Singapore’s fintech cooperation with the Middle East is increasing again, Bahrain following the United Arab Emirates in signing its own innovation agreement.
The country’s Economic Development Board will work with the Singapore Fintech Consortium, as well as Dubai-based Trucial Investment Partners, on efforts to “to create the commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s emerging fintech ecosystem.”
Another beneficial effect will be “paving the way for increased interaction between startups in the Middle East and those in Asean markets via Singapore,” Finextra reports.
Dubai is positioning itself specifically as a Blockchain hub, looking to become the world’s first Blockchain-powered city as soon as 2020.
Earlier this month meanwhile, the UAE’s second city Abu Dhabi also partnered with Singapore on a broader fintech education agreement which will see knowledge-sharing of innovation and regulations become a priority.
Khalid Al Rumaihi, CEO of the Bahrain Economic Development Board, meanwhile commented on the latest deal:
"We know that to realize 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.”
Specific projects are also planned with Singapore, notably a fintech hub, a startup incubator and possible venture capital funding for local businesses.