A new report has found that Bahrain is losing ground to Dubai’s fintech sector and needs to adopt new technology to remain relevant.
BMI Research said that Dubai had been the more enthusiastic of the two when it came to adoption and promotion of fintech. As a result, it has been the leading digital services hub for the area in the last two years, reports The National.
BMI Research adds, though, that steps are being made on Bahrain’s part:
Bahrain still has a long way to go before it can catch up, but recent efforts show that momentum is building and more developments can be expected in the months ahead.
In February, the Kingdom of Bahrain was reported to be in talks with Singapore’s central bank to discuss the blockchain technology for nation-wide adoption. At the end of March, Bahrain and Singapore joined up with the Middle-Eastern monarchy to create a fintech ecosystem and regulatory framework to become a hub in the region.
However, the country still has a long way to go before it can catch up with the efforts that Dubai is currently making in the sector.
Under the new program called Dubai Blockchain Strategy, the announcement was first made last October through the Dubai Media Office’s official social media account, citing Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.
According to the Prince, under the new initiative the people of Dubai ‘will only need to enter personal data or business credentials once” onto the blockchain, before it becomes an immutable record.
Other steps that the country is taking to embrace the distributed ledger include signing an agreement with U.K.-based blockchain startup ObjectTech to create digital passports for entry at Dubai International Airport. It’s hoped this will speed up the passport verification process while creating a ‘gate-less border.’
UAE retail banking giant Emirates NBD is also due to implement the distributed ledger in an attempt to prevent cheque fraud and boost their authenticity.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:39 AM UTC