Tramonex and NOW Money are first to enter virtual space to test fintech solutions
The Central Bank of Bahrain (CBB) has announced the first two entrants into its regulatory sandbox, a virtual space for companies to test their financial technology based solutions.
They are Tramonex, a London-based forex cash management solution for businesses, and NOW Money, the Dubai-based account and remittance service for low-income workers in the GCC.
Launched in June, the Bahrain regulatory sandbox is open to existing CBB licensees and other local and foreign firms and offers firms an opportunity for expansion and innovation.
The framework is expected to help boost fintech businesses around the globe and consolidate Bahrain’s position as a fintech and financial services hub.
For companies dealing in multiple currencies, Tramonex offers an efficient, quick and cheaper way of processing and transferring funds at your fingertips. The start-up focuses on facilitating conversion and settlement services to automate cross border transactions, and provides competitive services.
NOW Money is the first fintech company in the Gulf region to use mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income workers.
The Bahrain Economic Development Board assisted and advised Tramonex and NOW Money in registering for the regulatory sandbox.
Khalid Hamad, executive director of Banking Supervision at CBB, said: “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.”