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. With Spare, businesses will have multiple benefits including lower fees, direct account to account transfers, and 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 personalised financial products and services that are not available in the Middle East region, according to the press release. Open Banking in the Middle East is picking up momentum, and Spare's analysis suggests that it is expected to reach over USD 1.2 billion by 2025 and that can grow faster as more countries in the region embrace Open Banking.
Company officials stated that with Bahrain being the first country in the MENA region to adopt the Open Banking framework, they are grateful to be able to contribute to the ecosystem and offer this solution. This is in line with their 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.
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