Bahrain: Central Bank Consults on New Rules on Open Banking and Amendments to Payment Service Providers Regime

On November 11, 2018, the Central Bank of Bahrain (CBB) launched a consultation paper on open banking, introducing new rules as part of its Rulebook Volumes, which aim to create a comprehensive and up-to-date regulatory framework that will facilitate the operation of new players emerging in the payments market, described as "account information services providers (AISPs)" and "payment initiation services providers (PISPs)".

The new rules are introduced in a new module, "OB: Open Banking", which is included in Volume 5 of the CBB Rulebook, and seek to ensure that both PISPs and AISPs, jointly referred to as ancillary service providers, comply with strict regulatory standards when providing their services, to retain the security in, and integrity of, the financial sector.

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