Forex cash management solution Tramonex and remittance service NOW Money are the first two companies participating in the Central Bank of Bahrain’s (CBB) regulatory sandbox. A virtual space where companies can test their fintech solutions, the sandbox is open to CBB licensees, local and foreign companies.
Tramonex simplifies transferring, processing and settlement procedures for companies transacting in multiple currencies. NOW Money employs mobile banking technology to provide accounts and remittance options for workers with low incomes.
“We are pleased to welcome the first two entrants into the regulatory sandbox, in the early stages of the framework’s launch,” CBB executive director of banking supervision Khalid Hamad said. “This initiative highlights the CBB’s continuous efforts as the Kingdom’s single regulator to update and develop the fintech ecosystem and enable industry players to create innovative and forward-looking fintech products while maintaining the overall safety and soundness of the financial system.”
“This announcement is a testament to Bahrain’s attractive investment proposition in the Gulf,” Bahrain EDB chief executive H.E. Khalid Al Rumaihi said. “Bahrain is a great testbed for innovative products in this space due to its size and easy market access to the GCC.
“The Kingdom is ready to be at the forefront of financial innovation and technology as global fintech investment reaches $3.2 billion. In addition to the development of the regulatory sandbox, we have a number of further initiatives we expect to be launched in the coming months including a venture capital fund-of-funds. We are seeing real signs of momentum in the sector and are excited by the potential it will bring.”