February 27, 2020

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Next Fintech Steps in Bahrain

The Central Bank of Bahrain (CBB) has announced the creation of a FinTech Unit. The aim of the Unit is to ensure the services are provided to individual and corporate customers in the FinTech sector. The announcement follows the CBB’s recent initiatives, which include a Regulatory Sandbox (which four companies have entered to date), in addition to the issuance of crowdfunding regulations for both conventional and Sharia compliant services.

The proposed Fintech Unit will be responsible for the approval process to participate in the Regulatory Sandbox, supervision of licensed companies’ activities and operations, including cloud computing, payment and settlement systems, and monitoring technical and regulatory developments in the FinTech field.

Copyright 2020 K & L Gates


About this Author

Jonathan Lawrence, KL Gates Law Firm, Restructuring and Insolvency Attorney

Jonathan Lawrence has been a finance partner in the London office since 2005.

Alongside his general banking and finance work, he concentrates his practice on restructuring & insolvency matters -- Legal 500 UK 2016 Corporate restructuring and insolvency “K&L Gates LLP … maintains a ‘quality team’ that includes ‘impressive’ team head Jonathan Lawrence”.

Mr. Lawrence also plays a leadership role in the firm’s global Islamic Finance practice -- Legal 500 UK 2016 Islamic Finance “K&L Gates LLP is...