Mr. Sattam Sulaiman Algosaibi, KHCB CEO

Bahrain-based Khaleeji Commercial Bank (KHCB) has recently announced the launch of its ready-to-go infrastructure for open banking services making fully compliant with the Central Bank of Bahrain’s directives.

KHCB CEO, Mr. Sattam Sulaiman Algosaibi expressed his delight while making the announcement putting an impetus how services such as these are paving a way towards a more digital transformation and for a better client experience.

Token.io, an Open Banking Platform provider represented by Tarabut Gateway, a subsidiary of Almoayed Technologies and licensed by the Central Bank of Bahrain (CBB) will be partnering with KHCB for their banking infrastructure. Through the implementation of this service, KHCB will be able to accept requests to share account information and process payment procedures with other banks and institution in the frame of open banking.

Mr Abdulla Almoayed, CEO of Almoayed Technologies stated “This partnership with KHCB demonstrates how quickly banks can adapt to regulatory demands when offering proven open banking technologies. Having fulfilled their requirements, KHCB is now able to refocus on how it can take advantage of this first-mover position in the marketplace by developing new products and services.”

According to the supplier, the application of Token.io’s system will enable KHCB to deploy the open banking services that will enable it to reach out to a wide range of financial institutions as wells as launch account aggregation services, personal finance management tools and many more.

Recently, Token has already undertaken similar projects for multiple banks including Sberbank Croatia and Tandem Bank.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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