Kuwait Finance House-Bahrain launches open banking

Bahrain is one of the earliest global adopters of mandatory open banking, putting it at the vanguard of customer-driven change in financial services.

Kuwait Financial House-Bahrain (KFH-Bahrain) has inaugurated its open banking system, which will allow the lender to partner with innovative fintech firms from around the world to deliver a wide array of services.

According to a local daily, the preparation for open banking supports of the Central Bank of Bahrain as well as KFH-Bahrain’s commitment to further drive and support innovation in the fintech industry, by investing in systems that further enhance customer experience with more efficiency and transparency.

Khalid Rafea, KFH-Bahrain’s Executive Manager and Head of Retail Banking Group, said, “Open banking will allow our customers to enjoy a wide range of innovative digital solutions and services, including enabling a consolidated view of all their bank accounts through a single platform, which will allow for greater collaboration and integration amongst banks, financial institutions and payment service providers in the Kingdom.”