The Kingdom of Bahrain is seeking participation from Indian firms to become a part of the growing fintech space in the region since Financial services is the 2nd biggest GDP contributor. Recently the Bahrain Economic Development Board held a roadshow in India. (EDB) Senior Manager (business development – financial services) Dalal Buhejji stated, “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 draft regulation on robo advisory,” she said.
The EDB, the investment promotion arm of Bahrain, also signed a Memorandum of Understanding (MoU) with the Maharashtra government to provide a framework for co-operation to promote fintech in their respective markets. To promote startups, a public private partnership platform in the name of Bahrain Fintech Bay has been created that provides physical space for Fintech startups.