Bahrain bank Khaleeji Commercial Bank (KHCB) has formed a partnership with Token.io to support its open banking services and meet new regulatory requirements.
The bank completed the deal to support its goal of embracing and partnering with FinTechs. The Central Bank of Bahrain (CBB) has recently issued new instructions for banks to foster new and enhanced services for customers in Bahrain and the wider region.
In working with Token, KHCB has established a foundation for open banking services, giving developers a supportive environment to collaborate with international FinTechs. KHCB will benefit by being capable of giving customers additional services including account aggregation, personal finance management and others.
KHCB deputy general manager Mahdi Abdulnabi Mohammed said, “Token.io is considered as one of the most advanced open banking systems available today and will ensure that we are immediately ready and able to integrate with licensed fintech companies to offer consolidated account information services under the open banking regulation.
“This allows us to provide the basic requirements to promptly launch these services and in a manner that acts in accordance with the rules and regulations of the CBB.”
This is just the latest partnership from Token, which has been on a recent spree. Last week, the open banking platform formed a deal with Konsentus to develop an accelerated PSD2 compliance solution for EU-based financial institutions.
The company’s open banking platform was adopted by Tandem Bank to help it meet its PSD2 compliance requirements. Through the deal, Tandem will integrate the Token solution, gaining access to APIs, and direct payments.
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