CBB approves three Sandbox application
Manama : The Central Bank of Bahrain (CBB) has approved the Regulatory Sandbox applications of Wahed Inc., BitArabia and Belfrics to test their Financial Technology solutions in Bahrain.
Commenting on the approval, 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.”
CBB has previously authorised three applications of Tramonex Limited UK, Nowex WLL and Rain Financial to test Fintech solutions in the Regulatory Sandbox.
Regulatory Sandbox Framework initiated in June 2017 provides a virtual space for companies and individuals to test their technology-based innovative solutions. Sandbox 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.
The move, according to CBB, is aimed at promoting effective competition, new technology, financial inclusion and improve customer experience.
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