In February 2019, the Central Bank Bahrain (CBB) finalised rules for regulating and licensing crypto asset services. The Kingdom also introduced rules and regulations pertaining to crowdfunding and sustainable finance in addition to their 2018 policy, which mandated all banks to adopt open banking, making Bahrain the first country in the GCC to do this. The same year, Bahrain FinTech Bay (BFB) was established to attract the ‘best-in-class’ global FinTech’s.
Since 2018 there has been significant development in the digital economy. The BFB has successfully provided a launch pad for the growth and development of more than 90 tech companies. It has allocated tens of thousands of dollars in prize money and aided the procurement of more than $100m in funding for its members. Citi has also invested in the region, establishing its first Global Technology Hub in the region in Bahrain in partnership with the Bahrain Labour Fund (Tamkeen) and the Bahrain Economic Development Board (EDB) which is on track to employ 1,000 Bahraini coders over ten years.
In this webinar, we will identify why Bahrain has been such a successful hub for the growth of FinTechs and what makes it a regional leader. We will also discuss how it has put Bahrain on the map and what opportunities it can offer both companies and consumers, encouraging future investment, innovation and growth as a lead up to FinTech Forward 2023 (FF23), an exclusive event that will unite a diverse network of FinTechs, Financial institutions, investors, thought-leaders and industry experts in Bahrain from 10-12th October to further solidify the Kingdom as a destination for all things FinTech.
We will also address how this all falls under the country’s wider Economic Recovery Plan, which intends to develop strategic priority sectors including the telecommunications, ICT and digital economy sector with a strategy focused on supporting the digital economy, enhancing e-governance and developing Bahrain’s digital capacity as well as employing 20,000 Bahrain nationals and providing training for 10,000 Bahrainis annually by 2024. If you would like an insight into how Bahrain is leading fintech innovation in the Middle East and North Africa and what this will mean for customers and companies, register now for this webinar.
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Supported by insight from Bahrain Economic Development Board (EDB)