The Central Bank of Bahrain (CBB) announced its new regulations to create a regulatory sandbox which allows startups and fintech firms to test and experiment their banking ideas and solutions.
This provides an opportunity for fintech businesses around the globe to expand within the Gulf, especially in Bahrain as it’s going to strengthen it’s position as a fintech and financial services in the GCC. The framework is open to existing CBB licensees and other local and foreign firms, and they have a duration of nine months with a maximum extension of three months to test their innovative ideas.
Rasheed Mohammed Al Maraj, Governor of the CBB, said: “These new initiatives are a continuation of the CBB’s efforts to provide the right mix of policies and products to develop and enhance the quality and competitiveness of services in the financial sector. We are living in an era of unprecedented changes mainly brought about by technological advancement, where we are witnessing how technology is defining financial services and CBB remains at the forefront of these developments to enable the industry to advance similarly.”
For more information, read here.