Predominantly an oil-based economy, Bahrain has been investing a lot to diversify its businesses as world-over countries are looking for alternatives to fossil fuel. More than 60 percent of the country’s export receipts are from oil and gas. One of the sectors in which the kingdom has invested heavily and has taken a lead in the geographical region is banking, with evolution of financial technology (fintech) being the backbone.
Central Bank of Bahrain (CBB), the banking regulator, is mandated to ensure the financial stability of the kingdom and formulate the monetary policy. However, given the extreme pace at which digital transformation is happening in the financial services sector, the regulator adapted innovation to ensure that the country remains a thriving financial hub.
“The kingdom of Bahrain has always been recognized as a leading financial hub in the region. We base our regulations on international best standards and policies. So, it’s extremely important for us to move in line with this digital movement and innovation to retain our position. The way for us to do that, of course, is through regulatory forums and amendments fostering fintech and innovation, while at the same time ensuring that financial stability is not hindered in any manner,” Yasmeen Al-Sharaf, head of fintech and innovation unit at CBB, told Entrepreneur India.
Regulatory Sandbox
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