Bahrain opens new FinTech lab FinHub 973 to boost the sector in the region

The Central Bank of Bahrain has launched the first FinTech lab in the region – FinHub 973.

The launch of the new hub is the result of a collaboration between the Central Bank of Bahrai, the Economic Development Board, Bank ABC, ila Bank, BENEFIT, National Bank of Bahrain (NBB) and Bahrain Islamic Bank (BisB).

The Central Bank of Bahrain will regulate FinHub 973, which is set up with the aim to create a collaborative ecosystem in the FinTech sector by establishing a gateway for investment opportunities in the region while fostering innovation and supporting integration between financial institutions and fintech startups.

“We are pleased to launch the FinHub 973 digital FinTech lab that will support a seamless transition into digital banking operations while accelerating the transformation towards an AI-powered digital economy,” said Rasheed Al Maraj, governor of the Central Bank of Bahrain.

“The Covid-19 repercussions have proven the great importance of expanding digital banking and providing appropriate solutions for electronic payment systems. The Central Bank has early realised the importance of continuously developing the banking sector infrastructure, putting itself at the forefront of regulatory bodies that support innovation in order to establish Bahrain’s position as a top financial centre.

“The launch of FinHub 973 reaffirms the vision of the Central Bank of Bahrain to expand infrastructure in financial technology, unlock innovation opportunities, and introduce new and innovative financial products to the market.”

FinHub 973 will be powered by Fintech Galaxy’s FinX22 platform, which is a cloud-based open innovation platform that complies with what is said to be the best international technical standards. The FinX22 platform will offer an open banking API sandbox that enables FinTech startups to develop, test and deploy FinTech solutions.

“The launch of this platform comes at a pivotal time when governments and financial institutions from all around the world are increasingly focusing on accelerating their implementation of digital transformation strategies in order to drive business growth,” said Mirna Sleiman, founder and CEO of Fintech Galaxy.

“We are proud to take part in launching and powering The Central Bank of Bahrain’s FinHub 973 digital FinTech lab, and we are fully confident that it will succeed in creating a common digital space that enhances communication between all stakeholders within the financial sector in Bahrain, the region and across the globe.”

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