Bahrain has admitted the first two financial technology firms into its regulatory “sandbox”, a virtual space for start-up companies to test their services.
Dubai-based NOW Money is a remittance service for low-income workers in the Gulf. UK-based Tramonex is a forex cash management service for businesses.
“Bahrain is a great test bed for innovative products in this space due to its size and easy market access to the GCC,” said Khalid Al Rumaihi, chief executive of the Bahrain Economic Development Board.
Bahrain announced its sandbox in June, promising the initiative would let local and foreign companies demonstrate their services prior to launching them in the country.
Participating companies are expected to test their services for up to a year in the virtual environment.
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