Financial technology (Fintech) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.
Driven by the visionary and forward-thinking of the government, Bahrain leads the region in nurturing and encouraging the growth of digital banking & financial services. Bahrain has taken steps forward to embrace the FinTech industry with the development of a wide range of financial innovations and initiatives.
Online cash-less payments have become popular because regulatory reforms paving the way to emerging industries such as FinTech
Bahrain ongoing digital transformation in all fields including Financial services.
The Central Bank of Bahrain CBB has provided a regulatory framework to facilitate innovations in financial technology and has set up the Fintech & Innovation Unit within the CBB structure to ensure the best regulatory and implementation of the financial services in Bahrain.
With the oldest and most established financial services sector in the region, Bahrain understands the importance of enabling innovation within a stable and proven regulatory environment. To empower this wave of innovation, the Central Bank of Bahrain (CBB) launched a pioneering on-shore FinTech Regulatory Sandbox in 2017, enabling companies to test their technology-based solutions for up to a year under supervision. The first initiative of its kind in the region, the Sandbox is an opportunity for FinTech businesses to expand and thrive in the Gulf. To be eligible, solutions need to demonstrate innovation, customer benefit, technical testing, and an intention to be deployed in Bahrain after the sandbox period ends.
Since its inception, the sandbox has nurtured several innovative Fintech businesses, with the first graduate Tarabut Gateway now working with financial institutions across the region to roll out open banking technologies. The initiative also offers smaller enterprises a safe and partially-deregulated environment while further strengthening Bahrain’s position as a GCC financial services hub for businesses of all sizes.
The CBB also provides a regulatory framework to facilitate innovations in financial technology and has set up the Fintech & Innovation Unit to ensure the best regulatory and implementation of financial services in Bahrain.
The Kingdom has made significant strides in investing in financial technology (fintech). Bahrain's FinTech Bay is the largest financial technology center in the Middle East and one of the Kingdom's most important initiatives that focus on investing in innovation such as advanced laboratories, business accelerators, and educational opportunities.
Apply for FinTech acceleration program
The Bahrain Economic Development Board has taken significant steps to support the Fintech industry in Bahrain, attracting foreign direct investments and setting the direction of the industry. Flat6Labs Bahrain is an accelerator supported by Tamkeen to accelerate and launch both local and international start-ups. It offers mentorship, capital, and connections to investors and business partners.
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Content Last Updated: 07 Jun, 2023
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