Islamic bank Kuwait Finance House – Bahrain (KFH-Bahrain) has deployed its Open Banking infrastructure.
The infrastructure will enable the bank to collaborate with fintech start-ups globally to offer new services.
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The move is in response to the rules imposed by the central bank of Bahrain, which mandate banks to adhere to open banking norms.
It also aligns with KFH–Bahrain’s commitment to support fintech innovation.
KFH-Bahrain executive manager and head of retail banking group Khalid Rafea 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.
“Open Banking will create more opportunities for commercial collaborations and strategic partnerships.”
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By GlobalDataBahrain is said to be one of the earliest across the world to embrace open banking standards.
Earlier this year, Gulf Business Machines collaborated with open banking implementation services provider Banfico to support the adoption of open banking solutions in Bahrain and the GCC region.
KFH-Bahrain executive manager and head of information technology Mohammed Fahmi Hamad 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.”
