Kerala And Bahrain Ink MoU To Boost Tech Startup Mission
Both the government plan to advance innovation in FinTech, ICT and IoT startups
The Bahrain Economic Development Board (EDB), the Kerala Startup Mission (KSUM) and the Gulf country’s investment promotion agency, have inked a memorandum of understanding (MoU) with a mission to boost innovation in FinTech, Information and Communications Technology (ICT), IoT startups and other related sectors.
The MoU was signed in Dubai, where both the government were attending the 39th annual GITEX Technology Week.
Aim Of The Agreement:
The key focus of this arrangement is to build business opportunities for each country’s startups in the other’s market. There will also be delegation visits to both the nations and the exchange of best practices and knowledge.
The initiative will facilitate the development and growth of FinTech and ICT start-ups and centres through support from technology hubs such as Bahrain Fintech Bay, Brinc Batelco IoT Accelerator, Flat6 Labs Bahrain, Brilliant Lab, and KSUM Hub.
The agreement also includes exploration of innovation projects in areas such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), AML, eKYC, and other emerging areas in FinTech and ICT
Elaborating about the focus Dr. Saji Gopinath, KSUM CEO said, “Building a robust ecosystem where FinTech startups and IT firms can access and engage with critical soft infrastructures such as universities, financial institutions, and government agencies will be a key enabler for growth and innovation in the FinTech and ICT sectors.”
Priority Area For Both Nation:
“These are priority areas for both Kerala and Bahrain, and we are excited to build even further upon where we are already seeing incredible growth with this timely new partnership,” he added.
“This is an excellent opportunity for Kerala start-ups to take advantage of Bahrain’s thriving ecosystem. With the lowest set-up and operating costs, some of the most-advanced supportive infrastructure and one of the most skilled labour forces in the region, there is no better destination for start-ups seeking to access and scale across the growing $1.5 trillion GCC markets,” said Dharmi Magdani, Bahrain EDB Regional Director for India.
For years Bahrain and India have enjoyed commercial ties with trade currently standing at some $1.3 billion. This year it’s Kerala, last year a similar deal was struck between EDB and the Government of Maharashtra. The relation only grew stronger last year with Prime Minister Modi visiting the Kingdom.