Bahrain Economic Board Sends Friendly Invites to Indian Cryptocurrency Businesses to Open Up Shop
In an attempt to boost Bahrain as a financial tech hub, the Middle Eastern country is seeking participation from Indian firms to become a part of the growing fintech space in the region.
“Financial service sector is the second biggest contributor to the GDP behind oil and gas and the effort is to grow the sector further. The 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 a draft regulation on robo advisory,”
Bahrain Economic Development Board (EDB) Senior Manager (business development – financial services) Dalal Buhejji said.
The EDB is Bahrain’s public agency which deals with attracting investment. As such, it has been working with the government of India in multiple business areas in the past. It is also responsible for the move to improve the working conditions in the Gulf state. Furthermore, the EDB already has offices in large cities in India, such as Mumbai and New Delhi.
EDB Managing Director Simon Galpinstated:
“We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India.”
Notably, in December 2018, the Indian state of Maharashtra had its government sign a memorandum of understanding with the Bahrain Economic Development Board, which was basically an agreement to provide a cooperative framework that both countries could benefit from, as it would promote the fintech sector in India and Bahrain alike. In essence, the two agreed to collaborate in encouraging educational programs regarding the fintech industry, the cooperation between different institutions and sectors, as well as delegation visits.
India has become a breeding ground for globalization and major tech giants always have the Indian market in mind before launching a new product. Coming to the cryptocurrencies, Indian central ban had earlier banned the use of crypto in the financial ecosystem. However, with pressure from the budding crypto scene in India and a few petitions to overturn the decisions, the government has decided to finalize the regulatory framework soon.