Fintech to get a boost as ADGM and Bahrain EDB sign agreement
Two entities to collaborate on the exchange of information on fintech initiatives
Abu Dhabi: The fintech sector in the Mena (Middle East and North Africa) is expected to get a boost after Abu Dhabi Global Market (ADGM) and the Bahrain Economic Development Board (EDB) signed a cooperation agreement for a closer collaboration on the exchange of information on trends, services and products related to the development of Islamic finance and fintech initiatives.
This is the first such agreement between the two entities in the fintech space in the Mena region.
The fintech sector has witnessed approximately $50 billion (Dh183 billion) in investment globally, but the Mena region has received only about 1 per cent of that, David Parker, Executive Director of Financial Services at Bahrain EDB said in a statement on Monday.
