European Fintech solutions provider finleap has teamed up with Bahrain-based telecom firm Batelco in order to support Open Banking in the MENA region.
Recently, Batelco became the very first GCC-headquartered firm to acquire an Open Banking license. Through this latest partnership, finleap will be extending its Open Banking tech as well as digital frontend applications to the newly launched Batelco financial services.
Batelco Financial Services said they’ll be introducing their own Open Banking platform developed on finleap Connect’s technology.
Batelco Financial Services plans to provide a comprehensive financial platform that will offer an integrated banking experience, the announcement noted.
Enrico Ohnemueller, Head of Innovation at finleap, stated:
“We are excited to jointly drive Batelco’s fintech strategy execution by leveraging one of our most powerful platforms, finleap connect, as well as our tech delivery unit finbyte,”
Batelco Financial Services will also be providing digital financial services and open banking in the MENA region. These Fintech-focused services will reportedly include online wallet creation, cards issuance services, bank accounts aggregation and bank account payments initiation (intended for individual consumers and small businesses).
Strategically investing in digital-first services beyond Batelco’s main telecommunications business is part of the company’s diversification strategy, according to Roberto Mancone, Chief Executive and Executive Board Member, Batelco Financial Services.
Mancone remarked:
“Batelco Financial Services aims to become a leader in innovation, and to be at the forefront in creating a seamless digital value-added experience for consumers and SMEs in Bahrain and the GCC. Through our strategic partnership with finleap and finleap connect, we bring high reliability and scalability in fostering Bahrain’s ongoing growth in sectors directly benefiting customers in the entire MENA region.”
It’s worth noting that the reserve bank of Bahrain is eager to support open banking in the MENA region country in order to enhance its fast-evolving Fintech sector. The central bank has provided guidelines under its Open Banking Framework to further improve the all-digital offerings of local retail banks.