Digital payment and banking technology provider , i2c recently joined hands with BEYON Money, the mobile super app launched by Batelco Financial Services. Through this partnership, Bahrain’s first open banking super app will be launched.
Bahrain is one of the most stable economies in the Middle East. Digital adoption in the region has increased remarkably in the last few years. Through a collaboration with i2c, BEYON Money is planning to tap into Visa’s network infrastructure to launch a digital-first debit program to the market with a physical card option available upon request.
Moreover, the digital payment and banking technology provider has integrated with local switch, Benefit, connecting consumers to billers across Bahrain, allowing them to pay utilities and rent via mobile phones.
“We are proud to partner with BEYON Money and its visionary team as they work to reimagine everyday financial life for their country,” said Aurangzaib Khan, General Manager, MEA Region of i2c Inc. “Our building block technology was designed to help visionaries like Batelco Financial Services to create new possibilities in banking and payments , and their BEYON Money super app is a perfect embodiment of that philosophy.”
Bahrain’s Digital Adoption
Despite a mobile penetration rate of 131%, nearly 20% of individuals in Bahrain are still unbanked. Through the app (which is backed by the Central Bank of Bahrain), BEYON Money aims to reduce the barriers to adoption of the digital financial tools. Moreover, the company is planning to expand its global presence in the near future.
“Backed by a recently-secured first-of-its-kind open banking license from the Central Bank of Bahrain, the BEYON Money super app will host a digital wallet that enables retail, bill and peer-to-peer payments for its users to connect to bank accounts through open banking, deliver financial insights and provide digital remittances. BEYON Money will develop card issuing and processing functionalities through i2c’s agile banking and payments platform,” i2c added.
