Manama, Dec. 27 (BNA) Bahrain’s rollout of forward-looking financial services systems has allowed the country to maintain a leading position in the sector and pave the way for telecom companies to enter the financial technology space. Dubbed TechFins, these companies offer a suite of state-of-the-art financial services solutions, demonstrating the CBB’s evolving approach towards adapting global trends that support the ongoing transformation of the Kingdom’s financial services sector.
Bahrain’s major telecom operators, Batelco, STC, and Zain are creating new financial services platforms for their customers, as Zain recently announced a partnership with Tarabut Gateway to offer its customers a mobile payment service using open banking services – the first of its kind in the region.
“This initiative launched by Zain and the Tarboot Gateway will remove many obstacles faced by customers while also reducing transaction costs,” said Mohammed Al Alawi, Executive Director of Business Planning and Analytics at Zain Bahrain.
“The project will open the door for us to produce a new and diverse range of financial services, and a more customer-centric approach. In addition, transaction fees will be lower compared to cards and payment gateways. In the coming months, we will also introduce the ability to make interbank payments through a mobile application. .
We look forward to the new partnership with Zain and welcome interested parties who wish to work with us. As the largest open banking platform in the MENA region, we believe that partnerships between telecom and FinTech companies will be extremely beneficial to the growth of the industry. Abdullah Almoayyed, founder and CEO of Tarabut Gateway, said this collaboration is made possible by Bahrain’s supportive regulations, which are on par with the global leaders in TechFin.
Batelco entered the world of financial technology by establishing a new financial services company, Batelco Financial Services, following the granting of licenses by the Central Bank of Bahrain, making it the first telecom company in the GCC to obtain open banking licenses.
Commenting on the launch of BEYON Money, Batelco Chief Digital Officer Sheikh Mohammed bin Khalifa Al Khalifa said: “We are delighted to unveil our new financial services brand, BEYON Money. The launch comes in line with Batelco’s strategy to enter the world of financial services and expand its portfolio beyond its core services and offerings, to keep pace with global trends and technological innovation. The new company aims to provide individuals and small and medium enterprises with digital solutions, which will further enhance the efficiency and diversity of the financial sector in the Kingdom.”
“BEYON Money is the region’s first super digital financial app, providing direct open banking access to customers in Bahrain, and linking all banks across the Kingdom in one app. The app will enable Batelco to offer a seamless and integrated experience that is designed based on customer needs by combining Many financial services are in its platform.”
STC Bahrain has also introduced several digital solutions that support its customers while enhancing their experience of using their services remotely without any trouble.
We have been at the forefront of driving Bahrain’s digital transformation forward in line with the economic vision of the Kingdom of Bahrain. The company has invested heavily in new infrastructure to pave the way for future connectivity services and advanced technologies, including stc pay solutions, Insuretech services, as well as cybersecurity, cloud computing services, stc Tajer platform, and more. Commercial Director Karim Tabboush said.
MI