Bahrain Economic Development Board (EDB) has signed an agreement with Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, to kick off a new era in FinTech cooperation.
Inked between two of the MENA region’s leading FinTech hubs, the new agreement is a first-of-its-kind in the MENA region. It facilitates a framework for faster information sharing and an easy exchange of startup knowledge and talent. Furthermore, the agreement also has all the necessary provisions to enable EDB and ADGM to explore cutting-edge technologies that can help promote economic growth in the region’s financial services.“We have seen exciting momentum in FinTech in Bahrain and across the region over the last year,” said David Parker, Executive Director of Financial Services at Bahrain EDB.
Similarly, it will pave the way for FinTech startups from both jurisdictions to access information via a common point of contact.
Overall, the new agreement makes it much easier to form a closer collaboration for exchanging information on products, services, and trends. This collaboration, in turn, could play a vital role in the development of Islamic finance and FinTech initiatives within the region. As a start, both parties have recognized elements such as accelerator programs, professional and academic knowledge exchange, digital payment technology, and the ever-evolving blockchain technology as the driving forces for the growth of these sectors.
Speaking of the potential the agreement holds, Richard Teng, CEO of Financial Services Regulatory Authority at ADGM, said: “Together, we advocate and see the MENA region as a continuous whole and look to leverage each other’s strengths to anchor a vibrant Fintech ecosystem.From our close discussions with the Economic Development Board of Bahrain, and especially at the first Regional Regulators’ FinTech Roundtable recently in Abu Dhabi, it is clear we value the importance of collaboration and mutual support in any relevant manner.”