Bahrain’s Central Bank has announced new regulations to create a regulatory framework to allow start-ups and fintech firms to test and experiment their banking ideas and solutions. It will provide a virtual space for companies to test their technology-based innovative solutions and will be open to existing Central Bank licensees and other local and foreign firms. The testing duration will be nine months and can be extended for up to three months. To be eligible, solutions need to demonstrate their solution is innovative, beneficial to customers, technically tested and will be deployed in the Kingdom after the trial period ends.
Bahrain’s Labour Market Regulatory Authority has announced it will start issuing two types of flexible work permits for expatriates. 2000 flexi-work permits and hospitality work permits will be issued monthly. They will both be valid for two years. The hospitality work permits will be for those working in restaurants, hotels, salons and other professions requiring special medical tests. Those who obtain the flexi-work permits will be issued with a special card featuring the worker’s photo, data, type of permit and its validity period.