Manama, Bahrain – 20 October 2020: The Central Bank of Bahrain, in cooperation with the Bahrain Economic Development Board, Bank ABC, ila Bank, BENEFIT, National Bank of Bahrain (NBB) and Bahrain Islamic Bank (BisB), announced today the launch of FinHub 973, the first comprehensive digital fintech lab in the region, regulated by the Central Bank of Bahrain.
The new platform will aim to create a collaborative ecosystem in the fintech sector by establishing a gateway for investment opportunities in the region, while fostering innovation and supporting integration between financial institutions and fintech startups.
In order to further support the investments in the fintech sector in Bahrain, a new platform (digital fintech lab) – FinHub 973, has been established by The Central Bank of Bahrain, in cooperation with the Bahrain Economic Development Board, Bank ABC, ila Bank, BENEFIT, National Bank of Bahrain (NBB) and Bahrain Islamic Bank (BisB).
The FinX22 platform will offer an open banking API sandbox that enables fintech startups to develop, test and deploy fintech solutions and aims to connect financial institutions in Bahrain and the region to fintechs from around the world. The digital lab will also offer matchmaking and crowdsourcing capabilities, which will help contribute to the design of effective fintech solutions, ultimately spurring disruptive and transformative innovation across the financial services industry.
Speaking on the launch of FinHub 973, Mr. Rasheed Al Maraj, Governor of the Central Bank of Bahrain, said: “We are pleased to launch the FinHub 973 digital fintech lab that will support a seamless transition into digital banking operations, while accelerating the transformation towards an AI-powered digital economy.”
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