Mubasher: The Bahrain Economic Development Board (EDB) and the Abu Dhabi Global Market (ADGM) on Monday signed a fintech cooperation agreement, which is the first in the Middle East and North Africa region.
The agreement will contribute to promoting the MENA region as “a connected collaborative environment for Fintech to thrive in,” according to the EDB’s statement.
Moreover, it makes headway towards easing the business for the start-ups through providing a framework for sharing information and knowledge.
The deal will allow also the exchange of services, products, and information on trends.
“We are excited to witness the first FinTech MoU between two MENA jurisdictions,” said Richard Teng, the CEO of Financial Services Regulatory Authority of ADGM.
“We have seen exciting momentum in FinTech in Bahrain and across the region over the last year,” said David Parker, executive director of the financial services at Bahrain EDB.
EDB is an investment promotion agency with overall responsibility for attracting investment into Bahrain and supporting initiatives that boost the investment climate.
The EDB concentrates on a slew of economic sectors that capitalise on the kingdom's competitive advantages.
The sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
Meanwhile, ADGM, opened for business since 2015, is an international financial centre (IFC) located in the capital city of the UAE.
ADGM has been awarded as the “Financial Centre of the Year (MENA)” for two consecutive years in recognition of its innovative, strategic and progressive initiatives.
