Bahrain is to try and inject some much-needed momentum into its financial services industry—which is increasingly overshadowed by near-neighbour Dubai—by putting a new focus on fintech and related services.
The plans are still at a fairly early stage, but a number of state bodies are involved in looking for ways to develop the island kingdom’s fintech sector, including the Central Bank of Bahrain (CBB).
Speaking at a fintech seminar in Manama on December 3, Whalid Hamad, executive director banking supervision at the CBB, said the central bank was actively considering introducing regulations on fintech. “We invite technology companies to set up their offices in Bahrain and use it as a base to serve the entire GCC and Middle East region,” he added.
It’s efforts are being augmented by a range of initiatives by the Economic Development Board (EDB), the country’s inward investment agency.
David Parker, executive director for financial services and business development at the EDB, says it is working with banks in Bahrain to try and link them with entrepreneurs and start-ups involved in fintech initiatives. It is also keen to set up an accelerator to offer mentoring and access to finance for those involved in this sector (although it will not provide any funding itself).
“The GCC at large is a bit of a late adopter with fintech,” Parker acknowledges, but adds “We’re looking to turn Bahrain into a testbed.”
Specific areas of interest include Islamic finance – an industry in which Bahrain has a strong global position – as well as crowdfunding, payments services, blockchain and robo-advisors.
Source: forbes.com