KFH launches open banking infrastructure

Kuwait Finance House - Bahrain (KFH-Bahrain) has announced going live with its Open Banking infrastructure, which allows it to partner with fin techs from around the world to deliver services in line with the demands of customers. The move comes in support of the long-term vision of the Central Bank of Bahrain, as well as KFH–Bahrain’s strategy to further drive and support innovation in the FinTech industry. 

Bahrain is one of the earliest global adopters of mandatory open banking, putting it at the vanguard of customer-driven change in financial services.  Commenting, Khalid Rafea, Executive Manager and Head of Retail Banking Group at KFH-Bahrain, said, “Open banking will allow our customers to enjoy a wide range of innovative digital solutions and services, including 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,” he added. Mohammed Fahmi Hamad, Executive Manager and Head of Information Technology at KFH-Bahrain said the move along with the recently announced Personal Data Protection Laws will allow bank account holders to share account details and payments history to licensed third-party providers 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.” 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 and continue that journey supporting local FinTechs and ensure that we continue delivering innovative best in class solutions,” Hamad added.

Abdulla Almoayed, CEO of Almoayed Technologies said the regulation introduced by the Central Bank of Bahrain will position Bahrain as the most advanced Financial Services sector in the region and “we are honoured to partner with KFH to support this initiative deliver best in class services to the people of Bahrain.”