The Central Bank of Bahrain (CBB) has authorized three FinTech firms from the region to test their new financial technologies using the Regulatory Sandbox.
The three firms that have received CBB’s approval are:
- Wahed Inc: A company that prides itself as the first automated Sharia-compliant investment platform in the world.
- Belfrics: A bitcoin trading platform
- BitArabia: A premium IT services company focused on providing quality and affordable business solutions.
As a regional startup hub, Bahrain has a lot to offer to the global FinTech sector and welcomed the region’s FinTech startup. Especially after CBB introduced the Regulatory Sandbox Framework.
The purpose of the Sandbox is to enable businesses to test their innovations and banking ideas in a safe environment with minimal restrictions. The testing duration is nine months with a provision to further extend it to a maximum of three months.
“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,” stated Ahmed Abdulaziz Al Bassam, Director of Licensing at CBB.
Adding to that, he also said: “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”.