Singapore: The Bahrain Association of Banks (BAB) has entered into a strategic Memorandum of Understanding (MoU) with the Association of Banks in Singapore (ABS) to enhance financial and technical cooperation between the banking sectors of Bahrain and Singapore. This significant development took place during BAB's participation in the Singapore FinTech Festival (SFF) 2025.
According to Bahrain News Agency, the Memorandum of Understanding aims to facilitate the exchange of information and updates on common banking issues. It also seeks to encourage communication among member institutions through the organisation of seminars, capacity-building programmes, and roundtable meetings to promote the exchange of expertise and the development of banking competencies.
Zeeba Askar, Chief Executive Officer of the BAB, highlighted that the agreement is a crucial step in the Association's efforts towards international cooperation. She emphasized that the partnership with the Association of Banks in Singapore will aid in knowledge transfer and enhance the competitiveness of Bahraini banking institutions. This aligns with the strategic goals of strengthening Bahrain's position as a leading financial center in the region.
Ong-Ang Ai Boon, Director of the ABS, noted that the MoU provides an opportunity to deepen connections between the financial sectors of both countries. She reiterated the commitment of both parties to promote the exchange of best banking and FinTech practices and to support innovation and financial stability through effective international partnerships.