- Batelco is the first telecom company in the GCC to receive licenses for Open Banking through its new Subsidiary, Batelco Financial Services, basing itself on finleap connect’s Open Banking Platform.
Berlin / Hamburg / Manama - Europe’s leading fintech ecosystem, finleap, and Europe’s largest independent Open Banking platform finleap connect have jointly entered a strategic partnership with the publicly-traded Bahrain Telecommunications Company, Batelco. The partnership will accelerate Open Banking to the entire region of the Middle East & North Africa (MENA). Batelco established a new licensed subsidiary Batelco Financial Services in Bahrain, to launch its own Open Banking Platform utilising finleap connect technology. This new company meets the growing global demand for embedded financial services. The vision is to create a state-of-the-art financial service platform, offering a broad range of fintech solutions to Batelco’s customers and beyond.
The primary goal of this partnership with Batelco Financial Services is to provide them with the latest technology in open banking and best in class digital frontend application, to support them in meeting the needs and demands of the next generation of users for financial services to be fully digital and tailored to respective individual needs.
In engaging in this cooperation, finleap connect further internationalizes its platform and expands beyond European regulation. “We are thrilled to bring the Open Banking revolution to the Middle East and North Africa through our strategic partnership with Batelco,” says finleap connect’s CEO, Frank Kebsch. “In doing so, finleap connect builds upon its years of experience in providing financial services solutions in one of the most regulated markets, the EU, to further scale beyond European borders. We look forward to our further cooperation with Batelco,” Kebsch continues.
Through obtaining the necessary licenses and in part through this strategic partnership, Batelco Financial Services will in future be able to provide both consumers and SMEs with digital financial services such as digital wallet creation, cards issuance services, bank accounts aggregation and bank account payments initiation on behalf of its own clients and other third parties. The newly established company will be able to provide a seamless and integrated banking experience under one platform.
“One of our strategies at Batelco is to invest in digital solutions and services beyond our core telecommunications business. By obtaining the required licenses and establishing Batelco Financial Services, we are achieving a key milestone in our integrated strategy to diversify Batelco’s investments,” says Roberto Mancone, CEO and Executive Board Member, Batelco Financial Services. “Batelco Financial Services aims to become a leader in innovation, and to be at the forefront in creating a seamless digital value-added experience for consumers and SMEs in Bahrain and the GCC. Through our strategic partnership with finleap and finleap connect, we bring high reliability and scalability in fostering Bahrain’s ongoing growth in sectors directly benefiting customers in the entire MENA region,” Mancone continues.
“We are excited to jointly drive Batelco’s fintech strategy execution by leveraging one of our most powerful platforms, finleap connect, as well as our tech delivery unit finbyte,” says finleap’s Head of Innovation, Enrico Ohnemueller. “Plying our position as an ecosystem orchestrator, we are combining the strengths of multiple finleap ecosystem companies to support Batelco.”
© Press Release 2021
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