Central Bank of Bahrain launches Greenwashing TechSprint

By Shilpa Annie Joseph, Official Reporter
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The Central Bank of Bahrain (CBB) has launched Greenwashing TechSprint in collaboration with the Global Financial Innovation Network (GFIN).

The CBB will be among 13 international regulators taking part in the first edition of the competition.

GFIN is a group of over 80 international organizations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. The CBB as a participating member is inviting firms from around the globe to participate in this Greenwashing TechSprint.

In this regard, the Director of the Fintech and Innovation Unit at CBB Ms. Yasmeen Al Sharaf commented that “the world is at a critical juncture and the financial services sector has a unique responsibility to drive positive change.  We are pleased to announce our participation in this TechSprint and look forward to finding solutions that will combat the growing risk of greenwashing in financial services.  By leveraging technology, we can build a more transparent, trustworthy, and sustainable financial ecosystem.”

According to the statement, “Firms will get the opportunity to work with regulatory experts, a variety of stakeholders, and professionals from across the globe.”

Firms that are successful in their applications will proceed through to onboarding which will take place on 1 and 2 June 2023. This will provide firms with training on the Digital Sandbox and an in-depth overview of the TechSprint process. The TechSprint will launch on 5 June 2023 and will run for 3 months, ending with a showcase day in September 2023, as per the reports.

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