Bahrain Open Banking Supernova launched

MANAMA: A series of nationwide fintech innovation challenges titled “Bahrain Open Banking Supernova 2022” has been launched by the Central Bank of Bahrain (CBB).

Hosted on FinHub 973, the CBB’s Digital Lab, the competition will see regional financial institutions tackle real-world financial services market challenges, aiming to find customer-centric solutions around open banking use cases. across fintech, regtech and insurtech.

Fintech innovators and startups will have access to an API sandbox with over 330 APIs and simulated datasets from local and regional banks to enable fast and seamless proof of concept (PoC).

FinHub 973 is powered by open innovation company Fintech Galaxy.

Aimed at fostering the development of the fintech sector in Bahrain, the challenges align with CBB’s digital strategy to drive collaboration and integration between financial institutions and startups using open APIs.

The challenges offer innovators the opportunity to accelerate the testing of their innovations to enrich the financial services sector in Bahrain with new solutions across FinTech, RegTech and InsurTech.

Applicants will be able to submit their proposals through the FinHub 973 digital platform, addressing issues under the following themes: Advantage – open banking for consumer loans; Bank ABC – standalone financial advisor leveraging open banking and Bahrain Islamic Bank (BisB) – straight through processing solution.

The Benefit pitch competition is on May 26, the Bank ABC pitch competition is June 30, and the BisB pitch competition is July 5.

A judging panel comprised of executives from each of the financial institutions, as well as subject matter experts, will then announce the winners of the above challenges.

Commenting, Yasmeen Al Sharaf, Director of Fintech and Innovation Unit at CBB, said, “We are delighted to announce our second annual fintech challenge, Bahrain Supernova 2022, which will once again be hosted on our digital lab, FinHub 973. .

Bahrain’s ecosystem is rapidly accelerating in terms of scale and innovative reach, offering tremendous opportunities for socio-economic development to support our transition to a digital economy. This challenge offers innovators an incredible platform for development within a supportive regulatory framework. »

Mirna Sleiman, CEO and Founder of Fintech Galaxy, also commented: “Since our first challenge in June 2021, we have seen incredible progress in artificial intelligence (AI), big data and cloud services that are transformative, unlocking new opportunities and global solutions.

This year, Bahrain’s Open Banking Supernova will help leverage these technologies and accelerate Bahrain’s transformation to an AI-powered inclusive digital economy that reaffirms the Central Bank of Bahrain’s vision to expand infrastructure fintech, unlock innovation opportunities and bring new and innovative financial products to market.

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