Bahrain has invited Indian fintech companies to set up in the country in an attempt to promote itself a major financial tech hub, The Economic Times reported yesterday.
In order to attract the interest of fintech companies, Bahrain, whose financial services industry is the second largest contributor to the GDP after the oil and gas industries, has offered them a wide range of opportunities for open banking, blockchain, crypto assets, robo advisory and remittances.
We should bear in mind that Bahrain is often chosen by a lot of companies in the industry to carry out their tests in the financial services space since the country offers many advantages, including the low cost of doing business.
Why it is important
- The Central Bank of Bahrain issued at the end of February its final rules on cryptoassets.
- The Bahrain Economic Development Board (EDB) has emphasized the benefits for the companies that decide to move to Bahrain such as "a simplified licensing process for foreign corporation, taxation incentives, a welcoming environment and unlimited access to Gulf and Middle Eastern markets".
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.