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Bahrain’s Rsquare Technologies Signs MoU with Singapore’s Startup Accelerator to Promote Cooperation and Foster Startup Growth

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Bahrain-based software development company Rsquare Technologies and Singapore-based venture accelerator Startup Accelerator have signed a Memorandum of Understanding (MoU) to promote cooperation in FinTech and other emerging technologies while fostering innovation and startup growth.

The agreement aims to develop a collaborative startup ecosystem between BahrainSingapore and India, where Startup Accelerator also has a presence. As well as seeing Rsquare become Startup Accelerator’s non-exclusive partner in Bahrain, and Startup Accelerator promoting Rsquare’s products and services to its partners and clients in Singapore and India, the agreement includes building startup incubators in Singapore and Bahrain.

Bahraini startups in Singapore will benefit from Startup Accelerator’s active mentoring model as well as a world-class ecosystem, government support and access to Asian markets. Likewise, Singaporean startups in Bahrain will enjoy the Kingdom’s ever-strengthening ecosystem, which boasts operating costs up to 40% lower than its neighbours as well as one of the region’s most highly skilled labour forces and some of the most advanced soft infrastructure in MENA. Sitting at the nexus of the Middle East, the Kingdom also offers a convenient springboard into the wider region, including its largest market opportunity – Saudi Arabia.

The agreement builds upon strong 30-year diplomatic ties between Bahrain and Singapore, and follows closely on from the Bahrain Economic Development Board (EDB) – the Kingdom’s investment promotion agency – announcing a fast-track setup process for Singaporean businesses and startups earlier this year. Both nations and their regulators – the Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS) – are already close collaborators in the fields of innovative technologies and their regulation – particularly FinTech. The CBB and the MAS are both members of the Global Financial Innovation Network, where they are specifically collaborating on digital shares and security trading.

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In 2018, the CBB and the MAS signed an MoU to support the sharing of information on emerging FinTech trends and developments and to facilitate co-operation on innovation projects. It also set out a common framework to help FinTech companies prepare for regulatory requirements in both countries. Bahrain FinTech Bay, the leading FinTech hub in MENA is part of the global FinTech Consortium – as is Singapore FinTech Bay.

Ms. Shanthini Rahamathullah, Founder, Chairperson & CEO, Rsquare Technologies said: “This new partnership is an incredible opportunity for Bahraini and Singaporean startups. Both ecosystems have so much to offer, and through mutual cooperation and the sharing of best practices we’ll be able to support innovative businesses to attract investment, grow and scale across our respective regions and beyond.”

Dr Anand Govindaluri, Founder & Director, Startup Accelerator said: Singapore has one of the most supportive and established startup ecosystems in the world. We are always looking for new markets with a focus on internationalisation and digitalisation in new economies. With our focus on Emerging Technologies, IoT, Blockchain, Bahrain was an obvious choice for accessing the hugely exciting MENA region, and within that Rsquare is a natural partner for this journey. The signing of this MoU was just the first of many steps to come.”

 

SOURCE Startup Accelerator and Rsquare Technologies

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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Blockchain

Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn

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