Batelco Financial Services and i2c have joined forces to launch Bahrain’s first open banking super app, Beyon Money.
Beyon Money has recently secured a “first of its kind” open banking licence from the Central Bank of Bahrain and is backed Bahrain’s telecoms service, Batelco.
It plans to launch by the end of the year, offering a digital wallet with a Visa debit card; retail, bill, and peer-to-peer payments (thanks to the integration with the local switch, Benefit); connection to bank accounts through open banking; financial insights; and digital remittances.
It will develop card issuing and processing functionalities through i2c’s banking and payments platform, which will also integrate additional partners and services.
Aurangzaib Khan, general manager, MEA region at i2c, says Beyon Money’s “visionary team” is working “to reimagine everyday financial life for their country”.
According to the World Bank’s Global Findex report, nearly one in five individuals in Bahrain are unbanked, while the nation enjoys a 131% mobile penetration rate.
With this super app, Batelco says it’s looking to accelerate financial inclusion across the nation. It also plans to expand to other countries in the near future.