An open banking platform in the Gulf has successfully tested a new API service in Bahrain’s regulatory sandbox with the aim of boosting the region’s financial ecosystem. Spire Technologies, a subsidiary of Aion Digital – a Bahraini company that helps build digital banks – said its service aims to make financial data sharing and payments simple, secure and efficient.
Spire Technologies will be based in Bahrain but intends to serve the wider Middle East market. The company has partnered with Canadian fintech solutions company, Salt Edge, as well as other global banking leaders such as KFH Bahrain, to develop its solution to help regional banks develop and launch their own open banking products and services for increased customer engagement. and experience.
This new open banking platform covers all three verticals of open banking, including compliance, API gateway and use cases, which involves secure access to real-time data through financial APIs. Some of the benefits of open banking for end users include budget support, a single page view of all banks, personalized products, and fast, easy and transparent payments.
Ashar Nazim, CEO of Spire Technologies, said the success of open banking “is changing the way banks and fintechs run their business.” He said: “In order to achieve an open economy, all businesses and customers will see the benefits of such services. We thank the CBB and the Economic Development Board for their continued support of Bahrain’s regulatory sandbox.
The CBB, recognizing the transformation of Bahrain’s financial services sector in recent years, has established a dedicated FinTech and Innovation unit tasked with building a conducive fintech ecosystem with a strong regulatory framework.
Dalal Buhejji, Executive Director – Origination of Investments at EDB Bahrain, said: “EDB congratulates Spire on its promising progress. Thanks to our forward-thinking regulators, Bahrain was the first in the region to establish a mandatory open banking and foster the creation of a strong open banking ecosystem with regional reach. In addition to other benefits, such as the region’s most profitable operating costs, Bahrain offers a competitive and innovative financial services industry and Spire and Aion Digital are just a few of the companies benefiting from this vision and benefits. collaborations favored by Team Bahrain through the ecosystem. . “
The $ 11 billion global open banking market, expected to grow to over $ 52 billion by 2027, is shaking up the banking industry. Bahrain is now at the forefront of innovation in this field.
Ashar Nazim said, “Speyer aims to bring world-class open banking technology and expertise to Bahrain, such as Salt Edge, which is connected to more than 5,000 banks and data providers in 68 countries. He added, “Spire will introduce innovative open banking solutions to strengthen Bahrain’s leadership position in the financial services industry. We are ready to create jobs and career opportunities in the field of fintech. “