Bahrain set to become fintech hub

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MANAMA: Bahrain is all poised to become a major international fintech hub, said financial experts.

The fintech sector has experienced spectacular growth over the past two years and the kingdom earned high esteem and standing in the field of financial technology in several international reports and indicators thanks to efforts and partnership between the public and private sectors, they said.

The kingdom has attracted more than 80 local and international startups in the field of financial technology, said Bahrain FinTech Bay chief executive Khalid Dannish.

Bahrain’s first National FinTech Talent Programme (FTP) was launched in co-operation with the Labour Fund “Tamkeen” to build a more competent and resilient workforce, he added.

In a statement to our sister paper Akhbar Al Khaleej, he said Bahrain FinTech Bay hired 50 Bahraini university graduates on a full-time basis and provided internship with financial companies and institutions as well as international sites in San Francisco and Singapore.

It sought to expand its scope of work and considered creating a suitable environment to support real estate technology in Bahrain partnering with Real Estate Regulatory Authority to help implement the five-year national real estate strategy, he pointed out.

He said Bahrain has attracted 85 per cent of GCC fintech incubators, 17pc of which are local fintech companies and startups. He cited particularly “Rain”, the first and largest cryptocurrency platform in the Middle East and North Africa region, “Tasweya”, the first insurance technology from the regulatory sandbox of the Central Bank of Bahrain, CBB and Coin-MENA, the first Sharia-compliant cryptocurrency exchange.

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