Bahrain Announces First Entrants Into Its FinTech Regulatory Sandbox

The Central Bank of Bahrain (CBB) has announced the first two entrants into its FinTech regulatory sandbox: Tramonex, a London-based foreign exchange cash management solution for businesses; and NOW Money, a Dubai-based account and remittance service for low-income workers in the Gulf Cooperation Council countries. The CBB launched its Regulatory Sandbox Framework in June and updated the framework rules at the end of August. The sandbox application process is open to both existing CBB licensees (financial institutions with FinTech initiatives) and other companies (local and foreign). The latter may include financial sector companies as well as technology and telecom companies intending to test an innovative product or service, professional service firms which partner with or service financial institutions, or any other...