The Central Bank of Bahrain (CBB) issued a circular on the second phase of the open banking framework in Bahrain. CBB is directing retail banks and financial institutions to implement the requirements for the second phase of the framework by June 30, 2022. CBB had successfully launched the first phase of the open banking framework in May 2020.
The second phase of the framework includes guidelines and standards related to the following services:
- Sharing open data
- Domestic standing orders
- International standing orders
- International future dated payments
- Bulk or batch payment
The open banking framework aims to improve the reach and quality of services offered by retail banks through digital online and mobile channels. This initiative is part of a larger upgrade of the financial sector in Bahrain to remain competitive in the face of demand for connectivity within the financial services ecosystem. The open banking framework will help foster competition and enhance efficiency of the financial system in light of changing consumer trends. The framework includes supporting technical standards such as the application programming interfaces (APIs), customer experience guidelines, cyber-security standards, and other relevant operational standards.
Related Link: Press Release
Keywords: Middle East and Africa, Banking, Open Banking, Regtech, API, CBB
Previous ArticleBCB Issues Rules on Open Banking and Climate Risk Disclosures
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.