Manama: Kuwait Finance House – Bahrain (KFH-Bahrain), has gone live with its advanced open banking infrastructure, which will allow it to partner with innovative fintech’s from around the world to deliver a wide array of services in line with their customer demands.
“The preparation for Open Banking comes in support of the long-term vision of the Central Bank of Bahrain, as well as KFH–Bahrain’s strategy and commitment to further drive and support innovation in the FinTech industry, by investing in systems that further enhance customer experience with more efficiency and transparency. The Kingdom is one of the earliest global adopters of mandatory open banking, putting it at the vanguard of customer-driven change in financial services. It is this kind of pioneering and flexible innovation that has earned Bahrain a reputation as the region’s leading testbed for next-generation technologies,” the bank in a statement said.
“Open banking will allow our customers to enjoy a wide range of innovative digital solutions and services, including enabling a consolidated view of all their bank accounts through a single platform, which will allow for greater collaboration and integration amongst banks, financial institutions and payment service providers in the Kingdom of Bahrain,” Khalid Rafea, Executive Manager and Head of Retail Banking Group at KFH-Bahrain, said.
“Open Banking will create more opportunities for commercial collaborations and strategic partnerships. This development is a valuable addition to the existing range of exceptional services and solutions that are offered to our customers today which we aim to continue to develop to remain at the forefront of this transformation,” he added.
“Open Banking, in combination with the recently announced Personal Data Protection Laws in Bahrain will allow Bank account holders to consent to sharing details of their accounts and payments history, to licensed third party providers in order to leverage new technologies like Data Analytics and Artificial learning to make more aware financial decisions. In addition to that, customers will soon be able to link their accounts to independent licensed applications offering a large range of services and solutions,” Mohammed Fahmi Hamad, Executive Manager and Head of Information Technology at KFH-Bahrain, said.
“From our end, we remain excited and committed to support these developments to ensure KFH customers receive the best service.”
In line with KFH’s record, being among the first banks to integrate a FinTech through the launch of its “KFH Jazeel Banking” platform, “we are today proud to partner with Tarabut Gateway WLL, a subsidiary of Almoayed Technologies, to continue that journey supporting local FinTechs and to ensure that we continue delivering innovative best in class solutions to our customers in Bahrain,” Hamad, said.
