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The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox that will allow 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.
The CBB recently issued the Regulatory Sandbox Framework directive, which includes the eligibility criteria, filing requirements and timeline for the process.
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said: "Bahrain has always been an attractive proposition for fintech--particularly due to our unique offering in areas such as Islamic Finance and payments, and we are looking forward to welcoming more local, regional, and international fintech arms".
Rasheed Mohammed Al Maraj, Governor of the CBB, said in a statement that the 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.
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