i2c, a digital payments and banking technology services provider, has announced that it is teaming up with BEYON Money. BEYON Money is a mobile super app developed by Batelco Financial Services.
Through this partnership, the two firms want to launch Bahrain’s first open banking super app. Since Bahrain is one of the largest and most stable economies in the Middle East, the app is expected to record major growth and use.
The Bahrain economy has recorded major gains over the years in terms of digital adoption. The level of digital adoption in the country is currently at record highs.
By teaming up with i2c, BEYON Money plans to gain access to the Visa network infrastructure. This will allow the firm to create a debit program that will come with a physical card option if the user requests it.
Moreover, i2c has also integrated with Benefit to link consumers to billing firms in Bahrain. This will allow users to easily settle their bills such as utility and rent through their mobile devices.
Speaking on this partnership, the General Manager of i2c in the MEA Region, Aurangzaib Khan, stated, “We are proud to partner with BEYON Money and its visionary team as they work to reimagine everyday financial life for their country. Our building block technology was designed to help visionaries like Batelco Financial Services to create new possibilities in banking and payments, and their BEYON Money super app is a perfect embodiment of that philosophy.”
Bahrain has one of the largest mobile penetration rates that stands at around 131%. However, despite the high use of mobile phones in the country, around 20% of the Bahrain population is still unbanked.
The app that BEYON Money is launching has already been banked by the Central Bank of Bahrain. Through the app, the firm seeks to abolish the barriers that prevent the adoption of digital financial investment tools.
The firm added that “backed by a recently-secured, first-of-its-kind open banking license from the Central Bank of Bahrain, the BEYON Monet super app will host a digital wallet that enables retail, bill, and peer-to-peer payments for its users connects to bank accounts through open banking, delivers financial insights and provides digital remittances.”
