22 October 2017
Find out more

Central Bank of Bahrain debuts regulatory sandbox

14 June 2017  |  7038 views  |  0 Middle East

The Central Bank of Bahrain has opened a regulatory sandbox for fintech firms worldwide to test their technology ahead of live deployment in the Kingdom.

The framework provides a virtual space for companies to test their technology, 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.

Bahrain is following in the footsteps of other regulators across the world in creating an ecosystem designed to encourage and help fintech startups get their products to market.

It follows the creation of a partnership between the Bahrain Economic Development Board (EDB) and the Singapore Fintech Consortium and asset management and advisory firm Trucial Investment Partners to develop a startup-friendly regulatory framework for the Kingdom. The initiative is intended to pave the way for increased interaction between fintech firms in the Middle East via Bahrain and those in Asean via Singapore and facilitate the entry of Singaporean Fintech companies into the Kingdom.

H.E. Khalid Al Rumaihi, chief executive of the EDB, says: “In order to grow the fintech industry, we know we need to create an ecosystem in which entrepreneurs can innovate and test their ideas - and the introduction of Sandbox regulations is one of the key steps towards ensuring that environment. 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 firms.”

Bahrain provided greater opportunities for fintech businesses in 2014, when the CBB initiated two new license types - payment services and card processing services - marking the entry of non-banking companies into banking services. To date Bahrain has issued 14 licenses for these two activities.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Dubai encourages fintech with temporary financial services licence

Dubai encourages fintech with temporary financial services licence

24 May 2017  |  10439 views  |  0 comments | 22 tweets | 16 linkedin
Australian budget promises a raft of reforms to boost fintech

Australian budget promises a raft of reforms to boost fintech

09 May 2017  |  5565 views  |  0 comments | 10 tweets | 9 linkedin
Bahrain joins fintech free-for-all in the Middle East

Bahrain joins fintech free-for-all in the Middle East

29 March 2017  |  7694 views  |  0 comments | 9 tweets | 7 linkedin
HSBC and Lloyds among first FCA sandbox cohort; applications invited for next round

HSBC and Lloyds among first FCA sandbox cohort; applications invited for next round

07 November 2016  |  10861 views  |  0 comments | 17 tweets | 13 linkedin
Abu Dhabi opens fintech RegLab

Abu Dhabi opens fintech RegLab

02 November 2016  |  6224 views  |  0 comments | 3 tweets | 14 linkedin
Malaysia sets out fintech sandbox framework

Malaysia sets out fintech sandbox framework

19 October 2016  |  16403 views  |  0 comments | 9 tweets | 5 linkedin
FCA to kickstart sandbox with 24 applicants

FCA to kickstart sandbox with 24 applicants

22 September 2016  |  12107 views  |  0 comments | 34 tweets | 17 linkedin
Thailand sets up fintech sandbox

Thailand sets up fintech sandbox

22 September 2016  |  9071 views  |  0 comments | 19 tweets | 8 linkedin
HKMA to set up fintech sandbox and innovation hub

HKMA to set up fintech sandbox and innovation hub

06 September 2016  |  7867 views  |  0 comments | 15 tweets | 12 linkedin
Singapore regulator proposes fintech sandbox

Singapore regulator proposes fintech sandbox

06 June 2016  |  8475 views  |  1 comments | 15 tweets | 22 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13651 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12542 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9631 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9324 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8641 views comments | 9 tweets | 18 linkedin

Featured job

circa £250K total package
London

Find your next job