In order to facilitate the development of blockchain technology in the region, Bahrain has invited Indian companies to fintech and invited them to the virtual market.
”Bahrain has been reported to offer Indian companies a range of opportunities as key markets in the blockchain, digital assets, open banking and remittance sectors to boost fintech growth in the country.“
Fintech Development in Bahrain
Dalal Buhejji, Senior Director of the Bahrain Economic Development Board (EDB), reported that some Indian companies have applied to the Bahrain fintech sandbox last December, and that EDB has signed a Memorandum of Understanding with the government of Maharashtra to develop a common publicity framework for both of fintech. Buhejji added:
Istem The Central Bank of Bahrain has created the right ecosystem to support growth and innovation. We have recently seen different arrangements to support open banking, crypto asset trade regulation, and robo consultancy draft regulation. Son
The Central Bank of Bahrain (CBB) is pending official regulations in February this year blockchain and the regulatory program to allow crypto companies to operate in the country. Initiatives of firms ”Test their solutions with a limited number of users, with a limited number of processes“ In addition to providing new companies accelerate the entry of the market.
Later that month, the Sharia-compliant crypto-currency exchange in Bahrain, Rain first completed the CBB's Legal Sandbox. As reported on the stock exchange, CBB passed a Sharia compliance certificate, managed by a leading Sharia consulting and auditing firm licensed by the Shariyah Review Bureau.
In January, the University of Bahrain announced that it will issue a diploma in a blockchain as part of a general digitization strategy for mobile students. To implement the initiative, the university reportedly uses Blockcerts open standards as a partner with the Learning Machine, a startup system that provides a system to publish verifiable official records using a Blockchain-linked format.
Source: Cointelegraph