Central Bank of Bahrain (CBB) has announced the first members of its new regulatory sandbox: NOW Money and Tramonex; H.E. Khalid Al Rumaihi, chief executive of the Economic Development Board of Bahrain (EDB) explains to AltFi, "In addition to the development of the regulatory sandbox, we have a number of further initiatives we expect to be launched in the coming months including a venture capital fund-of-funds."; NOW Money offers users in the Gulf region mobile banking and Tramonex helps companies process and transfer funds online. Source
Innovate Finance is encouraging the creation of two new fintech hubs in Bahrain and the UAE; Innovate Finance's CEO Lawrence Wintermeyer spoke on the potential benefits of a fintech hub for Bahrain on Monday at the FinTech Enterprise Excellerate (E2) conference; while in Bahrain, Innovate Finance will also meet with Bahrain fintech regulators; later in the week Innovate Finance plans to meet with fintech supporters in the UAE. Source