Batelco Financial Services Company B.s.C. (“BFS”) is the first Telco Subsidiary regulated entity obtaining Open Banking (PISP and AISP) as well as Card Process and PSP license from Central Bank of Bahrain.
Batelco Financial Services (BFS), is the fintech arm of Bahrain’s leading digital solutions and telecommunications provider listed company Batelco in Bahrain. Backed by a recently-secured, first-of -its-kind open banking license from the Central Bank of Bahrain to a Telco owned company, BFS innovative app will host a digital wallet, enabling retail, bill, and peer-to-peer payments for its users. BFS will access these functionalities through its agile banking and payments platform which will also integrate additional partners and services offered from Fintech, e-commerce platform and Banks.
BFS will tap into Visa’s network infrastructure to launch a digital-first debit program to the market with a physical card option available upon request. BFS has integrated with local switch, Benefit, connecting consumers to billers across Bahrain, allowing them to pay using BFS cards and wallet as well as to pay from their banks’ accounts leveraging Open Banking connection via their smartphone. The app is backed by the Central Bank of Bahrain, with Finleap. a Bafin regulated Fintech, serving as the open banking partner for the collaboration.
“We set out on a mission to digitize and democratize customer experience in payments in Bahrain and GCC Countries,” said Roberto Mancone, CEO of BFS. “To help achieve this vision, we are pleased to partner with key Fintech from MENA and the Rest of the Continents, bringing their deep domain expertise and highly flexible and resilient platform to enable to our ambitious project.”