The Bahrain Economic Development Board (EDB), FinTech incubator and ecosystem builder Singapore Fintech Consortium (SFC) and Dubai-based asset management and advisory firm Trucial Investment Partners have partnered to develop a FinTech (financial technology) ecosystem and regulatory framework for the Kingdom.
The framework role is part of a wider partnership collaboration that aims to transform Bahrain into the region’s FinTech powerhouse.
The agreement also includes support in developing related commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s FinTech ecosystem. It will pave the way for increased interaction between FinTech firms in the Middle East via Bahrain and those in ASEAN via Singapore and will facilitate the entry of Singaporean FinTech companies into the Kingdom.
Other initiatives under consideration include a dedicated FinTech hub, an incubator/accelerator platform and FinTech-focused venture capital.
Mr. Khalid Al Rumaihi, EDB’s Chief Executive said: “Singapore has been an excellent model of FinTech development and we can now benefit from SFC’s expertise as we develop our own hub. We are very excited about the opportunities that FinTech presents in the region and in Bahrain. Yet we know that to realise these opportunities it is vital to get the right ecosystem in place. This partnership will play an important role in helping us to do that.”
Gerben Visser, SFC Co-Founder, said it would play a multi-faceted role in the development of the fintech enablement and positioning of Bahrain as a regional fintech hub in the GCC. “This includes assisting in the execution of a range of comprehensive initiatives related to regulation, co-working, incubation and venture capital. We believe the collaboration with a multitude of public and private sector partners are opportune, timely and will contribute to the future-proofing of its financial service centre,” he said.
Maissan Al Maskati, Trucial Investment Partners’ Managing Partner, said the strategic partnership will introduce innovations that will change the landscape of the GCC’s financial industry through FinTech, which is widely regarded as the sector’s future by enhancing traditional financial services delivery and technological innovations in financial literacy and education, retail banking and investment.
“We believe that Bahrain is uniquely positioned to build on its strength in financial services and become a major player in global FinTech. Bahrain offers many factors that would support the development of a thriving FinTech ecosystem, including having a highly-reputed regulator, a young and innovative local population, world-class technological and telecom infrastructure, and a size advantage, like Singapore, that is well suited for start-ups.
“We have been working closely with the Singapore FinTech Consortium to launch a comprehensive FinTech platform in the Middle East and we have found in Bahrain the ideal partner, stakeholders and geographic location for this venture.”
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Notes to editors:
About The Bahrain Economic Development Board (“EDB”)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com
; for information about Bahrain visit www.bahrain.com
About The Singapore FinTech Consortium (“SFC”)
The Singapore FinTech Consortium is a FinTech Incubator and FinTech Ecosystem Builder that aims to further the development, interaction and acceleration of the FinTech ecosystems. It fosters synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.
Through its FinTech incubation platform, it offers corporate incubation, research lab and venture acceleration as well as provides access to analytical tools and FinTech related resources.
It’s Digital Incubator (FinTech Consortium) aims to be an effective online platform for our partners to engage with multi-stakeholders to find solutions to implement and promote best FinTech innovation practices in a collaborative, scalable and transparent manner.
About Trucial Investment Partners (“TIP”)
Trucial Investment Partners Limited is an asset management and advisory firm based in the Dubai International Financial Centre. Trucial was licensed to provide Financial services in and is regulated by the Dubai Financial Services Authority as a Category 3C firm.
The founders established Trucial Investment Partners following a successful track record of international private equity investment across various sectors, and in markets such as the Middle East, Europe, and the United States. Trucial provides Asset Management, Transaction Advisory and Business Restructuring services.