MANAMA, Feb 21 — Malaysia and Bahrain are set to formalize several new cooperation agreements, including in financial technology (fintech), before May, following Prime Minister Datuk Seri Anwar Ibrahim’s official visit to the country.
MANAMA, Feb 21 — Malaysia and Bahrain are set to formalize several new cooperation agreements, including in financial technology (fintech), before May, following Prime Minister Datuk Seri Anwar Ibrahim’s official visit to the country.
Anwar emphasized the importance of developing Islamic fintech with advanced financial instruments rather than merely replicating conventional banking models. He stressed the need for thorough research and adherence to Shariah principles to strengthen these institutions.
Speaking after his visit, Anwar, who is also the Finance Minister, highlighted education as a key area of collaboration, particularly in fintech, digital transformation, and energy transition. He affirmed that Malaysia and Bahrain will prioritize research and education to drive these sectors forward.
During his trip, Anwar met with Bahrain’s Crown Prince and Prime Minister Salman Hamad Al Khalifa, as well as King Hamad Isa Al Khalifa. Discussions covered various topics, including banking partnerships, digitalization, tourism, food security, and renewable energy. He expressed hope that several agreements will be finalized before the Crown Prince’s visit to Malaysia in May.
Malaysia is also looking to learn from Bahrain’s Economic Development Board (EDB), which has positioned the country as a regional financial hub. The EDB has offered to assist Malaysian companies looking to invest in Bahrain and expand into the Middle East.
Additionally, Anwar noted Malaysia’s interest in Bahrain’s approach to cryptocurrency regulation, emphasizing the importance of exchanging expertise to keep pace with global financial advancements.
King Hamad reaffirmed his support for strengthening Malaysia’s ties with West Asian nations and welcomed Malaysia’s role in organizing the ASEAN-GCC Summit and the ASEAN-GCC+ China Summit in May.
Anwar is set to return to Kuala Lumpur at 10 pm Malaysian time. — Bernama
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