The Central Bank of Bahrain (CBB) has launched a regulatory sandbox which will enable startups and FinTech firms to test and experiment their banking ideas and solutions.
The creation of the regulatory sandbox provides an opportunity for FinTech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as a FinTech and financial services hub in the GCC region.
The framework provides a virtual space for companies to test their technology-based innovative solutions, and is open to existing CBB licensees and other local and foreign firms. The testing duration is nine months, with a maximum extension of three months.
In order to be eligible, solutions need to demonstrate innovation, customer benefit, technical testing, and an intention to be deployed in Bahrain after the sandbox period ends.
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.”
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