Could Tokenization of Real estate in Bahrain be next?
Recently Bahrain Fintech Bay signed an agreement with Bahrain Real Estate Regulatory Authority to bolster Proptech in the Kingdom of Bahrain and pioneer this sector in the MENA region. Bahrain Fintech Bay is well renonwed for its support of startups in the digital era, whether they are fintech startups, insuretech or others. It seems that now Bahrain Fintech Bay are expanding their support to Property technology startups.
Bahrain Fintech Bay provides a physical hub to incubate insightful, scalable and impactful FinTech initiatives through innovation labs, acceleration programmes, curated activities, educational opportunities and collaborative platforms.
It partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech startups to bring the full spectrum of financial market participants and stakeholders together.
As per the deal, Bahrain FinTech Bay will play a major role in developing practical, scalable, and innovative solutions for the real estate sector with prime focus on the first key pillar ‘Leadership in service innovation’ of the National Real Estate plan. Furthermore, the giant FinTech hub will develop strategic initiatives in partnership with Rera including key joint projects, PropTech-focused acceleration programmes and more.
Rera CEO Sheikh Mohammed bin Khalifa Al Khalifa said: “Leadership in service innovation is one of the main pillars in the National Real Estate Plan and Rera’s collaboration with Bahrain FinTech Bay will accelerate this mission to create an integrated investment-friendly ecosystem and bring in technology-focused regulatory reforms that will further position Bahrain as the premier destination for real estate investment both regionally and globally.”
Al Khalifa added, ” In the kingdom, various proptech solutions have been rolled out that allow comparative house hunting, or competitive asset management to be undertaken from home or the office.”
Bahrain FinTech Bay CEO Khalid Dannish said: “We are proud to be partnering with Rera to assist in the execution of the one of the pillars of the National Real Estate Plan, which is aligned to Bahrain’s Vision 2030. The real estate sector is ripe for disruptive innovation and PropTech solutions leveraging technologies such as blockchain and AI in equity and debt crowdfunding platforms, Mortgage Tech, and creating liquidity in the asset class will play a pivotal role in enabling the sectors growth by being more automated, efficient and optimized for investors, property managers, developers and consumers. FinTech in Real Estate is a large vertical of the next wave of PropTech solutions.”