Gulf International Bank (GIB) has secured a conventional retail banking licence from the Central Bank of Bahrain.
The Bahraini lender first introduced its retail banking offerings in Saudi Arabia in 2015. The proposition operates under the Meem name.
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The bank called the receipt of the licence “an important milestone” and said that it will facilitate its expansion across Bahrain and the GCC.
GIB CEO Abdulaziz Al-Helaissi said: “Meem in Bahrain will be the first digital bank in the region. The favourable regulatory environment in the Kingdom facilitates the establishment of digital banking platforms.
“We intend to launch Meem services and products in Bahrain in 2018 and we are confident that Meem will play an important role in the development of the FinTech ecosystem in Bahrain and the region.”
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By GlobalData
