INTELLIGENT BRANDS // Software for Business

Development Board , Bank ABC , ila Bank , BENEFIT , National Bank of Bahrain ( NBB ) and Bahrain Islamic Bank ( BisB ), have launched FinHub 973 , the first comprehensive digital fintech lab in the region . Regulated by the Central Bank of Bahrain , the new platform will 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 start-ups .

FinHub 973 will be powered by Fintech Galaxy ’ s FinX22 platform , which is a cloud-based open innovation platform that complies with the best international technical standards . The FinX22 platform will offer an open banking API sandbox that enables fintech start-ups to develop , test and deploy fintech solutions . Through an AI-powered global fintech marketplace , FinHub 973 will aim to connect financial institutions in Bahrain and the region to fintechs from around the world . The digital lab will also offer matchmaking and crowdsourcing capabilities ,

Rasheed Al Maraj , Governor , Central Bank of Bahrain which will help contribute to the design of effective fintech solutions , ultimately spurring disruptive and transformative innovation across the financial services industry .

Rasheed Al Maraj , Governor , Central Bank of Bahrain , said : “ 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 .”

Al Maraj added that : “ 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 .”

The launch of FinHub 973 follows the Central Bank ’ s recent initiatives to promote

innovation in the Bahrain financial sector , including the launch of the Regulatory Sandbox in 2017 , establishment of a dedicated Fintech and Innovation Unit at the bank and issuing regulations for Open Banking , Crypto-asset Platform Operators , Digital Financial Advice , Cloud Computing and Insurance Aggregators .

Mirna Sleiman , Founder and CEO , Fintech Galaxy , said : “ 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 . We are proud to take part in launching and powering the Central Bank of Bahrain ’ s FinHub 973 digital fintech lab and we are 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 .”

FinHub 973 will enable financial institutions to organise virtual hackathons and challenges to accelerate innovation and business growth . The platform will also provide content on the fintech sector financial , relevant laws and regulations in the Kingdom of Bahrain , through an interactive chatbot . •

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