Bahrain-based telecom operator Batelco has expanded its presence into fintech space with the launch of a new licensed company, Batelco Financial Services.
The company received necessary licences from the Central Bank of Bahrain (CBB) to offer financial services to both consumers and small and medium business (SMEs) on behalf of clients and third parties.
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It will offer services including cards issuance services, bank accounts aggregation, bank account payments initiation and digital wallet creation.
The firm is said to be the first telecom company in the GCC to receive licences for open banking, payment service as well as card processing.
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 realise our vision of becoming the leading provider of innovative digital services and communication solutions to consumers and the enterprise sector.”
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By GlobalDataCBB governor Rasheed Mohammed Al-Maraj said: “This step is part of Bahrain’s ongoing growth in sectors that directly benefits customers and is in line with the CBB strategy to support a local environment that encourages innovation in financial services as per global banking industry trends.”
Batelco Financial Services will operate out of Batelco’s headquarters in Hamala. The company said to have brough together a team with national and international expertise in fintech.
In 2017, Islamic retail bank Ithmaar Bank joined forces with Batelco and electronic payments outsourcing service provider Arab Financial Services to launch a mobile payment service.
In 2014, Batelco inked a partnership deal with retail and commercial bank Bank of Bahrain and Kuwait to offer special value added benefits to Batelco’s Al Dana customers as well as Al Wajaha customers of the bank.
