Bahrain to raise USD 100 mln for fintech ventures

Thursday 4 October 2018 13:54 CET | News

Bahrain is soon launching a new USD 100 million fund to boost the fintech sector, a senior government official said, according to the Economic Times in India.

The fund will be raised by the private sector and would be complementary to an already-existing USD 100 million fund of funds by Bahrain Development Bank, which will invest across different sectors, including fintech.

This capital will help private companies and startups develop fintech products in the country.

Earlier this year, the Economic Development Board (EDB) of Bahrain founded Bahrain Fintech Bay, a-plug and-play hub in partnership with Singapore-based Fintech Consortium.

The central bank of Bahrain has also set up a separate division to focus on fintech regulation and innovation. Last September, it also introduced equity-based crowd funding regulations.

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Keywords: Bahrain, Economic Development Board, fintech, fund, innovation
Countries: World