Central Bank of Bahrain launches the Supernova Fintech Challenges
Friday, 05 07 2021, Category: Technology, Country: Bahrain
The Central Bank of Bahrain (CBB) announced today the launch of a series of nation-wide fintech innovation challenges, the Bahrain Supernova. The challenges will be hosted on FinHub 973, CBB’s Digital Lab, which is powered by Fintech Galaxy’s FinX22 Open API platform. The challenges will be aimed at furthering the development of the fintech industry in the Kingdom of Bahrain within CBB’s digital strategy to boost collaboration and integration between financial institutions and startups utilizing open API’s.
The Bahrain Supernova will see some of the financial institutions in Bahrain presenting real market challenges aimed at finding customer-centric solutions. Innovators and fintech startups will have access to an API sandbox with +330 APIs and simulated data sets from local and regional banks to enable rapid and seamless proof of concepts (PoCs). Addressing these issues in the post COVID-19 recovery phase will be critical as this will enable the financial services industry in Bahrain to break through silos, transform legacy banking systems, and enable the development of new solutions across fintech, regtech and insuretech.