While the Indian government ‘mulls over cryptocurrency regulations’, other countries are already taking steps towards the same. In order to promote Bahrain, and by extension, Middle East, as a hub for business enterprises, the country has invited Indian fintech firms to set up business in areas such as open banking, blockchain, crypto assets, robo advisory and remittances.
Talking about extending the invitation to India, Bahrain Economic Development Board (EDB) Senior Manager (business development – financial services) Dalal Buhejji said, “Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory.”
She added that Bahrain acts as the test bed for innovations, in the financial services, as the country provides many advantages, including, low cost of doing business, right accelerator and incubators, among others. Buhejji said that India is a key emerging market and added that EDB had a roadshow in Mumbai to attract fintech companies in December, as per news portal FirstPost.
The news portal further reported that a public private partnership platform in the name of Bahrain Fintech Bay was created sometime last year. The Chief Executive Officer (CEO) Khalid Saad said there are almost 36 companies from 15 countries. Saad said, “India is absolutely key market. We do have couple of companies founded by Indian entrepreneurs in Bahrain and the other Malaysian-Indian company in the cryto asset space.”
India has been one of the new emerging markets for blockchain enterprises. Recently, EMURGO Academy, a global educational institute and the official commercial arm of Cardano, the third generation blockchain announced its formal entry into the Indian market.
The institute’s initial plan is to train 2,500 blockchain developers a year and looks to set up its offices around Hyderabad, Chennai, Mumbai, Delhi and Pune by 2020.
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