Bahrain wants more from its financial technology sector, and it’s stepping up. The Central Bank of Bahrain (CBB) has launched new regulations for a regulatory sandbox to enable fintech startups and businesses to assess and experiment with financial banking ideas and solutions. Open to current CBB licensees and local and foreign firms, including fintech, tech and telecom companies, participants would receive a virtual space to test their tech-based solutions within a span of nine months (and if necessary, an extension of three months). And if you’re interested, according to the release, CBB’s criteria to join its sandbox framework includes solutions which “demonstrate innovation”, benefits customers, undergo technical testing, exhibit and intended to be established in Bahrain when the sandbox period ends.
The launch aligns with the Kingdom’s further efforts to strengthen and support the growth of its fintech sector. Prior to the launch of the sandbox regulatory network, The Bahrain Economic Development Board partnered with fintech incubator Singapore Fintech Consortium and UAE-based asset management and advisory firm Trucial Investment Partners for a new ecosystem and regulatory framework to ignite Bahrain’s fintech scene. The partnership is also a step closer to increased future endeavors among fintech firms in Middle East through Bahrain, and for ASEAN entities supported through Singapore. For more information, visit CBB’s website.