Bahrain ’embraces disruption’ with digital bank licence

Bahrain has granted a licence to Gulf International Bank to operate a digital banking service called Meem.

In a statement, the chief executive of the country’s Economic Development Board said the licence showed the government was keen to support financial technology.

“The fintech industry has the potential to greatly influence how consumers and companies engage, and can positively disrupt economies in a way that allows for even further growth,” said Khalid Al Rumaihi.

“However, in order to truly realise the potential, Bahrain has to have the right ecosystem in place. The launch of the service Meem by Gulf International Bank demonstrates the kingdom’s willingness to embrace this disruption and we look forward to seeing more banks grow their fintech activities.”

Gulf International Bank began offering retail banking under the brand name Meem in Saudi Arabia in 2015, intending to appeal to tech-savvy customers with web and mobile-based services.

©2017 funds global mena

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