Jersey and Bahrain have today 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, the CEO of Digital Jersey, said: ‘Today is a landmark day in the story of Jersey’s growing and thriving tech sector. 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. Commenting on the MoU, David Parker, Executive Director for Business Development- Financial Services at the EDB noted:
“Jersey is a natural partner for Bahrain. As agile and nimble financial services hubs, 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: “I am delighted that the Economic Development Board of Bahrain have come to Jersey to exchange ideas with Digital Jersey on how to support the growth of the fintech sector in both markets. 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 special ceremony at Digital Jersey’s dedicated technology space and research centre, DJX, in St Brelade.