Bahrain Invites Indian Companies to Set Up FinTech Base

Several companies from India were invited by Bahrain to facilitate the on-going development of the FinTech industry in the country.

Bahrain reportedly submitted a proposal to a range of FinTech companies in India hoping to open and improve online payments, crypto assets and robo advisory. The country, considered as the tech-hub of Middle East, is planning to test innovations to sustain financial services via space.

According to an article published by India Times, the financial service sector is Bahrain’s second biggest contributor to the GDP, following its oil and gas ventures. Now, the country wants to flourish in this sector to improve GDP.

“[The] Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and a draft regulation on robo advisory,” said Economic Development Board Senior Manager Dalal Buheji.

Experts believe that this partnership between Bahrain and India will be sound because both parties can benefit. For India, it’s the low cost of business, right accelerator as well as incubators. Meanwhile, for Bahrain, it’s the enhancement of the FinTech industry to service its people.

Truthfully, Bahrain is seen as a safe zone to conduct financial innovation as the rollout of new products is very limited and slow. FinTech investments in the country can be massive once Indian companies started to accumulate in Bahrain.

To ensure the success of start-ups in the region, a public-private partnership platform has been created as physical space for the FinTech companies.