CBB announces partnership endorsing BFB

Manama : The Central Bank of Bahrain (the “CBB”) has announced a partnership yesterday officially endorsing the launch of Bahrain FinTech Bay (the “BFB”) and its Fintech initiatives in the Kingdom of Bahrain.

The announcement is the most recent in a series of steps affirming the CBB’s commitment to developing Bahrain into a leader of Fintech innovation and investment in the GCC region.

The CBB and its recently announced FinTech & Innovation Unit will work closely with the BFB to support the development of the Bahrain Fintech ecosystem and ensure the participation of financial institutions seeking to innovate and invest in Fintech. In addition, the CBB will work closely to support innovators at the BFB in providing access and guidance to its regulatory framework, including the Regulatory Sandbox.

On this occasion, Rasheed Mohammed Al Maraj, Governor of the CBB, said: “BFB’s launch complements our initiative to introduce a comprehensive regulatory framework for Fintech and to encourage its adoption by market participants as they look to prepare for the future.”

Maissan Al Maskati, Chairman of FinTech Consortium Bahrain said: “We believe that close coordination on all matters pertaining to the development of new innovation will be important in promoting Bahrain’s advanced, robust and fintech friendly regulations to innovators globally.”