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Malaysia and Bahrain forge strategic partnership to boost Fintech and tourism sectors

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MALAYSIA: In a significant move to strengthen economic ties, Malaysia and Bahrain have agreed to enhance cooperation in the financial technology (Fintech) and tourism sectors. This development follows Prime Minister Datuk Seri Anwar Ibrahim’s official visit to Bahrain, where he engaged in discussions with Bahrain’s Crown Prince and Prime Minister, Shaikh Salman Hamad Al Khalifa.

Focus on Islamic Fintech

During the visit, both nations underscored the importance of advancing Islamic fintech. According to Selangor Journal (SJ), Prime Minister Anwar highlighted the need to develop sophisticated financial instruments that align with Shariah principles, moving beyond the mere replication of conventional banking tools. He emphasised the necessity for thorough research and a deep understanding of Shariah regulations to strengthen Islamic financial institutions.

Educational initiatives

Recognising education as a cornerstone for progress in fintech and digital transformation, Malaysia and Bahrain have prioritised collaborative educational efforts. As reported by SJ, Prime Minister Anwar noted that research and education are essential to enhancing capabilities in fintech, digitalisation, and energy transition. He expressed confidence that initiatives in Islamic fintech and education could be realised promptly.

Tourism and connectivity

The discussions also explored avenues to boost tourism between the two countries. Plans are underway to potentially reinstate direct flights between Kuala Lumpur and Manama, aiming to facilitate travel and strengthen people-to-people connections. This initiative is expected to invigorate the tourism industry and foster closer ties. Bernama highlighted that the re-establishment of direct flights is a key focus area in the collaboration, which could lead to increased tourism and economic exchanges.

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Bahrain’s Economic Development Board (EDB) collaboration

Malaysia expressed interest in learning from Bahrain’s Economic Development Board (EDB), which has been instrumental in positioning Bahrain as a regional financial hub. SJ report mentioned that the EDB has offered to assist Malaysian companies keen on investing in Bahrain, serving as a conduit to Middle Eastern markets. This collaboration is poised to open new investment opportunities and enhance economic integration.

Cryptocurrency and regulatory insights

The dialogue extended to the realm of cryptocurrency, with Malaysia seeking insights from Bahrain’s experience in managing digital currencies. Prime Minister Anwar emphasised the importance of mutual learning, noting that rapid advancements necessitate countries to adapt swiftly. By sharing experiences, both nations aim to navigate the complexities of cryptocurrency regulation effectively. As detailed by SJ, Bahrain’s experience in regulating digital currencies is seen as a valuable asset in guiding Malaysia’s approach to fintech development.

Upcoming ASEAN-GCC summit

In a related development, Bahrain has pledged support for Malaysia’s initiative to host the ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC+China Summit, scheduled for May. SJ reported that these summits are anticipated to further solidify Malaysia’s diplomatic and economic relations with Gulf countries, paving the way for broader regional cooperation. This strategic partnership between Malaysia and Bahrain signifies a mutual commitment to harnessing emerging technologies and enhancing economic collaboration, promising a prosperous future for both nations.

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