Bahrain - Batelco has decided to focus efforts on expanding and building its own fintech brand, Beyon Money, and end its previous collaboration with Arab Financial Services (AFS) and sunset “bwallet” digital wallet, the telecom major has announced.
Beyon Money, the first digital financial super app in Bahrain, has been growing fast since its launch in December 2021 and has gained over 20,000 active subscribers, Batelco said.
The app has achieved more than BD20 million card domestic and international transactions and more than BD8 million international remittances. In line with Beyon Money’s mission to make digital financial instruments more accessible, easy to understand, transparent and value driven, giving customers greater degrees of choice, the app has been continuously upgraded with advanced and unique features, it said.
The Beyon Money super app is packed with features such as Visa Prepaid Cards which can be used worldwide, connectivity with seven banks in Bahrain, categorization of expenses and financial insights, as well as fully digital remittances. The remittance feature has been further developed to offer competitive rates for international transfers to India, Pakistan, Bangladesh, the Philippines, Egypt and Europe with USA coming imminently.
Batelco Chief Digital Growth Officer Shaikh Mohamed Al Khalifa said: “In 2021, Batelco established a new financial services company following the receipt of licenses awarded by the Central Bank of Bahrain, making it the first telco subsidiary in the GCC to achieve this milestone. Earlier this year, we successfully launched Beyon Money and have prepared the sunsetting of “bwallet” to shift our focus and efforts towards our own brand.
“We are pleased with the progress achieved at Beyon Money and we continue to develop and add new great features and innovative products every month by following clients’ inputs and by creating new demand on products not existing elsewhere. The Beyon Money Team has been working hard on constantly improving the platform and delivering exciting new features to its users, with the key focus being to drive value directly to our customers,” he added.
All citizens and residents of Bahrain can download the Beyon Money app which is available on the App Store and Google Play and enjoy all the benefits and awards including cash backs and the fully digital international transfers at lowest cost in the market, said Batelco.
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