Singapore is getting more attention from the Arab world, with Arab money pouring in from all sides.
Now, it is the tiny Kingdom of Bahrain that has held talks with Singapore’s central bank as it devises plans for a pilot blockchain project in the Gulf State.
The Monetary Authority of Singapore (MAS), together with Singapore’s stock exchange and eight local and foreign banks, are in the midst of a project to use blockchain technology for interbank payments.
Now, Bahrain is looking to Singapore for inspiration as it develops its own blockchain trial. Blockchain is an electronic transaction processing and public ledger system that allows parties to record information without the need for third-party verification. It was originally developed to record transactions made via digital currency bitcoin. Khalid Al Rumaihi, CEO of inward investment agency Bahrain Economic Development Board (EDB), said on Monday the country wants to become a pioneer in the burgeoning ‘fintech’ space, and national adoption of blockchain technology is a key enabler of this, the Arabian Business magazine reported.