Bahrain launches fast-track programme for Singapore fintech startups

Singapore

THE Bahrain Economic Development Board (EDB) has launched a fast-track set-up process for Singaporean businesses and startups as it seeks to position the Middle Eastern kingdom as a fintech test bed.

Areije Al Shakar, senior vice-president at the Bahrain Development Bank (BDB) and fund manager of the Al Waha Fund of Funds, said Bahrain can provide startups with access to regulators, key stakeholders and a path into the Middle East and North Africa region.

"Bahrain is the best place for startups to build, and iron out any kinks they might have, and then expand," Ms Al Shakar noted.

The fast-track set-up process is a free service offered to Singaporean companies through a concierge. It includes an accelerated entry process that will cover residency, visa requirements and business registration, guidance from Bahrain's incubators and accelerators as well as access to their networks and programmes, and access to grants and financial support.

Ms Al Shakar added that through Bahrain's startup ecosystem, startups can connect with major stakeholders like sovereign wealth fund Bahrain Mumtalakat Holding Company (Mumtalakat), BDB and Batelco, the nation's largest telecom provider.

"Startups will be able to have direct access to the top decision-makers and leadership, allowing them to test their products across financial services, telecom providers and retail banks that have licences across the region," she said.

"If you're building something completely innovative, we might just be able to help write the regulation to make it work," Ms Al Shakar added.

Besides a supportive ecosystem, fintech startups and venture capitalists (VCs) can look forward to opportunities in funding as well.

Al Waha still has half of its US$100 million fund of funds to commit over the next four to six years, the fund manager says, adding that up to 75 per cent of the fund will focus on venture firms that invest in seed or series A fintech startups.

"One of the things that we noticed within the ecosystem is that a lot of the startups that are there are predominantly in early stages. So as we try to build out the venture capital ecosystem, we want it to fill the funding gaps, or the axis of funding that is available," Ms Al Shakar said.

The Al Waha Fund of Funds is backed by Mumtalakat, Batelco, BDB, National Bank of Bahrain, Tamkeen and Osool Asset Management.

"We want to attract talent and companies that are creating innovation in order to create jobs and provide opportunities for the region," she said.