Spare Obtains Bahrain’s CBB License for Open Banking

Manama – Spare, a Kuwait-based financial technology group, said it has received the license 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 healthy financial habits, breaking down spending and guiding users to understand where their money is going, said that with this license the company will launch its operations in the second quarter.

Spare will also allow users to make payments via account-to-account transfers as well as offer open bank bill payment solutions for businesses and merchants, he added.

Kuwait Group will be integrated with all major banks in Bahrain to allow users to connect multiple bank accounts and monitor all balances, track expenses on selected accounts, set budgets and make payments easily and conveniently. completely safe.

Advantages

Furthermore, the solution will meet the needs of businesses in Bahrain by providing faster, cheaper and more secure payment solutions, he added.

Spares CEO and Co-Founder Dalal Alrayes said, “Users are demanding better financial experiences, whether it’s how they make payments or trying to understand their spending information. With Spare, we’re improving the way people manage their money and delivering hyper-personalized experiences, all powered by secure connections to their banking information.

With Spare, businesses will enjoy several benefits, including lower fees, direct account-to-account transfers, and increased security. Additionally, merchants can connect directly to Spare to create QR codes and generate links for payments, she explained.

According to her, open banking gives customers more choice and control over their financial data, and 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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