Manama - Spare, a Kuwait-based financial technology group, said it has received the licence from the Central Bank of Bahrain to operate as an open banking ancillary service provider in the kingdom.
Spare, the developer of an app designed to encourage people to adopt smart and sound financial habits, and breaking down spending and guiding users to understand where their money is going, stated that with this licence, the firm will be launching its operations in Q2.
Spare will also allow users to make payments via account-to-account transfers as well as offer open banking bill payment solutions for businesses and merchants, it added.
The Kuwaiti group will be integrated with all major banks in Bahrain to allow users to connect multiple bank accounts and monitor all balances, track spending across selected accounts, set budgets, and make payments easily and securely.
Furthermore, the solution will cater to businesses in Bahrain by providing faster, cheaper and more secure payment solutions, it added.
Spares CEO and co-founder Dalal Alrayes said: “Users are demanding better financial experiences whether it comes to the way they do their payments or try to understand their spending information. With Spare, we’re elevating the way people manage their money and providing hyper-personalized experiences, all powered through secure connections to their banking information.”
With Spare, businesses will have multiple benefits including lower fees, direct account to account transfers, and higher security. Additionally, merchants can directly connect to Spare to create QR codes and generate links for payments, she explained.
According to her, open banking gives customers more choices and control over their financial data, and it opens up access to a variety of personalized financial products and services that are not available in the Middle East region.
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