Batelco establishes presence in fintech space
MANAMA, 11 hours, 49 minutes
ago
Batelco has announced its entry into the world of fintech by establishing a new licensed company, Batelco Financial Services, making it the first telecom company in the GCC to receive licences for Open Banking.
The company obtained the necessary licences from the Central Bank of Bahrain (CBB) to provide both consumers and SMEs with services such as digital wallet creation, cards issuance services, bank accounts aggregation and bank account payments initiation on behalf of clients and third parties, said a statement.
CBB Governor Rasheed Mohammed Al-Maraj commented: “We would like to congratulate Batelco on obtaining their Open Banking services license and entering the field of fintech. This step is part of Bahrain’s ongoing growth in sectors that directly benefits customers and is in line with the Central Bank of Bahrain (CBB) strategy to support a local environment that encourages innovation in financial services as per global banking industry trends.”