Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in the Kingdom, has recently announced that it has partnered with Token.io, an Open Banking solution provider represented by “Tarabut Gateway” subsidiary of Almoayed Technologies and licensed by the Central Bank of Bahrain (CBB).
This come as part of the bank’s preparations to provide open banking services to its clients in compliance with the new regulatory requirements, as well as the bank’s strategy to embrace and partner with Financial Technology (FinTech) companies in line with the instructions of the CBB to enable new and enhanced services to be provided to its customers in Bahrain and the wider region.
By applying the system, the bank is setting the required foundation to develop its Open Banking services with high speed and efficiency. In an era of Open Banking, this platform will provide a developer friendly environment enabling KHCB to work with the widest range of international Fintech companies, delivering to its clients additional services through its’ banking platform, including accounts aggregations services, personal financial management tools, and many others.
On this occasion, Mr. Mahdi Abdulnabi Mohammed, Deputy General Manager – Support Services in KHCB, commented: “Token.io is considered as one of the most advanced Open Banking systems available today and will ensure that we are immediately ready and able to integrate with licensed Fintech companies to offer consolidated account information services under the open banking regulation. This allows us to provide the basic requirements to promptly launch these services and in a manner that acts in accordance with the rules and regulations of the CBB”
Mr. Mahdi added: “Token.io system will assist us in providing the required safe infrastructure for the launch of open banking services, which will pave the way for many more services in the future, making the bank a preferred option for clients to seamlessly conduct their banking transactions.”
On his part, Mr. Todd Clyde, COO, Token.io, stated: “In our partnership with KHCB, we are keen on deploying our team’s extensive experience from working in other key international markets, in order to enhance the bank’s services and maximise its utilisation of modern technologies to the benefit of their clients in Bahrain and the wider region.
KHCB is a leading Islamic bank that strives to achieve clients’ aspirations through an Islamic banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.