EDB signs key fintech accord
MUMBAI: Bahrain and the government of the Indian state of Maharashtra have agreed to partner in developing a mutually beneficial ecosystem for innovation in fintech.
The Economic Development Board (EDB) signed a memorandum of understanding (MoU) with the Maharashtra Government to provide a framework for co-operation in fintech yesterday.
This strategic partnership will introduce innovations that will further strengthen the landscape of the fintech industry, according to Dr Simon Galpin, the managing director of Bahrain’s investment promotion agency.
“The fintech industry is widely regarded as the financial sector’s future, by enhancing traditional financial services delivery and technological innovations in financial literacy and education, retail banking and investment.
“Bahrain stands ready to learn from its close trading partner, whilst also sharing its own knowledge,” he added.
According to him, the agreement would also work as a model for forging wider and deeper business ties between the two countries.
The MoU signed by Dr Galpin and Maharashtra Government’s Directorate of Information Technology principal secretary S V R Srinivas will last for an initial period of three years.
It will lead to Maharashtra Government and the EDB supporting fintech ecosystem enhancement in the two countries through the facilitation of co-operation between financial institutions, universities/research institutions, technology providers, experts and government agencies.
Mr Srinivas said the collaboration places the two countries at the frontier of a new future.
“We are going to work together to unlock a new generation of talent, creativity and innovation and be prepared for a future in which technology will be the game-changer,” he added.
They will identify new areas of growth within the financial services sector and explore innovative projects in areas such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms, anti-money laundering, eKYC, amongst other new technologies.
Bahrain has long been the home of finance in the GCC, and with the launch of Bahrain FinTech Bay, it has become a leading fintech hub in the Middle East and Africa.
Additionally, with a dedicated fintech unit, the Central Bank of Bahrain has devised and delivered a pro-innovation regulatory framework.
This includes the region’s first onshore regulatory sandbox, established last year as a test-bed for start-ups.
With financial services now accounting for 17 per cent of total gross domestic product (GDP), Bahrain is committed to enabling innovators across the fintech ecosystem.
In February this year, Maharashtra became the first state in India to launch a fintech policy, aiming to establish a global hub in Mumbai and make the state one of the top five fintech centres in the world within five years.
Source: http://www.gdnonline.com/Details/444285/EDB-signs-key-fintech-accord
