Bahrain - Ithmaar Bank invites FinTech firms to explore opportunities
Friday, 07 05 2019, Category: Banking, Country: Bahrain
Ithmaar Bank, a Bahrain-based Islamic retail bank announced today that it is fully compliant to meet the Kingdom’s open banking standards.
To achieve participation of all stakeholders in this path breaking initiative, it is important for the businesses to participate with banks. With the need to on-board the businesses and provide opportunities and possible collaboration, Ithmaar Bank invites qualified FinTech companies, local start-ups and other interested parties to participate.
The announcement follows the 30 June deadline set by the Central Bank of Bahrain (CBB), the Kingdom’s banking and financial services regulator, requiring all banks to comply with the CBB’s Open Banking regulatory framework.
Ithmaar Bank, a founding member of the Bahrain Fintech Bay, the leading FinTech Hub in the Middle East, has long-played a pioneering role in implementing new technology to help enhance its products and services as part of its customer-centric strategy.
“Open banking will, potentially, revolutionise banking as we know it,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “The CBB open banking mandate, which came into effect on 30 June, opens up an exciting world of opportunities for banks, as well and for FinTech and other kinds of companies that were not, in the past, involved in banking,” he said.