CBB authorizes Regulatory Sandbox applications
Manama, Jan. 15 (BNA): The Central Bank of Bahrain ("CBB") said it has authorized three Regulatory Sandbox applications, namely Wahed Inc., BitArabia and Belfrics, allowing them to test their Financial Technology ("Fintech") solutions in the Kingdom of Bahrain.
Bahrain is an established financial center and Fintech hub of the region. Hence, the CBB has made a decision to initiate a Regulatory Sandbox Framework in June 2017 allowing participants to test their innovative solutions, in order to promote effective competition, new technology, financial inclusion and improve customer experience. The framework provides a virtual space for companies and individuals 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. Ahmed Abdulaziz Al Bassam, Director of Licensing at CBB said: "We welcome the innovations in the Fintech space to choose Bahrain as their potential presence and startups for extending the innovative solutions that will enhance the financial sector’s operations in terms of effectiveness and efficiency." "Also, the CBB has previously authorized three applications to test their Fintech solutions in the Regulatory Sandbox which are Tramonex Limited UK, Nowex WLL and Rain Financial".