Jersey and Bahrain have signed a Memorandum of Understanding to work together to drive digital innovation across both jurisdictions, to encourage more women into the sector, and to assist entrepreneurs to create digital businesses, products and services – with a particular focus on those that will help the finance industry.
The MoU has been signed by representatives from Digital Jersey and the Bahrain Economic Development Board (EDB).
One aspect of the agreement is to give members of both Digital Jersey and Bahrain FinTech Bay – the leading FinTech hub in the Middle East and Africa – an opportunity to share experiences and open the door to joint projects.
Tony Moretta, chief executive of Digital Jersey, said: “We’ve reached a level of maturity and confidence here in the island together with a proven track record of innovation and entrepreneurial spirit in a well-regulated environment. It means we’re ready to look further afield and, in line with Government priorities, drive collaboration with strategically important markets such as Bahrain.’
The agreement will see Jersey and Bahrain working to promote the benefits of businesses operating in each others’ locations, further collaboration of women in the sector, and an opportunity for members of Digital Jersey and Bahrain FinTech Bay to use both agencies’ shared working spaces, platforms and knowledge.
David Parker, executive director for business development- financial services at the EDB said: “We both understand what the next generation of FinTech companies want. International cooperation, easy access to larger markets and flexible regulatory systems are key drivers of business success and are defining characteristics of Bahrain and Jersey.”
Jersey’s minister for external relations, Senator Ian Gorst, said: “The MOU sets out practical steps for fostering closer collaboration between our respective start-ups and women tech entrepreneurs, and I am confident this exciting new partnership will help deliver commercial successes for fintech businesses in Jersey and Bahrain”.
The MoU was signed at a ceremony at Digital Jersey’s dedicated technology space and research centre, DJX, in St Brelade.
Digital Jersey is the government-backed economic development agency and industry association dedicated to the growth of the digital sector.
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.