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Payments General

GBM, UK's Banfico partner on open banking solutions

Monday 25 March 2019 | 10:07 AM CET

Bahrain-based Gulf Business Machines has partnered with UK-based Banfico to help FIs adopt open banking solutions.

The open banking solutions are aimed to be in line with new regulations introduced by the Central Bank of Bahrain. Within the framework of the partnership, GBM will provide technology components required for the solution, as well as manage the overall implementation by leveraging its experience in cooperating in the financial industry, while Banfico will deliver the compliant implementation and also provide consulting services in Digital Transformation & Open Banking.

Bahrain’s financial services industry has evolved substantially over the past few years with the rise of Fintech and digital transformation. As the country works towards becoming the regional fintech hub, it will now be the first in the Middle East to introduce Open Banking.

More: Link
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