Bahrain to raise $100m for fintech ventures
Bahrain is soon launching a new $100 million fund to boost the fintech sector, a senior government official said, according to the Economic Times in India.
The fund will be raised by the private sector and would be complementary to an already-existing $100 million fund of funds by Bahrain Development Bank, which will invest across different sectors, including fintech.
This capital will help private companies and start-ups develop fintech products in the country.
Other than that, there’s only a small number of venture capitals that help fund the sector in the country.
Earlier this year, the Economic Development Board (EDB) of Bahrain founded Bahrain Fintech Bay, a plug and play hub in partnership with Singapore-based Fintech Consortium.
The central bank of Bahrain has also set up a separate division to focus on fintech regulation and innovation. Last September, it also introduced equity-based crowd funding regulations.
