Bahrain Development Bank Enables Account Opening for CBB Sandbox Companies.

Bahrain Development Bank Enables Account Opening for CBB Sandbox Companies.

[Manama, 11 October 2023] - Bahrain Development Bank (BDB) is pleased to announce its initiative to facilitate account opening for companies participating in the CBB’s fintech Regulatory Sandbox.

As part of its ongoing commitment to fostering innovation and entrepreneurship, BDB is proud to offer Sandbox companies the opportunity to open an account with the bank. This initiative aligns perfectly with BDB’s core mission of providing essential support to SMEs and startups, allowing them to access the needed banking services for their success.

This initiative aims to provide convenient and flexible banking solutions to support the growth and development of startups in Bahrain’s thriving fintech ecosystem. By opening an account with BDB, sandbox companies will gain access to a range of convenient features and benefits. One such advantage is the use of Tijara platform, which is the first platform of its kind that provides banking services to startups and SMEs in the Kingdom. The platform offers a comprehensive suite of financial services tailored specifically to the needs of startups and entrepreneurs.

Group Chief Executive Officer of Bahrain Development Bank, Ms. Dalal Al Qais, expressed her enthusiasm for this initiative, stating, “BDB is committed to delivering exceptional banking solutions to startups and SMEs. By enabling account opening for CBB sandbox companies, we are empowering these innovative ventures with flexible banking options that cater to their unique needs. We believe that this collaboration will play a pivotal role in accelerating the growth and success of Bahrain’s fintech ecosystem.”

On this occasion, the Director of FinTech & Innovation Unit at the Central Bank of Bahrain, Ms. Yasmeen Al-Sharaf, stated “This initiative by BDB aligns with the CBB’s efforts to foster a supportive ecosystem for the FinTech sector in the Kingdom. The FinTech sector holds immense potential for economic growth and is one of our priority sectors as highlighted in the CBB’s ‘Financial Services Development Strategy (2022-2026)’. Such initiatives pave the way for a prosperous future for Bahrain’s financial sector, built on innovation and financial inclusivity.”

Commenting on this initiative, Ms. Shireen Al Sayed, Director of Regulatory Policy Unit at the Central Bank of Bahrain, said, “The CBB welcomes initiatives that help CBB Sandbox companies and FinTech start-ups with their unique business needs. The BDB’s Tiara platform aims to provide access to digital banking solutions to start-ups and SME’s while ensuring compliance with the CBB’s AML requirements. This initiative supports the FinTech start-up ecosystem in the Kingdom of Bahrain.”

By extending its services to CBB sandbox companies, BDB continues to demonstrate its commitment to driving economic growth, job creation, and fostering a culture of innovation within the Kingdom.

To apply to open an account, please call 17511111 or visit the nearest Bahrain Development Bank branch.

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