Indian fintech firms can now get unlimited market access to Bahrain’s market. This is a joint initiative between the Bahrain Economic Development Board (EDB) and the government of India.
The EDB invited Indian blockchain companies and asset firms for open banking, consultancies, and remittances.
Opportunities for Indian Cryptocurrency Startups
Dalal Buhejji, the EDB senior manager for business development in financial services, said that India is a key market for Bahrain.
Last December, the EDB organized a road show to Mumbai to showcase the different opportunities available for Fintech startups in the country.
Dr. Simon Galpin, Managing Director at EDB, said:
I am very optimistic about the results of this roadshow that will pave the way to a strategic partnership on the government side and between Bahraini and Indian businesses in vital sectors such as FinTech, financial services, and ICT. Bahrain and India have many common interests since both countries are seeking a transformation towards a digital economy, and an adoption of tech solutions by the financial services environment in both countries.
About the Bahrain Economic Development Board (EDB)
The EDB is the primary public agency tasked with attracting foreign investors into the country. It is currently working to promote Bahrain as a leading financial and technology hub in the Middle East.
The Central Bank of Bahrain published its final rules on cryptocurrency assets in December 2018. The current foray into the cryptocurrency and blockchain industry comes after that.
Dalal Buhejji noted,
Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory,
She added that the central financial governing authority has worked on a comprehensive regulatory rulebook. Ultimately, these rules will help guide the crypto-asset trading and robo advisory. The financial services industry is the largest non-oil GDP contributor in the Gulf state.
The EDB signed a Memorandum of Understanding (MoU) with the Indian Maharashtra government. A safe zone would be open to companies from both countries.
Do you think Bahrain will become the leading crypto tech destination in the Middle East? Let us know!