GCC leads MENA in fintech maturity: report

GCC leads MENA in fintech maturity: report

Abu Dhabi, Bahrain, Dubai and Riyadh have been named MENA's top fintech ecosystems, according to a new report by research firm Startup Genome.

The findings are based on factors including funding, exits, talent and focus as well as ecosystem players including policymakers and founders.

For Bahrain, the report identifies key incentives designed to support businesses including wage subsidy programs from Bahrain's Labour Fund (Tamkeen), a liberal 0 per cent corporate and personal tax regime as well as the government's $11.3bn Covid-19 stimulus package to support businesses during the global pandemic.

The report authors wrote: "The Bahraini government has reduced capital startup requirements from $50,000 to $100 for some businesses and introduced a regulatory sandbox for fintech.“

In a separate ranking as part of the same Startup Genome report, Bahrain and Riyadh were also listed as top FinTech ecosystems to watch globally. They appeared as the only two GCC ecosystems in that ranking, alongside other emerging destinations including Japanese capital Tokyo, Melbourne in Australia and Germany's Frankfurt. In the wider Middle East region, Cairo was also included in the list.

"Our ranking as one of the top FinTech ecosystems to watch is testament to Team Bahrain's years of hard work building an environment that