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The Bahrain Economic Development Board (EDB) has signed a memorandum of understanding (MoU) with the Kerala Startup Mission (KSUM) – the Kerala government body for supporting technology start-ups in Kerala.
The MoU aims to provide a framework for co-operation between the two authorities to promote innovation in their respective markets in the fields of FinTech, ICT and related emerging technologies. The signing took place in Dubai, where both parties were attending the 39th annual GITEX Technology Week.
Among the key components of the MoU are:
l Education programmes and curricula, including facilitating and enhancing cooperation between relevant parties such as financial and technological institutions, universities and research institutions, technology experts, and government agencies
l Facilitating the development and growth of FinTech and ICT start-ups and centres via support from hubs such as Bahrain Fintech Bay, Brinc Batelco IoT Accelerators, Flat6 Labs Bahrain, Brilliant Lab and KSUM Hub
l Exploration of innovation projects in areas such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), AML, eKYC, and other emerging areas in FinTech and ICT.
Dharmi Magdani, Bahrain EDB Regional Director for India said: “This is an excellent opportunity for start-ups to take advantage of Bahrain’s thriving ecosystem. With the lowest setup and operating costs, some of the most advanced supportive infrastructure and one of the most skilled labour forces in the region, there is no better destination for start-ups seeking access and scale across the growing $1.5 trillion GCC markets.”
Bahrain and India have enjoyed commercial ties for thousands of years with trade currently standing at $1.3 billion. FinTech and ICT are already a key focus for collaboration between the two countries, with a similar MoU signed by the EDB and the Government of Maharashtra last year. Indian cryptocurrency exchange Belfrics is one of several FinTechs testing innovative technologies in Bahrain’s regulatory sandbox, and in the first half of 2019 alone, eight new projects in Bahrain’s ICT sector were started by Indian companies – more than any other country – bringing investments worth more than $3 million. This longstanding relationship was brought to new heights in August with the state visit to Bahrain by Narendra Modi – the first ever visit to the Kingdom by an Indian Prime Minister.
