Tramonex and Now Money Join Bahrain Central Bank's Fintech Sandbox

The Central Bank of Bahrain (CBB) has announced that two Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term companies have joined the Bahraini regulatory sandbox. The new members are Tramonex and Now Money, which are located in the United Kingdom and Dubai, respectively.

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Tramonex offers Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term fund management services to companies, while Now Money provides account and remittance services for low income employees in the Gulf Cooperation Council (GCC) region.

Bahrain’s regulatory sandbox was launched in June this year and is currently open to companies that hold CBB licenses and other local and foreign entities. The existence of this fintech-oriented environment serves both companies across the globe, and reaffirms Bahrain's status as a hub for financial technologies and other services.

Khalid Hamad, the Executive Director of Banking Supervision at CBB, welcomed Tramonex and Now Money, which are joining the fintech regulatory sandbox early on: “We are pleased to welcome the first two entrants into the regulatory sandbox, in the early stages of the framework’s launch. This initiative highlights the CBB’s continuous efforts as the Kingdom’s single regulator to update and develop the fintech ecosystem and enable industry players to create innovative and forward-looking fintech products while maintaining the overall safety and soundness of the financial system.”

Khalid Al Rahmani, the Chief Executive of the Bahrain Economic Development Board (EDB), noted that the new members are proof of Bahrain’s allure: “This announcement is a testament to Bahrain’s attractive investment proposition in the Gulf. Bahrain is a great testbed for innovative products in this space due to its size and easy market access to the GCC.

“The kingdom is ready to be at the forefront of financial innovation and technology as global fintech investment reaches $3.2 billion. 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. We are seeing real signs of momentum in the sector and are excited by the potential it will bring.”