Friday, November 22, 2019

CBB wins key Fintech Award

The Central Bank of Bahrain (CBB) has won a key award for its initiatives in the area of Financial Technology (Fintech).

The Most Innovative Fintech Regulator Of The Year was conferred by Fintech Galaxy, a digital crowdfunding platform, during FinX 2019, a Fintech event held on 2 October 2019 in Dubai, UAE.

The Award recognizes the regulation entity that is actively investing and improving their fintech startup seamless experience, and was conferred on the CBB for its initiatives in introducing and developing both the regulatory framework and ecosystem needed to support the ambition of fintech startups and existing financial institutions.

“We are pleased to receive this recognition which represents the major strides taken by the Kingdom of Bahrain in advancing in the Fintech arena, and in particular, the CBB’s reputation as a forward-thinking regulator. These initiatives are a continuation of the CBB’s efforts in offering the right mix of policies and products to develop and enhance the quality and competitiveness of services in the financial sector, and we are always open to embracing innovation and new technologies.” said Mr. Khalid Hamad, Executive Director of Banking Supervision at the CBB.

The CBB also participated in a panel alongside banking and Fintech experts from the region. The panel discussed the creation of a regional Fintech hub, the power of collaboration between Fintech companies and banks, and customer experience at the core.

It is worth noting that Team Bahrain, which was represented by the CBB, the Bahrain Economic Development Board (EDB) and Bahrain Fintech Bay, has previously won the MENA Fintech Hub of the Year Award at FinX 2018.

Recent initiatives by the CBB to foster innovation in the financial sector following the introduction of the Regulatory Sandbox in 2017 and setting up a dedicated Fintech and Innovation Unit, include issuing regulations for Open Banking, Crypto-asset Platform Operators, Digital Financial Advice (“robo-advisory”), Crowdfunding, Cloud Computing and Insurance Aggregators.

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