Tramonex and Now Money enter CBB’s regulatory sandbox
Manama : The Central Bank of Bahrain (CBB) has announced two entrants into its regulatory sandbox. Tramonex, a London-based forex cash management solution for businesses; and NOW Money, the Dubai-based account and remittance service for low-income workers in the GCC.
Launched in June, the Bahrain regulatory sandbox provides a virtual space for companies to test their financial technology based solutions, and is open to existing CBB licensees and other local and foreign firms.
The Bahrain Economic Development Board (EDB) assisted and advised Tramonex and NOW Money in registering for the regulatory sandbox.
Tramonex focuses on facilitating conversion and settlement services to automate cross border transactions, and provides competitive services. NOW Money is the first fintech company in the Gulf region to use mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income workers. It aims to provide access to affordable financial services for everyone.
Khalid Al Rumaihi, Chief Executive of Bahrain EDB, said: “In addition to the development of the regulatory sandbox, we have a number of further initiatives we expect to be launched in the coming months including a venture capital fund-of-funds.”
Khalid Hamad, Executive Director of Banking Supervision at CBB, said: “We are pleased to welcome the first two entrants into the regulatory sandbox, in the early stages of the framework’s launch.”
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