back Back

AFS selects Brankas to strengthen open finance infrastructure in MENA

By Leandra Monteiro

February 13, 2023

  • Afs
  • API Banking
  • Arab Financial Services
Share

Brankas, AFSBrankas, a Singapore-based FinTech, announced that it has been appointed by Arab Financial Services (AFS), a digital payment solutions provider and FinTech enabler in the Middle East and Africa, to provide new and improved open finance infrastructure in the region.

The new partnership with AFS will see Brankas bring its established open finance practices to MENA to promote more inclusive financial services in countries including Bahrain, the UAE, Saudi Arabia, and Egypt. The APIs that will be made available through AFS’ platform are critical in allowing tech platforms to offer essential financial services such as credit scoring, payroll disbursement, account-to-account payments, and new bank account openings.

Samer Soliman, Chief Executive Officer of Arab Financial Services (AFS) said, “Today, AFS already works with over fifty regional banking institutions. This strategic move to integrate with the banks’ infrastructure is a natural step in our expansion and innovation. Our vision is to empower our clients to deliver relevant and customer-centric products that positively impact the lives of customers, and we are proud to partner with a well-established open finance vendor like Brankas to help us achieve our goal.”

In 2020, the Central Bank of Bahrain launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry. The framework includes detailed operational guidelines, security standards and guidelines, customer experience guidelines, technical open API specifications, and the overall governance framework needed to protect customer data.

For Brankas, this move represents its entry into new MENA markets as it sets its sights on establishing a global open finance network following successful partnerships in 2022 with Visa, CRIF, and McKenzie.

“Financial inclusion forms the foundation of everything we do at Brankas. We are incredibly excited about the opportunity to work with AFS to hone our open finance expertise in a new market with its own regulatory bodies. Bahrain is leading the charge in the region to drive the holistic adoption of open finance, and we look forward to working with the visionaries here to improve the availability and quality of financial services for the everyday person,” said Todd Schweitzer, CEO and Co-founder of Brankas.

Previous Article

February 10, 2023

FinTech Yatra to offer $100m capital to start-ups with 25 VCs

Read More
Next Article

February 13, 2023

3 investment apps for medium-income earners to reach financial goals

Read More









IBSi Daily News Analysis

Cybersecurity, Saudi Arabia

December 04, 2023

Afs

Saudi Arabian firms are likely to outsource cybersecurity by next year, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

3 Pocket Money apps financially empowering children in Europe

Read More

Today

Billtrust adds new interface to its accounts receivable platform

Read More

Today

Kris+ selects Airwallex to facilitate payments & payouts in Australia

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023