Indian Companies To Help Develop Blockchain In Bahrain
Bahrain, an oil state in the Persian Gulf, invites fintech companies from India to develop the blockchain industry in the country. This was reported by The Economic Times.
The so-called fintech sandbox, which is waiting for some promising Indian startups, focuses on blockchain, virtual currencies, open banking, and money remittances. This is a safe area where startups can test various financial innovations with a limited number of participants.
The sandbox is controlled by the central bank of Bahrain and has been operating since February 2019. Such an initiative will help new companies to enter the market and facilitate the development of crypto business in the region. Besides, Bahrain will provide startups with a number of advantages, including low prices for entrepreneurs and high-quality business incubators.
By this time, a specific space called Bahrain Fintech Bay has been created, where partner companies from India can get settled physically.
According to Dalal Buhejji, a representative of the Economic Development Board of Bahrain, many fintech companies submitted applications even before the sandbox was launched. The agency also signed an agreement with the Indian state of Maharashtra to jointly develop an infrastructure to promote financial technologies in the markets of both countries.
The message specifies which startups are willing to move to Bahrain. It is noteworthy that Buhejji called India a key market, which the eastern state is orientated towards.
A week earlier, a university in the Indian city of Calcutta announced the start of an advanced program to study financial technologies and blockchain.
Recently, the authorities in Bahrain have adopted the rules of crypto regulation.