Almoayed Technologies is Bahrain’s first officially confirmed open banking AISP/PISP.
Under the terms of the partnership Almoayed will make Moven’s innovative smart-banking technology available to banks across the MENA region.
Moven and Almoayed say the deal will enable banks to launch next-generation digital banking services. The end goal is to reduce customer attrition rates, drive new revenue streams and lower customer acquisition costs.
Moven is the turnkey smart-banking technology platform founded by financial services’ renowned futurist and author, Brett King.
“Open banking is already mandated by the Central Bank of Bahrain. The Kingdom’s banks have a chance to ‘Advance to Go’ in this space. They can develop banking services that are the envy of the world,” comments Abdulla Almoayed, CEO, Almoayed Technologies.
Moven and Almoayed – applying proven AI technologies
“Our partnership with Moven will enable banks to apply Moven’s proven AI-driven technologies to the payment and account information flows generated by open banking.
“Banks can then use these insights to power a new generation of personalised and context-based digital banking experiences for customers. This will enhance financial literacy and generating new revenues at the same time,” adds Almoayed.
Brett King comments: “Almoayed Technologies has created a national open banking account aggregation platform in Bahrain. That will enable banks to deliver unique customer experiences. This is a serious achievement. We’re really excited to be integrated into this platform. Moven can play a part in supporting the digital transformation that will follow.
Bahrain a serious regional player
King adds: “Bahrain is emerging as a serious regional player from a regulatory reform and Fintech ecosystem perspective. It has a small and agile economy and a forward-looking regulator. Moreover, it has a digitally literate population and a close-knit banking industry that supports co-opetition.
“It’s going to be fascinating to see how quickly Bahrain and the MENA region can develop its digital banking capabilities.”
Almoayed Technologies has been working with the regulator in the Kingdom’s ‘regulatory sandbox’ environment since last April. The aim is to prepare Bahraini banks for the advent of open banking, and has already connected 11 banks via a single open banking API.
Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, said: “Open Banking will create opportunities for building synergies between financial institutions and FinTech. This will deliver a more competitive and efficient financial services sector in the Kingdom of Bahrain.”
It is now working with Bahrain’s banks to support their creation of open banking action plans. The regulatory deadline is 30 January. The aim is to ensure implementation of open banking ahead of the final compliance deadline at the end of June.
“Moven’s platform is a key component in our drive to help banks take advantage of these unique market conditions. Our strategy is to partner with the world’s foremost fintech innovators.
“Combining their skills and technologies with our domestic experience, empowers our financial services industry to better serve the local population,” concludes Almoayed