Zain Bahrain, a MENA telecoms sector innovation, has become the first telecommunications operator to accept Open Banking payments, cementing its status as one of the region’s leading telecom providers. The ability to accept bank-to-bank payments, in which funds are credited in real-time, avoiding long settlement periods; robust security through strong customer authentication processes; and reduced transactional fees are the advantages.

Ashar Nazim, MD of Spire Technologies, said that “changing the way banks and fintechs run their businesses. With the aim of achieving an Open Economy, all business and customers alike will see the benefits from services like this. We thank the CBB and the Economic Development Board for their continued support in Bahrain’s Regulatory Sandbox.”

“Through Start Path, Mastercard creates a springboard for fintech companies that are driving a more inclusive digital economy and helps them accelerate the way they change the world,” said Amy Neale, senior VP, Fintech & Enablers.

With its partnerships already spanning across the region, Tarabut Gateway welcomed the recent news of the Saudi Central Bank’s (SAMA) directive to implement a Kingdom-wide policy on Open Banking, in line with the vision and strategic objectives of the Financial Sector Development Program. Bahrain was the first country in the region to outline an Open Banking Policy and Framework.

Open Banking is the sharing of financial information electronically and securely, with the consent of the customer. Through an Open Banking API, or application programming interface, it allows third-party financial services providers to access financial data and develop new apps and services. It provides customers with a better experience and products that suit their needs.