The Central Financial institution of Bahrain (CBB) has introduced that two fintech firms have joined the Bahraini regulatory sandbox. The brand new members are Tramonex and Now Cash, that are situated in the UK and Dubai, respectively.
Tramonex affords foreign exchange fund administration providers to firms, whereas Now Cash gives account and remittance providers for low revenue workers within the Gulf Cooperation Council (GCC) area.
Bahrain’s regulatory sandbox was launched in June this 12 months and is presently open to firms that maintain CBB licenses and different native and international entities. The existence of this fintech-oriented setting serves each firms throughout the globe, and reaffirms Bahrain’s standing as a hub for monetary applied sciences and different providers.
Khalid Hamad, the Govt Director of Banking Supervision at CBB, welcomed Tramonex and Now Cash, that are becoming a member of the fintech regulatory sandbox early on: “We’re happy to welcome the primary two entrants into the regulatory sandbox, within the early phases of the framework’s launch. This initiative highlights the CBB’s steady efforts because the Kingdom’s single regulator to replace and develop the fintech ecosystem and allow business gamers to create progressive and forward-looking fintech merchandise whereas sustaining the general security and soundness of the monetary system.”
Khalid Al Rahmani, the Chief Govt of the Bahrain Financial Growth Board (EDB), famous that the brand new members are proof of Bahrain’s attract: “This announcement is a testomony to Bahrain’s engaging funding proposition within the Gulf. Bahrain is a superb testbed for progressive merchandise on this area as a consequence of its measurement and straightforward market entry to the GCC.
“The dominion is able to be on the forefront of monetary innovation and know-how as international fintech funding reaches $3.2 billion. Along with the event of the regulatory sandbox, we’ve got a lot of additional initiatives we anticipate to be launched within the coming months together with a enterprise capital fund-of-funds. We’re seeing actual indicators of momentum within the sector and are excited by the potential it’ll deliver.”