Bahrain's leading telecom services operator Batelco today (December 1) took a major step forward, introducing its new Beyon Money brand, in line with its strategy to move beyond its core business and venture into the world of FinTech.
The brand reveal took place at a lavish event held at the Bahrain Four Seasons Hotel in the presence of the Governor of the Central Bank of Bahrain
Rasheed Mohammed Al Maraj.
It is the first fully digital Financial Super App to deliver direct Open Banking access to consumers in Bahrain, connecting all the banks across the kingdom in one App, said the statement from Batelco.
Users will have the ability to view all transactions with their banks and with their cards, as well as transact and transfer funds between accounts and into their digital wallet with ease.
Additionally, Beyon Money is the only Super App in Bahrain that will develop for its users a marketplace to access a wide range of financial products and services, offered by several providers, it stated.
Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa, who was joined by members of Batelco’s Board of Directors and members of Batelco’s executive team, welcomed the leading figures in the banking and fintech industry who attended the event, and thanked them for their presence and for supporting Batelco.
Earlier this year Batelco announced its entry into the world of fintech by establishing 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.
On the new brand, Shaikh Abdulla said: "The government in Bahrain, under the leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, has worked to create the ideal ecosystem for Innovation in FinTech and the digital economy. Accordingly, this is the ideal time for us to launch this exciting brand, Beyon Money, in Bahrain and look forward to expanding the services in due course into the GCC."
"Beyon Money will play a vital role in supporting the advancement of payments innovation and digital ecosystems by accelerating consumer digital adoption of financial solutions, anticipating the demand for seamless, fast and secure digital money flow," he stated.
Beyon Money CEO Roberto Mancone said: "The market has seen exponential growth in Digital Payments across the Middle East with a rapid shift for consumers and merchants towards digital. BEYON Money’s mission is to make digital financial instruments more accessible, easy to understand, transparent and value driven, giving customers greater degrees of choice."
The app will be available for pre-registration on beyonmoney.com from tomorrow (December 2) with full download of the App available to clients that have accessed the waiting list for both IOS and Android by the end of the year, stated Mancone.
"At Beyon Money we are focused on delivering a customer centric experience that embeds several required financial services in one platform. With this new app, we will establish and continuously evolve local and international partnerships for the digital marketplace aimed at creating value for clients across the GCC," he added.