Kuwait’s Central Bank has issued regulatory guidelines for companies wishing to experiment with new financial technology products and services, it said on Monday.
Kuwait’s regulatory testing framework, known as a ‘sandbox’, will include four phases, with representatives from local banks joining a central bank taskforce to assess the products and services being proposed.
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Other cities across the Gulf region are competing to establish themselves as regional powerhouses in financial technology or fintech. Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai are cultivating a financial startup scene. Saudi Arabia has said fintech is a focus of its King Abdullah Financial District in Riyadh.
