Abu Dhabi, Bahrain, Dubai and Riyadh have been named MENA’s high fintech ecosystems, based on a brand new report by analysis agency Startup Genome.
The findings are primarily based on components together with funding, exits, expertise and focus in addition to ecosystem gamers together with policymakers and founders.
For Bahrain, the report identifies key incentives designed to assist companies together with wage subsidy applications from Bahrain’s Labour Fund (Tamkeen), a liberal zero per cent company and private tax regime in addition to the federal government’s $11.3bn Covid-19 stimulus bundle to assist companies in the course of the international pandemic.
The report authors wrote: “The Bahraini government has reduced capital startup requirements from $50,000 to $100 for some businesses and introduced a regulatory sandbox for fintech.”
In a separate rating as a part of the identical Startup Genome report, Bahrain and Riyadh have been additionally listed as high FinTech ecosystems to look at globally. They appeared as the one two GCC ecosystems in that rating, alongside different rising locations together with Japanese capital Tokyo, Melbourne in Australia and Germany’s Frankfurt. Within the wider Center East area, Cairo was additionally included within the listing.
“Our ranking as one of the top FinTech ecosystems to watch is testament to Team Bahrain’s years of hard work building an environment that empowers firms of all sizes to rapidly bring new ideas to market,” stated Dalal Buhejji, director, Enterprise Improvement – Monetary Companies at Bahrain Financial Improvement Board.
“Our financial services sector is one of the most established in the Gulf region, and we have capitalised on that expertise to enable a shift towards digitalisation – something that has been of particular interest among traditional financial institutions during the global pandemic,” he added.
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Bahrain’s Labour Fund Tamkeen stays a significant supply of presidency funding, together with monetary grants and subsidies. Tamkeen is a part of a Bahrain-wide assist construction for start-ups that features Startup Bahrain, a community-led initiative, native angel networks like Tenmou, accelerators like Flat6Labs and BRINC, VCs like Center East Enterprise Companions and 500 Begin-ups, and native $100m Fund of Funds Al Waha.
“Bahrain has within a short period established itself as an innovative FinTech hub, building on its track record as a financial centre, and adopting enabling regulations. Bahrain is committed to nurturing new talent for this innovative sector,” stated Dr. Ebrahim Janahi, chief government of Labour Fund Tamkeen.