Ithmaar Bank and Eazy Financial Services intend to launch the region’s first biometric payment network, backed by the Labour Fund “Tamkeen”, providing a new and more efficient alternative for customers to execute several financial transactions, according to a recent statement.
Upon the joint agreement, customers of Ithmaar Bank, which is listed on Boursa Kuwait, Bahrain Bank (BHB), and the Dubai Financial Market (DFM), will no longer be required to use their bank cards at ATMs.
Along with their PIN, Ithmaar Bank’s customers will simply use their fingerprint to conduct financial transactions.
Ithmaar Bank noted that this step provides a simpler and more secure way to process financial transactions than ever before. In future, this may also include points of sale.
The new platform, developed by Eazy Financial Services, is built on a powerful Automated Fingerprint Identification System (AFIS) which is one of the most reliable and trusted biometric engines.
CEO of Bahrain Economic Development Board (EDB) Khalid Al Rumaihi, commented, “Bahrain’s forward -thinking regulatory approach provides an attractive environment for FinTech – particularly in areas such as Islamic finance and payments.”
Eazy Financial Services CEO, Khaled Al Ahli, commented, “As a local Bahraini start-up, we are extremely proud to bring a regional first solution from Bahrain, in partnership with a renowned local bank. Going forward, biometrics for financial products and services are expected to represent one third of the total market for biometric solutions in 2020.”