FILE PHOTO: A vehicle drives past the King Abdullah Financial District in Riyadh, Saudi Arabia, October 18, 2017. REUTERS/Faisal Al Nasser/File Photo

DUBAI (Reuters) - Kuwait’s central bank has issued regulatory guidelines for companies wishing to experiment with new financial technology products and services, it said on Monday.

Kuwait’s regulatory testing framework, known as a ‘sandbox’, will include four phases, with representatives from local banks joining a central bank taskforce to assess the products and services being proposed.

Other cities across the Gulf region are competing to establish themselves as regional powerhouses in financial technology or fintech.

Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene. Saudi Arabia has said fintech is a focus of its King Abdullah Financial District in Riyadh.