In a recent interview with DEALSTREETASIA magazine, Khalid Al-Rumaihi, the CEO of Bahrain’s Economic Development Board, has recently shared some stimulating information about the potential benefits that could arise from the partnership with the Singapore Fintech Consortium. He explains how this development affects Bahrain and how it exposes it to the external market on an international level. He addressed that the purpose of this partnership contributes to the Kingdom’s ambition of becoming the region’s fintech powerhouse. This is accomplished by supporting commercial and legal infrastructure that are essential to the commencement of Bahrain’s fintech ecosystem as well as sustaining fintech hub club. This collaboration between both countries is believed to accelerate the possibilities of great opportunities within the Gulf for international entrepreneurs.
Moreover, the CEO then proceeds in explaining how Bahrain is different than the countries within the region, stating that Bahrain is in a very practical location hence giving an easy access to the Gulf, having a 25km causeway between the kingdom and Saudi Arabia. In terms of finance, Mr. Al Rumaihi enlightened on the fund that Bahrain attains that will be invested towards supporting entrepreneurs. With that being said, newly developed legislation has been established in the financial sector in order to assist in the establishment of VC funds, hence attracting new sources.
Nevertheless, Mr. Al Rumaihi believes that by 2030, an economic transformation is most likely to occur as he stated that every country in the world experience changes that would impact them in a certain period such as the growth in thee fintech and the technological driven change in the sector. He then concluded by saying that the industry is still evolving and changing daily hence why it would be difficult to give a firm answer regarding the market opportunity in Islamic financial markets.
Read more at: https://www.dealstreetasia.com/stories/bahrain-edb-islamic-fintech-72569/