Home News Bahrain to Provide Fast-Track Setup Program for Fintech Startups

Bahrain to Provide Fast-Track Setup Program for Fintech Startups

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The Bahrain Economic Development Board (EDB) has launched a brand new program to entice extra startups to the nation.

According to a press release on Oct. 29, the funding promotion company for the Kingdom of Bahrain has launched a fast-track setup program for startups trying to do enterprise there.

The new initiative will present an expedited entry course of overlaying visa necessities, residency and enterprise registration processes. It additionally presents steering from the nation’s incubators and accelerators, in addition to entry to grants and monetary helps. 

In its assertion, the EDB lauds Bahrain as a greater place to do enterprise than its neighbors and notes its accepting coverage towards the cryptocurrency and open banking industries. The EDB acknowledged:

“The Kingdom’s pioneering, agile and flexible regulatory framework allows it to regulate emerging technologies – such as open banking and cryptocurrencies – in a way other jurisdictions simply cannot. Thanks to this, Bahrain has earned a reputation as the region’s de facto test-bed for cutting edge technologies.”

Middle Eastern nations look to blockchain in pivot away from hydrocarbons

Various nations within the Middle East are competing to turn into the main tech hub of the world as financial planning authorities diversify their respective nationwide economies past hydrocarbons like oil and fuel. 

The United Arab Emirates has been actively pursuing improvement in blockchain and synthetic intelligence applied sciences. In October, the nation’s Securities and Commodities Authority drafted a decision on regulating crypto belongings, which can purportedly present extra readability for crypto-related tasks within the nation.

In September, the UAE’s Ministry of Health and Prevention launched a blockchain system for recording and sharing healthcare knowledge.

Dubai launched its Dubai Blockchain Strategy 2020, through which it units targets to turn into the primary “blockchain-powered” metropolis by that 12 months. As a part of that objective, the Department of Economic Development in Dubai announced its transfer to a blockchain-based unified enterprise registry platform earlier final month.

In February 2019, the Central Bank of Bahrain introduced a regulatory sandbox for blockchain companies to experiment and develop new ideas with out worrying about compliance points. That similar month, Shariah-compliant cryptocurrency trade Rain became the primary digital asset trade to full the sandbox.

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