Todd Clyde, COO, Token.io

Bahrain-based Islamic bank, Khaleeji Commercial Bank (KHCB) has announced a partnership with Token.io in a bid to provide open banking services to its clients, complying with the new regulatory requirements.

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.”

According to the supplier, the adoption of the new platform will enable KHCB to work with the widest range of international fintechs, delivering to its clients’ additional services through its banking platform, including account aggregation, personal financial management tools, and many others. It will ascertain the development of the bank’s open banking services in compliance with the Central Bank of Bahrain.

Mr. Mahdi added: “Token’s 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.”

Todd Clyde, COO, Token.io, stated: “In our partnership with KHCB, we are applying Token’s international open banking technology and experience to enhance the bank’s services to the benefit of its clients in Bahrain and the wider region. The open banking market in Bahrain is moving quickly and our partnership is helping KHCB establish an early mover position.”

Recently, Token.io collaborated with the challenger bank Tandem in order to enable PSD2 compliance and open banking opportunities for the latter and integrate its full suite of open banking solutions into Tandem’s core platform.

Token is represented by Tarabut Gateway, a subsidiary of Almoayed Technologies licensed by the Central Bank of Bahrain (CBB).

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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