Bahrain is the latest Middle Eastern country to promote financial technology, or fintech, for the benefit of its local industry.
The Bahrain Economic Development Board says it is collaborating with the Singapore Fintech Consortium, described as a fintech incubator, and Dubai-based asset manager Trucial Investment Partners on a regulatory framework to nurture innovative companies.
“Singapore has been an excellent model of fintech development and we can now benefit from the Singapore Fintech Consortium’s expertise as we develop our own hub,” said Khalid Al Rumaihi, chief executive of the Bahrain board.
Several Middle Eastern financial centres have sought to position themselves as hubs for fintech innovation. The Abu Dhabi Global Market will host a fintech summit in October in partnership with PwC.
The Dubai International Financial Centre, meanwhile, plans to launch what it says will be the first fintech accelerator in the region.
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