CBB expands scope of banking services

TDT | Manama 

The Daily Tribune – www.newsofbahrain.com

The Central Bank of Bahrain (CBB) has introduced significant amendments to its open banking framework, marking a pivotal moment for Bahrain’s financial sector.

These changes, informed by extensive consultations and strategic updates, aim to enhance accessibility and transparency in financial services across the kingdom.

Announced by His Excellency Khaled Humaidan, Governor of the CBB, the amendments broaden the scope of open banking services to encompass legal entities like institutions and companies.

Effective from September 1, 2024, these updates mandate licensed banks to provide information to information and payment service providers upon approval from these entities.

They also require collaboration between providers and banks to establish standard API specifications and operational standards, ensuring alignment with Bahrain’s security directives.

Furthermore, the amendments include revised reporting and disclosure requirements, applicable from September 30, 2024, under the Reporting Requirements Module and the Public Disclosure Module. The circular emphasises the need for licensed banks to implement a “consolidated flow” method.