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Central Bank of Bahrain to launch eKYC for financial institutions

Wednesday 3 February 2021 13:26 CET | News

The Central Bank of Bahrain (CBB) announced the launch of eKYC by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector.

The national eKYC platform 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 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.

iGA cooperated with BENEFIT, which implemented the technical development of the project, under the supervision of CBB. The authority has started providing identity verification services to the government sector, and this project complements providing the services to the private sectors, especially the banking sector.

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Keywords: CBB, Bahrain, eKYC, financial institutions, BENEFIT, IGA, digital identity, Open Banking, Open Finance, Open Data, API
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Bahrain
This article is part of category

Banking & Fintech