International financial centre Abu Dhabi Global Market (ADGM) has signed a fintech cooperation agreement with Bahrain Economic Development Board (EDB) to collaborate on strengthening the regional fintech industry.

The new agreement provides a framework to share information between the two fintech hubs and expected to facilitate the movement of startups, knowledge and talent between the two jurisdictions.

It will also enable Bahrain EDB and ADGM to explore new avenues to promote economic growth in financial services by adopting new technologies.

The agreement will also facilitate the exchange of professional and academic knowledge as well as information on trends, services and products.

Fintech startups will also be able to procure necessary information from both jurisdictions through one common point of contact.

Bahrain EDB Financial Services executive director David Parker said: “The FinTech sector has witnessed approximately $50bn in investment globally, but the MENA region has received only about 1% of that.

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“In Bahrain, we recognise that there is great potential for growth in this sector and we are capitalising on this by creating the right ecosystem. This MoU marks another inspiring moment in our regional development.

“In Bahrain, an ongoing series of legal and regulatory reforms are supporting easy access to a wide range of new opportunities, including a Fintech sandbox and support for both conventional and Shari’a-compliant crowdfunding.”