Bahrain’s FinHub973, the MENA region’s first cross-border digital innovation platform that connects and facilitates collaboration between financial institutions and fintechs under the supervision of the central bank, has introduced a new feature in its open application programming interface (API) sandbox.
The new feature provides compliance as a service for partner banks and financial institutions with the Bahraini open banking framework. The API sandbox, which was launched in October 2020, enables banks and financial institutions in Bahrain to integrate with fintechs in their digital transformation.
“This initiative is an opportunity to stimulate innovation opportunities and enhance cooperation between the Central Bank of Bahrain (CBB), financial institutions and fintechs to explore and create new and innovative solutions through a centralized virtual environment. Such an initiative supports seamless transition towards digital banking as part of our continuous digital transformation strategy for the financial sector in the Kingdom,” commented Rasheed Al Maraj, the governor of the CBB.
The Kingdom of Bahrain is a strong advocate for the development of fintech, including Shariah fintech, and this latest development is part of its digital transformation strategy to position the nation as a regional fintech hub, leveraging on its market-leadership in Islamic finance.