CBB invites innovative firms to cross-border testing pilot

As part of the Global Financial Innovation Network (GFIN), the Central Bank of Bahrain (CBB) is inviting applications from firms wishing to test innovative financial products, services or business models across more than one jurisdiction. The GFIN is a network of 29 international financial regulators and related organisations committed to supporting financial innovation in the interests of consumers.

The pilot cross border tests follow last year’s consultation on the role of the GFIN in creating an environment that allows firms to simultaneously trial and scale new technologies across multiple jurisdictions, gaining real-time insight into how a product or service might operate in the market while ensuring appropriate consumer protection is in place.

Rasheed Al Maraj, Governor of the CBB said, “This step marks an important milestone in our drive towards digitisation and innovation in the Kingdom of Bahrain and the mutual efforts undertaken by all GFIN members in enhancing our Fintech ecosystems. “This will build on the success of our the CBB’s own Regulatory Sandbox which launched in mid2017, and will attract even more companies to test their innovative financial solutions.”

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said: “Bahrain has created a successful FinTech ecosystem built on a foundation of strong regulations, a talented workforce with a long history in the financial services industry, and cost competitiveness.