Bahrain plans pilot Blockchain project with Monetary Authority of Singapore
The Monetary Authority of Bahrain together with Singapore's stock exchange and eight local and foreign banks are in discussions to create a project to use blockchain technology for interbank payments.
Khalid Al Rumaihi, CEO of inward investment agency Bahrain Economic Development Board stated,” the country wants to become a pioneer in the burgeoning ‘fintech’ space, and national adoption of blockchain technology is a key enabler of this. We are in talks with a group of people from the central bank of Singapore, which began its own blockchain project for bank transactions 18 months ago and is making huge progress,”
He added, “Blockchain will unlock so many different possibilities for business in the way email and internet did years ago. What would prevent Bahrain from becoming a leader in this space in the same way Singapore is?” Bahraini government officials were working to establish a ‘regulatory sandbox’ to allow fintech players to test new business models and products in compliance with Bahrain’s laws.
Among the commercial transactions blockchain could be used to facilitate are real estate sales, including exchanging title deeds.