The Bahrain Economic Development Board (EDB) has signed an MoU with the Kerala Startup Mission (KSUM) to facilitate and enhance cooperation between relevant parties such as financial and technological institutions, universities and research institutions, technology experts and government agencies.
EDB stated that the partnership facilitates the development and growth of fintech and ICT start-ups as well as centres through the support from hubs such as Bahrain Fintech Bay, Brinc Batelco IoT Accelerator as well as Flat6 Labs Bahrain, Brilliant Lab and KSUM Hub.
Dr. Saji Gopinath, the CEO of KSUM, said, “Building a robust ecosystem where fintech start-ups and IT firms can access and engage with critical software infrastructures such as universities, financial institutionsAcceleratorand government agencies will be a key enabler for growth and innovation in the fintech and ICT sectors.”
Indian cryptocurrency exchange Belfrics is one of several fintechs testing innovative technologies in Bahrain’s regulatory sandbox and in the first half of 2019, eight new projects in Bahrain’s ICT sector were started by Indian companies—bringing investments worth more than $3 million.
EDB and KSUM will also explore collaboration in areas such as digital and mobile payments, blockchain and distributed ledgers as well as big data, flexible platforms (API), AML and eKYC.