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Bahrain attracts US$72.7 million worth of investment in financial services

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Bahrain’s investment promotion agency, the Bahrain Economic Development Board (Bahrain EDB), announced its participation in the Singapore Fintech Festival (2-4 November) with the aim to support fintech and financial services companies tap into MENA market through Bahrain.

During the first three quarters of 2022, Bahrain EDB has supported nine financial services companies to setup or expand in Bahrain, generating US$72.7 million (BHD27.5 million) in direct investments. The financial services investments are expected to generate over 840 jobs over the next three years.

Financial services companies attracted by Bahrain EDB include the leading global blockchain services provider Binance, locally grown open Banking company Spier Technologies, and new regional headquarters for Gulf Insurance Group (GIG).

Dalal Buhejji, Executive Director – Business Development for Financial Services at Bahrain EDB, said: “We are delighted to see more and more investors entering Bahrain’s financial services sector, benefiting from a strong and agile ecosystem led by a forward-thinking regulatory body. Financial services is a priority sector for us to grow investments and create jobs, in line with the objectives set out in Bahrain’s Economic Recovery Plan.”

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Overall, Bahrain EDB attracted USD921 million (BHD348 million) in direct investment from 66 companies during the first nine months of the year. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.

Bahrain’s financial services sector is the most significant contributor to the Kingdom’s GDP after oil and is the oldest and most established in the region. Today the sector accounts for over 17% of Bahrain’s GDP and employs over 13,600, with Bahrainis representing almost 70%.

Through the Economic Recovery Plan, Bahrain aims to grow the financial services sector’s contribution to GDP to 20% by 2026. The financial services sector development strategy focuses on five main priorities: creating job opportunities, developing capital markets, strengthening legislation and regulatory policies, growing the insurance sector, and developing financial services and fintech.

Find out more about Bahrain’s investment opportunities in financial services and fintech by visiting the Bahrain EDB team at the Singapore Fintech Festival – International Hall 5, Stand # 5J23.

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Blockchain

CryptoBlox Signs Amended & Restated Share Purchase Agreement to Acquire Blockchain Fintech

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Belgium RegTech Business Report 2024: Market to Grow by 24.8% to Surpass $300 Million this Year – Investment Opportunities to 2029

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Belgian RegTech Market

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Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees

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Kyrrex, a crypto ecosystem, is thrilled to announce its official launch in the United States. With operations now live in ten states, Kyrrex is poised to offer American users a platform for cryptocurrency trading, payments, and wallet management.

Kyrrex’s U.S. platform enables users to buy and trade cryptocurrencies with competitive commissions of just 0.2%, making crypto transactions efficient and cost-effective. Available in California, Colorado, Hawaii, Utah, Indiana, Wisconsin, Missouri, Montana, Massachusetts, and Wyoming, Kyrrex is rapidly expanding to other regions across the U.S.

“We’re incredibly excited to bring Kyrrex to the U.S. market,” said Mike Romanenko, CVO & Co-Founder at Kyrrex. “Our platform is designed to offer American users a safe and reliable way to manage all their crypto needs, and we look forward to growing our presence across the country.”

Why the U.S. Market Matters for European Crypto Companies

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The U.S. represents one of the largest and most dynamic crypto markets in the world. As of 2024, the U.S. accounts for over 25% of global cryptocurrency activity, driven by increasing institutional investment and mainstream adoption. The approval of Bitcoin exchange-traded Funds (ETFs) has boosted institutional interest significantly, signaling a shift toward greater acceptance of cryptocurrencies as full-fledged assets. By 2025, the U.S. crypto market is expected to see substantial growth, with estimates projecting a compound annual growth rate (CAGR) of over 12% in the sector, supported by both retail and institutional demand. For companies like Kyrrex, entering the U.S. market is a strategic move to expand user reach and tap into this rapidly evolving landscape, which offers vast potential for innovation and growth.

Kyrrex’s expansion into the U.S. is a testament to the company’s commitment to building a global crypto ecosystem that connects crypto-related services in one platform. By providing American users with access to a platform that offers crypto trading, wallet services, and low-fee purchases via debit and credit cards, Kyrrex is positioned to be a responsible player in the U.S. market. After six years of building a comprehensive crypto ecosystem, the company continues to lead with regulatory compliance. Today, Kyrrex’s achievements include:

  • Saint Vincent and the Grenadines: Kyrrex Limited is registered and recognized by the SVG Financial Services Authority, providing a foundation of trust and security;
  • Malta: REX, part of the Kyrrex ecosystem, obtained a prestigious VFA Class 4 license in 2021, allowing the platform to offer Virtual Financial Assets (VFA) services while maintaining the highest European regulatory standards;
  • United States: Kyrrex is registered with FinCEN as a Money Services Business (MSB) and is available in 10 U.S. states, including California, Massachusetts, and Utah.

Kyrrex ecosystem is also preparing for future regulatory changes by applying for a Class 3 MiCA (Markets in Crypto-Assets) license and an EMI (Electronic Money Institution) license in Malta and the U.K. Also, the company applied for an Investments Services license, which will enable brokerage services from and within Malta. This strategic approach ensures that Kyrrex will continue to offer secure and compliant services across multiple jurisdictions.

“Kyrrex’s entry into the U.S. comes at a critical time as regulations around cryptocurrency continue to evolve. The company’s commitment to regulatory compliance demonstrated through adherence to U.S. state law, positions Kyrrex as a responsible and reliable platform for American users. As part of Kyrrex’s mission, we will continue working closely with U.S. regulators to ensure that our platform remains compliant with the highest regulatory standards.”, stated Mr. Romanenko from Kyrrex.

With plans to expand into more states and enhance its service offerings, Kyrrex is dedicated to reshaping the operations of digital assets by providing users with secure, efficient, and regulated crypto solutions.

The post Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees appeared first on HIPTHER Alerts.

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