On behalf of HRH Crown Prince, Chief of General Staff Attends Inauguration of EDEX 2021    Coronavirus pandemic could cost global tourism $2 trillion this year    Jeddah receiving world's greatest drivers in preparation for Formula1 Grand Prix    IOM scales up aid at EU-Belarus border, as migrant hypothermia deaths tick up    Aramco awards contracts worth $10bn for vast Jafurah field development    Trailblazer Juffali named ambassador for Formula 1 STC Saudi Arabian Grand Prix    Crown Prince sends written message to Kuwait's Sheikh Mishal    Saudi national team golfers in action in both Thailand & Bahrain    Iraq Records 826 New COVID-19 Cases    GACA: Circular issued to airlines allowing direct entry from all countries for passengers who have received one dose of vaccine inside Saudi Arabia    Saudi Stock Exchange Main Index Ends Trading Higher at 10,810 Points    OIC Condemns Israeli President's Storming of Al-Ibrahimi Mosque in Hebron    Prophet's Holy Mosque Library Enriches Visitors' Knowledge with 180,000 Books    King Abdulaziz University, Polytechnic University of Milan Sign Agreement for Cooperation in Computer, Technological Fields    Magnitude-7.5 Earthquake Hits Northern Peru, Twelve Injured    Suspicion and sacrifice as Ethiopia fighting spreads    UK, Israel join forces to stop Iran from getting nuclear weapons    South African president calls for lifting Omicron travel bans    Saudi Film Commission launches strategy to develop cinema sector    Saudi Film Commission launch its strategy to develop film and cinema sector    Dr. Al-Abdel Ali stresses failure to reach vaccination rates reason for global COVID surge    Saudi Arabia Dakar Rally route unveiled; 430 vehicles to take part    Launch of Fintech Tour Activities in Participation of SAMA, CMA and MCIT    Jeddah Corniche Circuit attracts world attention as first Saudi Arabian GP nears    Saudi Stock Exchange Main Index Ends Trading Lower at 10,787 Points    Dar AL-Hekma University Celebrates General Education    Saudi Arabia Welcomes Australia's Intention to Designate Hezbollah, Its Political and Military Wings, as Terrorist Organization    New batch of Saudi fuel derivatives grant arrives in Hadramout, Mahra    Riyadh Season to host @Hack as biggest cybersecurity event in region    Forum to discuss challenges of combating trafficking in persons    'Disability reminds us that there is no such thing as normal'    Bollywood superstar Salman Khan to dazzle Riyadh Season on Dec. 10    Musical theater legend Sondheim dies aged 91    STC Group Wins 2021 Effie Middle East Gold Awards    President, CEO of Saudi Arabian Fencing Federation to Participate in International Fencing Federation Congress    Al-Hilal Wins AFC Champions League 2021    United Through Sports World Virtual Youth Festival Kicks off Tomorrow in Turaif District    SAFF Announces First Female Coach for KSA's First Women's Team    First Full International Marathon in Saudi Arabia to be Held in March 2022    Riyadh Art Launches Tuwaiq International Sculpture Symposium 2021    Winter Wonderland Circus Amazes Audience with Thrilling Acrobatic Shows    Bollywood star's 'India got freedom in 2014' remark stirs controversy    23 Saudi women obtain favorable verdicts in 'adhl' lawsuits    Bride's fingerprint not required in revised e-marriage contract    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Riyadh, Bahrain among world's top FinTech ecosystems to watch: Report
Published in The Saudi Gazette on 26 - 11 - 2020

Bahrain and the Saudi Arabian capital Riyadh have been named among the world's top FinTech ecosystems to watch, according to a major new report.
Research organization Startup Genome analyzed dozens of countries across the globe based on factors including funding, exits, talent and focus as well as ecosystem players including policymakers and founders.
Bahrain and Riyadh were the only two GCC locations named in the report as FinTech ecosystems to watch alongside 11 other emerging destinations including Japanese capital Tokyo, Melbourne in Australia and Germany's Frankfurt. In the wider Middle East region, Cairo was also included in the list.
Key benefits highlighted included wage subsidy programs from Bahrain's Labour Fund (Tamkeen), a liberal 0% corporate and personal tax regime as well as the government's $11.3 billion COVID-19 stimulus package to support businesses during the global pandemic.
Riyadh's focus on the rapidly growing e-commerce sector, fueled by a digitally savvy population and a strong logistics sector, resulted in the Saudi Arabian capital being listed as a FinTech ecosystem to watch.
The report authors wrote: "Bahrain ranks first in the MENA region and second globally in terms of Islamic finance regulation according to the Global Islamic Finance Report thanks to its standards on crowdfunding and open banking."
They added: "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 ranking as part of the same Startup Genome report, Bahrain, Riyadh, Abu Dhabi and Dubai were all listed as top FinTech ecosystems in the Middle East.
Commenting on the report, Dr. Ebrahim Janahi, the chief executive of Labour Fund Tamkeen, said: "Bahrain has within a short period of time established itself as an innovative FinTech hub, building on its track record as a financial center, and adopting enabling regulations. Bahrain is committed to nurturing new talent for this innovative sector."
Dalal Buhejji, director – business development – financial services at Bahrain Economic Development Board, commented: "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.
"Our financial services sector is one of the most established in the Gulf region, and we have capitalized on that expertise to enable a shift towards digitalization – something that has been of particular interest among traditional financial institutions during the global pandemic."
Bahrain's Labour Fund Tamkeen remains a major source of government funding, including financial grants and subsidies. Tamkeen is part of a Bahrain-wide support structure for start-ups that includes Startup Bahrain, a community led initiative, local angel networks like Tenmou, accelerators like Flat6Labs and BRINC, VCs like Middle East Venture Partners and 500 Start-ups, and local $100m Fund of Funds Al Waha. — SG

Clic here to read the story from its source.