Latest approval continues Crypto.com’s expansion, as company looks to grow product offering in the GCC region

Crypto.com has received full approval to provide  payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region. 

The PSP licence will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.

“With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, adding, “Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”

“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation,” said Eric Anziani, President and COO of Crypto.com. “We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC.”

Bahrain, a pioneering hub for digital asset regulation within the Gulf Cooperation Council (GCC) countries, was among the first to issue crypto-asset licences in the region, cementing itself as a leading hub for crypto services and fintech innovations in the region. As the island nation’s investment promotion agency, Bahrain EDB works closely with potential and existing clients providing key services that include industry assessments and strategic advisory, in line with its mandate of attracting investments into Bahrain.

Crypto.com continues to actively grow and expand its ecosystem, with more than 100 million users worldwide. The announcement builds on Crypto.com’s regulatory licensing momentum globally, having received its Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA) and the launch of the Crypto.com Exchange for institutional investors in April 2024. Cypto.com is additionally licensed for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, United Kingdom, United States, Canada, and South Korea.

At the sidelines of the events Bahrain EDB announced securing investment commitments valued at just under USD 33 million stemming from leading India based companies across multiple sectors

Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior members of the investment promotion agency, the visit comprised a series of select events and meetings to showcase value-adding opportunities across priority sectors, namely manufacturing and information and communication technology (ICT), to targeted investors.

Designed to strengthen economic and business ties between the two countries, as well as promote high-impact investment opportunities in Bahrain to a curated selection of India-based investors, Bahrain EDB hosted several events as part of the roadshow. In Mumbai, in collaboration with the Confederation of Indian Industry (CII), an exclusive dinner was held at Taj Mahal Palace, where the gathering offered an opportunity to connect with key decision makers from select leading Indian companies.

Two forums were held showcasing the Kingdom’s investment landscape with an in-depth discussion of  expansion opportunities available for businesses to leverage Bahrain as a hub to expand across the Gulf and greater Middle East and North Africa region. The first was held in Mumbai, the second was held in at The Leela Palace Bengaluru, both events held in partnership with Grant Thorton focusing on investment opportunities within Bahrain’s thriving manufacturing and ICT sectors.

At the sidelines of the events, Bahrain EDB announced securing investment commitments valued at just under USD 33 million stemming from leading India based companies across multiple sectors. The cumulative impact of these investments, particularly Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.

Bahrain and India enjoy strong bilateral and economic ties, where India is ranked as one of Bahrain’s top 6 investing partners, with India’s FDI stock in Bahrain reaching over $1.5 billion in 2023. Earlier this August, in a significant expansion into the Middle East, The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced the launch of two luxury properties in Bahrain under its iconic Taj brand. The strategic move, in partnership with Kingdom Projects, marks a significant milestone for IHCL as part of its growth-oriented plans to expand its global footprint under its portfolio of leading hospitality brands across the Middle East. Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.

Bahrain Economic Development Board (Bahrain EDB) has secured initial investment commitments valued at over USD 16 million from Polymatech to establish a semiconductor manufacturing facility in Bahrain’s Industrial Area of Hidd.  

This announcement was made during the island nation investment promotion agency’s visit to India, which is covering key cities including Mumbai, Bengaluru, and Chennai, aimed at showcasing Bahrain’s dynamic business landscape and its growing appeal as a regional hub for technology and manufacturing. 

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, stated, “We at Bahrain EDB are pleased to welcome Polymatech alongside several leading multi-sector companies to business-friendly Bahrain. Bahrain continues to maintain momentum in delivering on its vision of developing a digital-first, intelligent economy, fostering a future-ready ecosystem that prioritizes the development of next-generation technologies, advanced manufacturing, and a highly skilled workforce. Polymatech establishing a semiconductor facility in Bahrain is a pivotal milestone on this journey of digital transformation and is set to usher in a new era of innovation and technological advancement across sectors, contributing significantly to the national economy.” 

Polymatech’s Bahrain facility, which is set to be established under the brand name Atri, will play a critical role in producing essential 5G and 6G components, positioning the island nation as a key player in the global semiconductor value chain, a sector that is becoming indispensable in today’s digital world. Semiconductors are fundamental to modern appliances and industries at large, powering everything from smartphones to electric vehicles. This marks Polymatech’s first step in expanding its global footprint, driven by a commitment to sustainable and research-led development. 

Eswara Rao Nandam, Managing Director and Chief Executive Officer of Polymatech Electronics, commented, “We are excited to bring our expertise in semiconductor manufacturing to Bahrain, which offers a strategic location and facilitated access to the region. Establishing our semiconductor manufacturing facility here aligns perfectly with our expansion goals, allowing us to tap into the growing demand internationally and contribute to the local and regional innovation landscape.” 

In addition to announcing Polymatech’s investment, the visit to India also saw the announcement of investments from three other India-based companies—Chemco Plastics, Bhageria Industries, and an ICT firm, which are expected to further enhance Bahrain’s growing manufacturing and ICT sectors.  

Ali AlMudaifa, Chief of Business Development at Bahrain Economic Development Board, said, “Our success in attracting this robust portfolio of investments is underpinned by the collective efforts of Team Bahrain, a curated approach that champions the private and public sectors working closely together to maintain an attractive investment environment known for its ease of doing business to foster success stories with local roots and global impact. Coupled with a strategic location, progressive regulatory frameworks, the agility of Team Bahrain remains a cornerstone of our island nation’s value proposition and competitiveness within an increasingly competitive global playing field.” 

Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region. 

Mumbai and Bengaluru events showcase robust investment opportunities in Bahrain to strategic portfolio of Investors

With the support of Team Bahrain, the Bahrain Economic Development Board (Bahrain EDB) has secured investment commitments valued at USD 16.65 million from three leading India-based companies across the sectors of manufacturing, renewable energy, and ICT. The announcements were made during Bahrain EDB’s ongoing week-long visit to Mumbai, Bengaluru, and Chennai, designed to strengthen bilateral economic ties and attract foreign direct investment to Bahrain.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, said, “We at Bahrain EDB are proud to welcome these companies to our business-friendly island nation, further underscoring the robust economic and commercial ties between India and Bahrain that have been traced back 5,000 years to the Dilmun and Indus Valley civilizations. This cumulative investment reflects the strength and competitiveness of Bahrain’s value-proposition and fast-growing reputation as a key regional hub for leading manufacturing and niche technology firms seeking a trusted international destination for expansion.”

Among the Indian companies expanding, Chemco is gearing up for its third expansion in Bahrain since it first announced its plans to set up its factory in Bahrain in 2013, with an aim of augmenting its rigid packaging production capacity at Bahrain International Investment Park (BIIP), incorporating fully automated production lines to meet the growing demand in Bahrain’s Fast-Moving Consumer Goods (FMCG) sector. Since its establishment in India in 1980, Chemco has expanded beyond traditional packaging into comprehensive secondary and tertiary solutions, ensuring that every stage of the packaging process is expertly managed. Promoting sustainability through recycling initiatives and units, Chemco has maintained a commitment to traceability and delivering environmentally responsible packaging solutions.

Chemco Managing Director, Gaurav Saraogi, said, “We are excited to expand our operations and production capabilities in Bahrain, where the business environment offers unmatched opportunities for growth and a supportive ecosystem for investors. Bahrain has proven to be a strategic partner in driving our success, with its streamlined processes, ease of doing business, and commitment to working towards a carbon-neutral economy which aligns with Chemco’s long term objectives of deeply ingraining sustainability principles across all operations to pave the way for a greener future.”

Additionally, Bhageria Industries is investing in Bahrain with plans to develop an 11.40 MW solar project. Awarded a 10-year turnkey contract by APM Terminals Bahrain, operator of Khalifa bin Salman Port, Bhageria was first established in 1989 as a manufacturer of dyes and dye intermediates and has since diversified into solar power generation and Engineering Procurement and Construction (EPC) contracts. The Bahrain project marks Bhageria’s first international solar venture, further solidifying Bahrain’s commitment to renewable energy.

The third company, an ICT firm, is setting up its regional headquarters in Bahrain, further strengthening the Kingdom’s growing capabilities in technology and AI. This investment will contribute to Bahrain’s ongoing efforts to build a tech-driven, intelligent economy backed by a future-ready, highly skilled talent pool.

Bahrain’s strong business environment, strategic location, and supportive government policies continue to attract significant investments from Indian companies. India’s FDI stock in Bahrain has grown by 36.6% between 2019 and 2023, adding an average of USD 102 million annually, with total FDI stock reaching USD 1.52 billion in 2023.

Bahrain Economic Development Board (Bahrain EDB), the island nation’s investment promotion agency, is set to kick off a multi-city tour across India from 9^th to 14^th September 2024. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, along with senior members of Bahrain EDB, the week-long visit will include a series of select events and meetings to showcase value-adding opportunities across priority sectors, namely manufacturing and information and communication technology (ICT), to targeted investors.

Designed to strengthen economic and trade ties between the two countries, as well as promote high-impact investment opportunities in Bahrain, the delegation will visit the cities of Mumbai, Bengaluru and Chennai; reinforcing Bahrain’s commitment towards maintaining a favourable and innovative investment ecosystem, enabling Indian businesses to expand in Bahrain and beyond.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, said, “Bahrain’s strategic location at the heart of the Gulf and proximity to India, coupled with our progressive policies and welcoming business environment, makes it an ideal hub for Indian enterprises looking at expanding their global footprint. With a robust pipeline of projects and strong interest from Indian investors, we are eager to showcase the wealth of investment opportunities Bahrain offers. This visit is a testament to our commitment to deepening bilateral ties, and forming strategic partnerships that will drive mutual growth and prosperity for both Bahrain and India.”

According to Bahrain’s Ministry of Industry & Commerce, there are close to 10,900 Indian companies and Indian joint ventures registered in Bahrain as of 2023 (including their branches), which witnessed a growth of 62% since 2019. India is also Bahrain’s sixth-top investing country, with Indian FDI stock growing by 36.6% between 2019 and 2023, adding an average of USD 102 million each year and inward FDI stocks from India reaching USD 1.52 billion in 2023, accounting for around 4% of Bahrain’s total FDI stock.

Many prominent Indian companies, which include Tech Mahindra, Chemco, Electro Steel, Parle Biscuits, JBF Industries, Ultra Tech Cement, ICICI Bank, SBI Bank, and Kim’s Health, have established operations in Bahrain benefiting from its unmatched value proposition that enables business to expand across the GCC market and the wider MENA region.

Bahrain EDB has several offices in strategic locations around the world including Mumbai, to promote Bahrain as a destination for investment. Supported by its headquarters in Bahrain, the Mumbai office serves as on-the-ground location to provide businesses in India with market intelligence, guidance and connecting them with the relevant decision-makers for various processes.  Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.

The flagship installment of 2024’s Transformation Agenda series will be programmed by Economist Impact and hosted by Bahrain Economic Development Board with the support of the Central Bank of Bahrain & Bahrain FinTech Bay.

Bahrain is gearing up for its second edition of Fintech Forward, which will be programmed by Economist Impact, hosted by Bahrain Economic Development Board (Bahrain EDB) and supported by the Central Bank of Bahrain (CBB) and Bahrain FinTech Bay (BFB). The flagship installment of 2024’s Transformation Agenda series will take place on October 2^nd and October 3^rd, 2024, at Exhibition World Bahrain.

Featuring a series of panel discussions, the two-day event will unite global fintech experts with financial institutions, governments, and regulators to tackle trending topics across generative AI, blockchain technologies, cybercrime, open banking, evolving consumer behaviour, the impact of new regulations, as well as best practices in prioritising sustainable financial initiatives. Against a backdrop of these insightful discussions that will deliberate on the evolving advancements and imminent challenges facing the global financial services industry, Fintech Forward will serve as a platform for both strategic collaboration and networking with leading players across the region and beyond.

As a singular financial regulator, the CBB has consistently enhanced the competitiveness of Bahrain’s financial services sector, supporting the national transition to a digital economy by pioneering new regulatory frameworks and legislation, all while introducing innovative platforms in the likes of the Regulatory Sandbox. Year after year, Bahrain EDB has continued to attract investments into focused sectors in line with national priorities, fostering ongoing discussions with the private and public sectors to create a business-friendly environment backed by progressive legislation.  Further driven by a thriving financial services ecosystem that comprises a balanced portfolio of leading international conventional banking institutions alongside new financial players, including crypto asset service providers, digital payment providers, and highly-specialised firms; Bahrain has earned a reputation as a leading hub of fintech in the Middle East and North Africa region.

Following the successful inaugural event last year, which secured attendees from across the world, Fintech Forward has cemented itself as a platform for innovative leaders to share experiences, collaborate on learnings, and connect with their peers. Showcasing Bahrain’s phenomenal progress in digital transformation, expanding its fintech space, and success in developing a highly skilled talent pool to further fuel the growth of a booming industry, this year’s flagship event is expected to be yet another resounding achievement.

More information on Fintech Forward 2024, which will be programmed by Economist Impact and hosted by Bahrain EDB, can be found on https://events.economist.com/fintechforward/.