CBB Issues Circular on Second Phase of Open Banking Framework
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 Article
BCB Issues Rules on Open Banking and Climate Risk DisclosuresRelated Articles
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
