The bank has also provided an in-principle confirmation to the first domestic open banking infrastructure provider, Almoayed Technologies. Since April 2018, in partnership with Token.io, Almoayed Technologies has been working with the regulator in the Kingdom’s ‘regulatory sandbox’ environment to prepare Bahraini banks for the advent of open banking, and has already connected 11 banks via a single open banking API.
Following the regulator’s nationwide adoption mandate and Almoayed Technologies’ ‘graduation’ from the sandbox environment, Bahrain’s banks may now move beyond live proof-of-concept implementations and deliver full commercial rollouts of open banking services across the region.
By offering a common platform to all banks in Bahrain, Almoayed Technologies and Token are enabling banks to deliver open banking payment and information services to customers and provide secure and frictionless access to banks for third-party providers.
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