National Bank of Bahrain (NBB) announced the launch of its open banking solutions, making it the first bank in the Middle East and North Africa (MENA) region to offer secure banking solutions to customers. In November 2018, the Central Bank of Bahrain (CBB) had introduced the regulation that mandated the adoption of open banking by all banks in the Kingdom by 30th June 2019. NBB has partnered with Bahrain’s first licensed open banking systems provider Tarabut Gateway and has spearheaded the open banking technology movement.
H.E. Khalid Humaidan, CEO of the Bahrain Economic Development Board while congratulating NBB, elucidated the significance of open banking and further stated that the Bahrain has been making immense progress in the adoption of digital technologies and fintech innovation.
Jean-Christophe Durand, Chief Executive Officer, National Bank of Bahrain expressed, “…NBB has invested significantly in the requisite systems and infrastructure to enable us to launch the ‘Aggregator’ service; our efforts have been powered by our overriding vision to set new standards in digital banking services and deliver immediate value to our customers.…”
Abdulla Almoayed, CEO of Tarabut Gateway stated that, “…With Tarabut Gateway, pioneers in the financial services sector, such as NBB will now be able to provide bespoke Open Banking services to their customers. NBB’s launch of its Aggregation service marks a new era for Bahrain’s banking sector and sets new standards in digital banking services which will elevate the customer experience…”
NBB will initially offer account aggregation services in the first phase where customers will be able to view and track their finances across all accounts. The NBB Open Banking App will have to be downloaded and customers will have to register online to gain access to the services offered. The next phase will comprise of financial transactions and other services.