PHOTO
Manama, Bahrain: – As part of its efforts to further develop the FinTech ecosystem and enhance the competitiveness of the financial services sector, and in line with the Kingdom’s overall strategy to transition towards a diverse and digital economy, the Central Bank of Bahrain (CBB) has announced its new Regulatory Sandbox Framework which will allow FinTech firms to test and experiment their ideas and solutions related to the sector in a more efficient and effective environment.
Significantly, the new Framework enhances the eligibility criteria for participation in the Regulatory Sandbox, as well as streamlines the entire Sandbox process to ensure a more phased and consistent approach to support testing.
The Regulatory Sandbox, which is open to existing CBB licensees and other local and foreign firms was first introduced in 2017 in an effort to enhance the local FinTech ecosystem and is being overseen by the CBB’s FinTech & Innovation Unit. The Sandbox has gained significant interest from local, regional and global start-ups and a number of companies have successfully completed testing their solutions.
In this regard, Ms. Yasmeen Al Sharaf, Director of Fintech and Innovation Unit at CBB, commented: “The revised Regulatory Sandbox Framework serves as a continuation of the CBB’s efforts to keep pace with technological developments and to ensure an appropriate ecosystem to adopt modern banking services through fintech solutions, with the ultimate objective of promoting a culture of innovation in the financial sector and national economy. The new framework will facilitate participation and enhance collaborations between startups and fintechs and the sector, in order to provide better financial services in the Kingdom.”
The new Regulatory Sandbox Framework, which includes the eligibility criteria, filing requirements and the new process, is now available on CBB’s website through the following link: https://www.cbb.gov.bh/fintech/
-Ends-
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
