Featured Product

    CBB Outlines Progress in Implementing Open Banking Services

    May 18, 2021

    CBB published a commentary on the progress made by retail banks in Bahrain on implementation of the necessary infrastructure for compliance with the Open Banking Framework in Bahrain, following the grace period allowed for implementation. The grace period started on October 28, 2020 and ended on April 30, 2021. CBB had issued rules relevant to open banking in December 2018 and these were aligned to the European Payment Services Directive (PSD2). These standards have been recently developed to keep pace with developments of innovative solutions provided by fintech companies, which target not only the retail consumer, but also the small and medium enterprises and the corporate sector.

    The Bahrain Open Banking Framework included the supporting technical standards, including Application Programming Interface (APIs), customer experience guidelines, cyber security standards, and other relevant operational standards. The Bahrain Open Banking Framework was developed with a view to improving the reach and quality of service offerings by retail banks through digital online and mobile channels. This initiative is part of a larger upgrade of the Bahraini financial sector which must remain competitive in the face of demand for connectivity within the financial services ecosystem. The Bahrain Open Banking Framework will help foster competition and enhance efficiency of the financial system, keeping in view the changing consumer trends. The framework's impact on the banking system includes faster loan approvals as lenders may get easier access to applicant data, aggregation or "global" view of account or financial position data from different retail banks, easier product comparisons for consumers, and new channels for internet payments without the use of credit or debit cards.

     

    Related Link: Press Release

     

    Keywords: Middle East and Africa, Bahrain, Banking, Open Banking, API, Fintech, Regtech, Loan Origination, CBB

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514