The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS)  signed a Memorandum of Understanding (MOU) to foster innovation in financial services between the two countries. This follows Bahrain’s series of strategies to bolster its fintech sector 

The MOU will support the sharing of information on emerging Fintech trends and developments, and facilitate co-operation on innovation projects in Bahrain and Singapore. The MOU also sets out a common framework to help FinTech companies prepare for regulatory requirements in both countries.

Mr. 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.”

Mr 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.”

The signing of the MOU took place on the sidelines of the Fintech Festival Singapore 2018