Thursday , 13 December 2018

Kuwait’s central bank sets up test ground for fintech

Businessman hand holding the dollar currency text financial technology or FINTECH connection with omni channel over the modern building background, Showing the cryptocurrency or digital money

Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene.

Kuwait’s central bank has issued regulatory guidelines for companies wishing to experiment with new financial technology products and services, it said on Monday.

Kuwait’s regulatory testing framework, known as a ‘sandbox’, will include four phases, with representatives from local banks joining a central bank taskforce to assess the products and services being proposed.

Other cities across the Gulf region are competing to establish themselves as regional powerhouses in financial technology or fintech.

Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene. Saudi Arabia has said fintech is a focus of its King Abdullah Financial District in Riyadh.

About Marc Mcilhone

Marc Mcilhone
Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

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