BAHRAIN: Batelco Financial Services, a subsidiary of Batelco, has been granted a full operating license by the Central Bank of Bahrain (CBB).
Batelco is the first telecom company in the GCC to have received licenses for open banking (Account Information Service Provider, Payment Information Service Provider), as well as payment service provider and card processor, to enter the FinTech arena.
These licenses allow digital wallet creation, cards issuance services, bank accounts aggregation and bank account payments initiation on behalf of clients and third parties.
The successful launch and licensing of the subsidiary will reflect positively on the Company and potentially its income.
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.”
“We are pleased to witness such cooperation between two vital fields in Bahrain, the financial services sector and the telecommunications sector, which plays a role towards achieving the Kingdom’s Economic Vision 2030.”
Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “One of our strategies at Batelco is to invest in digital solutions and services beyond our core telecommunications business. Global companies are exploring various fields, such as the Internet of Things, artificial intelligence and fintech, and by diversifying our offerings in line with global trends, we aim to realize our vision of becoming the leading provider of innovative digital services and communication solutions to consumers and the enterprise sector.
“We are proud that our plans are turning into a reality, and by obtaining the required licenses and establishing Batelco Financial Services, we are achieving a key milestone in our integrated strategy to diversify Batelco’s investments, resulting in positive returns to our shareholders,” he added.
Shaikh Abdulla continued: “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 financial services in Bahrain and the GCC. We are confident that we have the right team in place that will provide our customers with innovative services and enable us to reach our ambitious goals. The team has partnered with a number of international players, bringing high reliability and scalability to our proposition.
“I would like to extend my sincere appreciation to Batelco’s board members for their continued support and strong confidence in the company’s vision and expansion plans, as we work towards achieving further successes and support Bahrain’s aspirations in the banking and fintech verticals.” he concluded.