Today: 31 May 2025
8 May 2022
2 mins read

Spare receives license as an open banking ancillary service provider in Bahrain

The license will pave the way for Spare to kickstart their operations in Q2 of 2022…reports Asian Lite News

Spare, a Kuwait based financial technology application, has received the license from the Central Bank of Bahrain to operate as an open banking ancillary service provider in the Kingdom of Bahrain. The license will pave the way for Spare to kickstart their operations in Q2 of 2022.

Spare, an app designed to encourage people to adopt smart and sound financial habits, breaks down spending and guides users to understand where their money is going. Spare will also allow users to make payments via account-to-account transfers as well as offer open banking bill payment solutions for businesses and merchants.

Spare will be integrated with all major banks in Bahrain to allow users to connect multiple bank accounts and monitor all balances, track spending across selected accounts, set budgets, and make payments easily and securely.

Furthermore, the solution will cater to businesses in Bahrain by providing faster, cheaper and more secure payment solutions. With Spare, businesses will have multiple benefits including lower fees, direct account to account transfers, and higher security. Additionally, merchants can directly connect to Spare to create QR codes and generate links for payments.

Open banking gives customers more choices and control over their financial data, and it opens up access to a variety of personalized financial products and services that are not available in the Middle East region. Open Banking in the Middle East is picking up momentum, and Spare’s analysis suggests that it is expected to reach over 1.2$bn by 2025 and that can grow faster as more countries in the region embrace open banking.

ALSO READ: Emirates boarding pass unlocks Dubai deals

Dalal Alrayes, CEO and Co-founder at Spare, commented, “Users are demanding better financial experiences whether it comes to the way they do their payments or try to understand their spending information. With Spare, we’re elevating the way people manage their money and providing hyper-personalized experiences, all powered through secure connections to their banking information”

She added, “With Bahrain being the first country in the MENA region to adopt the open banking framework, we are grateful to be able to contribute to the ecosystem and offer this solution. This is in line with our mission to provide a seamless money management experience for everyone to stay on top of their financial lives. ”

Spare is also in the process of launching in other markets where open banking is being rolled out, with plans to expand across the MENA region.

Previous Story

Attack on Sinai checkpoint kills 11 Egyptian troops

Next Story

Abu Dhabi set to unveil global partnerships at ATM

Latest from Arab News

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

UAE Advances AI Leadership

These leaders shared their personal experiences in the programme and reflected on how it helped deepen their expertise in AI and related leadership fields The UAE has launched the sixth cohort of
Go toTop

Don't Miss

Standard Chartered Unveils Strategy to Achieve Net Zero

UAE requires AED 2.5 trillion investment to transition to Net-Zero

Iran ready to reopen embassy in Saudi

Iran is ready to reopen its embassy in Saudi Arabia,