The Central Bank of Bahrain on Nov. 11 released draft rules for the introduction of open banking, which it plans to implement before the end of 2018.
Open banking changes the manner in which data is shared between licensed retail banks, financial institutions and financial technology, to provide better services to consumers.
The banking regulator said it is seeking feedback on the rules by Nov. 25.
Separately, the Central Bank of Bahrain signed a memorandum of understanding with the Abu Dhabi Global Market to promote innovation in financial services across the United Arab Emirates and Bahrain.
