SINGAPORE – Bahrain Economic Development Board (EDB) will open an office in Singapore, marking the Gulf state’s first foothold in Southeast Asia and demonstrating its broader ambitions in the region under its Economic Vision 2030 plan.
Five priority areas for cooperation have been identified as Saudi Arabia focuses on diversifying from an oil-rich economy to a globally competitive economy, a shift that began more than 20 years ago. It’s starting.
The five sectors are financial services, information and communication technology, manufacturing, logistics, and tourism.
Dalal Buhej, Executive Director of Financial Services Business Development at Bahrain EDB, said: “We are committed to attracting these investments to Bahrain to further grow and diversify our economy and create more job opportunities. “This is a priority.”
“We believe that having a physical presence in Singapore will give us access to the Singapore market and the ASEAN market,” she told The Straits Times on Monday ahead of her visit to Singapore on Tuesday.
Bahrain EDB, led by Chief Executive Officer Khalid Humaidan, will be joined by Ms Al-Buheiji and senior officials from the Central Bank of Bahrain and Bahrain FinTech Bay to attend the Singapore FinTech Festival 2023, which will be held from Wednesday to Friday. .
Buhej said Singapore and Bahrain have many similarities, both being agile countries with flexible regulatory environments, and both being forward-thinking in fostering digital innovation across sectors, particularly in the financial services market. Ta.
He said the Singapore office will help Bahrain attract more digital-enabled technologies, noting that Asean’s digital economy is expected to exceed US$200 billion (S$272 billion) by 2025. .
“This is a huge opportunity for us, especially in growing Bahrain’s digital economy in all areas,” Buhej said.
Bahrain’s efforts to develop a crypto hub that protects investors is proving attractive to companies specializing in blockchain-based technologies and services. It has over 120 fintech companies, most of which are in the payments and cryptocurrency space.
Whampoa Group, a Singaporean investment firm that invests in global high-tech companies, has announced the establishment of a new digital bank headquarters in Bahrain.
Singapore Gulf Bank, which will provide payment and settlement services for crypto companies, is set to launch in December and is awaiting final approval for a license from the Central Bank of Bahrain.
Whampoa is a former senior law firm founded by Lee Han See, a member of the business family who co-founded OCBC Bank and Lee Rubber Group, and his father Lee Kim. Co-founded by partner Amy Lee. Yew and his brother Lee Kuan Yew (Singapore’s first Prime Minister) and his wife.
Just as Singapore is Bahrain’s gateway to Southeast Asia, Bahrain aims to be a bridge between ASEAN and the US$4.3 trillion Middle East and North Africa (Mena) region.