Featured Product

    CBB Launches Fintech Platform and Open Banking Framework in Bahrain

    October 28, 2020

    CBB, in cooperation with the Bahrain Economic Development Board, Bank ABC, ila Bank, BENEFIT, NBB, and Bahrain Islamic Bank, announced 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. Additionally, CBB launched the Bahrain Open Banking Framework to ensure holistic implementation of open banking services by the industry.

    FinHub 973 will be powered by Fintech Galaxy’s FinX22 platform, which is a cloud-based open innovation platform that complies with the best international technical standards. The FinX22 platform will offer an open banking Application Programming Interface (API) sandbox that enables fintech startups to develop, test, and deploy fintech solutions. FinHub 973 will aim to connect financial institutions in Bahrain and the region to fintech firms worldwide. 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.

    Bahrain Open Banking Framework includes detailed operational guidelines, security standards, customer experience guidelines, technical open Application Programming Interface (API) specifications, and the overall governance framework needed to protect customer data. These standards follow the comprehensive rules on open banking that were previously issued in December 2018. The framework was developed in collaboration with Deloitte and in consultation with the retail banks and other financial institutions in Bahrain.

    Additionally, the Board of Directors of CBB met for the fourth time this year in October 2020. At the meeting, the Board reviewed the topics on the agenda, including the CBB performance report and the latest developments in the financial sector for the third quarter of 2020. The Board was briefed on the measures taken by CBB based on the royal directives from the Cabinet meeting, which was held on September 14, 2020 and wherein all banks were to defer loan payments until the end of the year in a manner that does not affect the liquidity and financial solvency of banks. The Board also viewed presentations prepared by consultants appointed by the CBB on digital transformation in the financial sector and open banking.


    Related Links

    Keywords: Middle East and Africa, Bahrain, Banking, Fintech, API, Artificial Intelligence, FinHub 973, Open Banking, Governance, COVID-19, Loan Repayment, CBB

    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938