The Central Bank of Bahrain (CBB) recently announced new regulations to create a regulatory sandbox which allows startup and other fintech firms to test and experiment their ideas and solutions.
According to a statement made by CBB, the regulatory sandbox provides opportunities for fintech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as fintech and financial services hub in the GCC. The sandbox is part of Bahrain’s efforts at encouraging growth in the fintech industry.
Rasheed Mohammed Al Maraj, governor of the CBB said: “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.”
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