Manama, Kingdom of Bahrain – 11 April 2023 – The Central Bank of Bahrain (“CBB”) announces the launch of 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 organisations 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.
The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the CBB wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have.
The CBB will therefore be participating in a virtual TechSprint, hosted on the Financial Conduct Authority’s (FCA) Digital Sandbox, to bring together international regulators, firms and innovators to address sustainable finance as a collective priority. The TechSprint will be to develop a tool or solution that can help regulators and the market effectively tackle the risks of greenwashing in financial services.
In this regard, Director of Fintech and Innovation Unit at CBB Ms. Yasmeen Al Sharaf commented “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.”
The CBB is inviting all firms who are interested in participating in the TechSprint to apply. The application window will open on 17 April 2023 and remain open for 4 weeks.
Firms will get the opportunity to work with regulatory experts, a variety of stakeholders and professionals from across the globe.
Additionally, to support the application process, the GFIN will be providing an information pack for firms interested in participating on the TechSprint which can be found here https://online.flippingbook.com/view/925129533/8/.
Firms that are successful in their applications will proceed through to on-boarding 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.
Firms interested in applying to the GFIN Greenwashing TechSprint can review the list of participating regulators via the GFIN website.
Firms interested in contacting the Central Bank of Bahrain regarding the GFIN Greenwashing TechSprint can email (fintech@cbb.gov.bh ).