Jersey and Bahrain building financial and digital ties
JERSEY is forging closer ties with Bahrain, in particular in the areas of financial services and digital.
It is hoped that a memorandum of understanding will be signed between the Jersey Financial Services Commission and the Central Bank of Bahrain regarding financial services regulation, while another one between the Economic Development Board of Bahrain and Digital Jersey will give the Island access to some of Bahrain's expertise in Islamic Fintech.
A third strand of cultural co-operation is also being sought, which could involve taking some of Jersey's talented chefs over to Bahrain for promotional food events.
It is hoped that companies from Bahrain will participate in Jersey's sandbox initiative, coming to the Island to test products and services in a controlled environment.
Likewise, a business in Jersey which is developing a product for the European market, could work with the Bahrain Economic Development Board to see how it could be modified for the Middle Eastern market.
Bahrain is already a successful market for many Jersey companies and it is seen as a growth area and an important staging point for businesses to access Saudi Arabia in particular.
Like Jersey, it is surrounded by larger neighbours, and government officials believe there is a lot to be learnt from each other.
It is hoped that negotiations can take place at the end of April with the agreements being signed in May.