Kerala Startup Mission (KSUM), the Kerala government organisation supporting the startup ecosystem in the state, has tied up with the Bahrain Economic Development Board (EDB) to support technology startups. EDB is the investment promotion agency for the Kingdom of Bahrain.
The MoU would help promote innovation in their respective markets in financial technology, information and communication technology (ICT) and related emerging technologies.
The key focus of the MoU is to build business opportunities for each country’s startups in the other’s market. The scope of cooperation also includes the facilitation of delegation visits to Bahrain and India, as well as collaboration on knowledge exchange and best practices regarding education programmes and curricula, including facilitating and enhancing cooperation between relevant parties such as financial and technological institutions, universities and research institutions, technology experts, and government agencies.
It will also facilitate the development and growth of FinTech and ICT start-ups and centres via support from hubs such as Bahrain Fintech Bay, Brinc Batelco IoT Acceslerator, Flat6 Labs Bahrain, Brilliant Lab and KSUM Hub and explore 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.
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. These are priority areas for both Kerala and Bahrain, and we are immensely excited to build even further upon where we are already seeing incredible growth with this timely new partnership.”
Dharmi Magdani, Bahrain EDB Regional Director for India said, “This is an excellent opportunity for Keralan startups to take advantage of Bahrain’s thriving ecosystem. With the lowest setup 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 startups seeking to access and scale across the growing $1.5 trillion GCC markets.”