Bahrain, Singapore to boost Fintech services

The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS) yesterday signed a Memorandum of Understanding (MoU) to foster innovation in financial services between the two countries. The MoU aims at mutual cooperation, supervision and support between the CBB and Monetary Authority of Singapore to facilitate the exchange of information on trends and developments in emerging fintech and innovation projects in Bahrain and Singapore.

The deal will also contribute to a common framework to help fintech companies prepare for regulatory requirements in both countries. Rasheed Al Maraj, Governor of the CBB said, “This MoU represents our ongoing cooperation with the Monetary Authority of Singapore, and marks an important milestone in the mutual efforts undertaken by both authorities in enhancing our Fintech ecosystems”.

On this occasion, Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said, “Financial Services now accounts for 17 per cent of the total GDP, and we are confident that the Kingdom will continue to strengthen its position as a FinTech leader, regionally and globally while preparing for a future in which technology is going be a game changer.” Ravi Menon, Managing Director, MAS, said, “In recent years, FinTech has created new linkages between the Middle Eastern and South East Asian regions.

With this MOU, we look forward to strengthening these linkages and expanding opportunities for FinTech firms in Bahrain and Singapore.” Both the CBB and MAS are members of the recently established Global Financial Innovation Network, a group of 12 regulators that have committed to conduct joint work in financial innovation, stability, integrity, customer outcomes and inclusion. The signing of the MoU took place on the sidelines of the Singapore Fintech Festival 2018.