The Bank has announced its readiness to meet Open Banking requirements, a qualitative leap forward for banking services and an initiative in line with the Kingdom's efforts to modernize the banking sector and help establish the progressive regulatory standards for new and innovative financial services.
Dr. Adel Salem, Assistant General Manager, Retail Banking Services, BBK, said: "Our Open Banking launch is in response to CBB's requirements. We are always keen to be at the forefront of the banking industry in Bahrain by embracing the future of digital banking services."
Open Banking will positively impact the quality of services provided to customers and will give Bahrain's financial sector a significant competitive edge. All operations through open banking will be subject to the same regulatory procedures as other channels. And because Open Banking adopts a principle of linking retail banks and financial institutions with companies specializing in Fintech, the result will be an innovative customer service and experience."
Open Banking will also make it easier for customers to access their bank accounts through a single application and provide integrated customer account information from various banks in Bahrain, financial institutions and payment service providers.