A Kuwait-based financial technology application, Spare, has received a license from the Central Bank of Bahrain to operate as an open banking ancillary service provider in the Kingdom of Bahrain. The license will pave the way for Spare to kickstart their operations in Q2 of 2022.
Spare is 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 and offer open banking bill payment solutions for businesses and merchants.
“With Spare, we’re elevating the way people manage their money and providing hyper-personalised experiences, all powered through secure connections to their banking information,” says CEO and Co-founder at Spare, Dalal Alrayes.
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. 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.
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