The news follow the announcement of the national digital identity and the electronic Know-Your-Customer (eKYC) platform in April 2019. The platform, which was the first of its kind in the region targeting retail banks, financial services providers, and money exchange networks, is operated by BENEFIT in collaboration with the Information and eGovernment Authority (IGA) and under the supervision of the CBB.
The platform provides a national digital identity database for financial institutions to securely verify the identities of their customers, validate their information, and share data digitally before providing products and services. This includes retrieval of customer data from governmental entities including IGA. BENEFIT has also developed the Application Programming Interface (API) for the platform, which allows for seamless integration with financial institutions core systems, digital channels, and mobile apps. With the introduction of Open Banking in Bahrain, this also provides an opportunity for fintech companies to verify customers identities through their online and mobile applications.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.