bahrain on Saturday agreed to collaborate in the areas of space technology, solar energy and culture exchange as Prime Minister Narendra Modi held comprehensive talks with his Bahraini counterpart Prince Khalifa Bin Salman Al Khalifa to give a major boost to the entire spectrum of bilateral relations.

Modi, the first Indian prime minister to visit Bahrain, and Prince Khalifa after the delegation-level talks witnessed the exchange of MoUs in the areas of culture, space, collaboration with International Solar Alliance (ISA).

The Indian Space Research Organisation (ISRO) and Bahrain's National Space Science Agency agreed to collaborate in the area of space technology.

The two sides agreed on collaboration of the kingdom with International Solar Alliance (ISA).

The ISA, launched in 2015 by Prime Minister Modi and then French President Francois Hollande at the UN Climate Change Conference in Paris, is a major global initiative for contributing to the implementation of the Paris Climate Agreement through rapid and massive deployment of solar energy.

The two countries also agreed on cultural exchange programme.

"Honoured to have met HH Prince Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain. Our talks were comprehensive and included a wide range of subjects concerning India-Bahrain relations," Prime Minister Modi tweeted after the talks.

Both leaders expressed their commitment to give a boost to the entire spectrum of bilateral relations.

Before the talks, Modi was extended a ceremonial welcome at Al Gudaibiya Palace here.

Modi, was received by Prince Khalifa at the airport.

Modi, who is on the third leg of his three-nation tour to France, UAE and Bahrain, will also hold talks with King Hamad bin Isa Al Khalifa. On Sunday, he will witness the formal beginning of the re-development of the temple of Shreenathji -- the oldest in the Gulf region.
Newsletter
A A

India's RuPay Card in Bahrain Soon: PM Modi

Manama, Aug 24 (PTI) Prime Minister Narendra Modi on Saturday said the RuPay card will soon be launched in Bahrain after India and the Gulf nation signed a MoU to allow the Indian expatriates hassle-free money transfer at cheaper costs.

RuPay card scheme was launched in 2012 to fulfil the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments.

"I am glad that you will be able to transact in Bahrain soon with RuPay card. Today there is a MoU signed for use of RuPay card," the prime minister told thousands of Indians assembled at the Bahrain National Stadium here.

"Our intention is to provide you the facility to send money to your home in India through RuPay Card. Now you will be able to say that "Bahrain - Pay with RuPay," he said.

This will also allow the Indian community in Bahrain to transact at cheaper, he said.

RuPay facilitates electronic payment at all Indian banks and financial institutions.

Earlier in the day, Modi launched the RuPay card in Abu Dhabi, making the UAE the first country in the Middle East to initiate the Indian indigenous system of electronic payment.

India has already launched the RuPay card in Singapore, Bhutan and the UAE.

The UAE was added to the list on Saturday during the prime minister's visit to Abu Dhabi.

RuPay is a highly secure network that protects against cyberhacks and is India's version of Master Card and Visa.

Today, there are close to 500 million RuPay cards in circulation in India. PTI IND AKJ

Bahrain Inviting Indian Startups and Venture Capitalists

Island nation Bahrain, which recently launched and closed a $100 million 'superfund' called Al Waha Venture Capital 'Fund of Funds', is welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

Set up by EDB in May, Al Waha Fund of Funds specializes in fund of fund investments which typically invests in venture capital funds supporting startups in Bahrain and across the Middle East. The idea is to bring more VCs into the Bahrain ecosystem as majority of the ecosystem is in the early stage and is trying to get VCs who will invest.

The EDB is open to welcoming early-stage startups based out of India and even support them in scaling up further, said Kilmartin. To recall, EDB already set up its office in Mumbai to accelerate its fintech development program and even launched a new fintech fund to invest in Indian startups that have an economic interest in Bahrain.

Through Bahrain, start-up companies that have built their products or services in Bangalore, Delhi, Mumbai or other parts of India can access the market in Gulf Cooperation Council (GCC), an alliance of six countries in the Arabian Peninsula - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.

Speaking on how startup VCs can raise funds in Bahrain, Kilmartin further said,“We are looking at launching government funding for tech companies. It will be launched in the near future. We see three elements of funding that needs to be put in place — the government, availability of money in the early stages of a startup and encouraging angel investment, so that private investments can get made during the seeding stage. We are also looking to attract and have VC investments in place.”

Notably in last year, Bahrain ranked 2nd in Middle East and North Africa (MENA) region in terms of Ease of Doing Business. MENA encompasses approximately 22 countries.

The number of startups in the country has grown at a compound annual growth rate of almost 50 percent over the past three years, as per the data by EDB.

Bahrain is also home to many accelerators and incubators that support fintech startups in gaining access to expertise funding. Additionally, payments services are also boosting in Bahrain as the Central Bank of Bahrain launched launched the nation’s first e-wallet 'BenefitPay', in June this year.

During a his visit to the Indian subcontinent, Simon Galpin, the then Managing Director of EDB had invited Indian fintech companies to relocate their offices to Bahrain's newly launch Fintech center.

Get Baqala, an Indian grocery delivery app, was among the startups that found their way to Bahrain. Founded in 2016 by Amjad Puliyali and Aboobacker Shinan, the startup was incubated with Bahrain Development Bank’s Rowad program, where it got access to initial working capital through the Seedfuel program and access to the Global Accelerator Network (GAN).

Last year, Bahrain also introduced regulation to allow onshore crowdfunding in conventional and sharia-compliant finance, reduced the minimum capital required for starting a business. With this, Bahrain becomes the second country within the Gulf Cooperation Council, after the United Arab Emirates, to allow crowdfunding.

Source - Money Control

[Top Image - bizbahrain.com]

Bahrain Inviting Indian Startups and Venture Capitalists

Island nation Bahrain, which recently launched and closed a $100 million 'superfund' called Al Waha Venture Capital 'Fund of Funds', is welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

Set up by EDB in May, Al Waha Fund of Funds specializes in fund of fund investments which typically invests in venture capital funds supporting startups in Bahrain and across the Middle East. The idea is to bring more VCs into the Bahrain ecosystem as majority of the ecosystem is in the early stage and is trying to get VCs who will invest.

The EDB is open to welcoming early-stage startups based out of India and even support them in scaling up further, said Kilmartin. To recall, EDB already set up its office in Mumbai to accelerate its fintech development program and even launched a new fintech fund to invest in Indian startups that have an economic interest in Bahrain.

Through Bahrain, start-up companies that have built their products or services in Bangalore, Delhi, Mumbai or other parts of India can access the market in Gulf Cooperation Council (GCC), an alliance of six countries in the Arabian Peninsula - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.

Speaking on how startup VCs can raise funds in Bahrain, Kilmartin further said,“We are looking at launching government funding for tech companies. It will be launched in the near future. We see three elements of funding that needs to be put in place — the government, availability of money in the early stages of a startup and encouraging angel investment, so that private investments can get made during the seeding stage. We are also looking to attract and have VC investments in place.”

Notably in last year, Bahrain ranked 2nd in Middle East and North Africa (MENA) region in terms of Ease of Doing Business. MENA encompasses approximately 22 countries.

The number of startups in the country has grown at a compound annual growth rate of almost 50 percent over the past three years, as per the data by EDB.

Bahrain is also home to many accelerators and incubators that support fintech startups in gaining access to expertise funding. Additionally, payments services are also boosting in Bahrain as the Central Bank of Bahrain launched launched the nation’s first e-wallet 'BenefitPay', in June this year.

During a his visit to the Indian subcontinent, Simon Galpin, the then Managing Director of EDB had invited Indian fintech companies to relocate their offices to Bahrain's newly launch Fintech center.

Get Baqala, an Indian grocery delivery app, was among the startups that found their way to Bahrain. Founded in 2016 by Amjad Puliyali and Aboobacker Shinan, the startup was incubated with Bahrain Development Bank’s Rowad program, where it got access to initial working capital through the Seedfuel program and access to the Global Accelerator Network (GAN).

Last year, Bahrain also introduced regulation to allow onshore crowdfunding in conventional and sharia-compliant finance, reduced the minimum capital required for starting a business. With this, Bahrain becomes the second country within the Gulf Cooperation Council, after the United Arab Emirates, to allow crowdfunding.

Source - Money Control

[Top Image - bizbahrain.com]

Bahrain Invites India's Fintech Startups To Relocate Offices

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.