Manama: The Central Bank of Bahrain has announced a significant influx of financial institution licenses expected from early 2024 to mid-2025. The announcement highlights the approval of 16 new institutions and 52 additional license applications currently under advanced review. According to Bahrain News Agency, this growth underscores Bahrain's position as a prime destination for digital financial services, with international applications comprising approximately 75% of the total 68 applications. These newly licensed institutions are projected to create over 850 jobs initially, with further employment opportunities anticipated as they expand their operations. The new licenses include two wholesale banks, and more banking applications are under review. The Central Bank is actively collaborating with applicants to assist them in meeting the licensing requirements. Khalid Humaidan, Governor of the Central Bank of Bahrain, emphasized that the increase in licensing applications is a testament to the Central Bank 's role and Bahrain's effective regulatory framework, which seeks to attract innovation while ensuring financial stability. Humaidan noted that this achievement is the result of cooperation between public and private sector partners, showcasing Bahrain's integrated national efforts to expand regional and global growth in financial services. The Central Bank's unified regulatory model is a key factor in this success, offering licensed institutions a single point of contact across financial services. This approach minimizes conflicting requirements, streamlines compliance, and ensures consistent oversight. The announcement was made during the "Financial Services Horizons" forum, organized in collaboration with the Bahrain Economic Development Board. The forum brought together sector leaders to discuss advancements in digital banking, payments infrastructure, and the development of national talent for digital transformation.
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