Fintech platform Spare teams up with EazyPay to strengthen open banking services in Bahrain
The partnership between the Central Bank of Bahrain (CBB)-licensed open banking fintech platform Spare and Bahraini payment services provider EazyPay paves the way for the exploration of open banking opportunities in the Kingdom.
Central Bank of Bahrain (CBB)-licensed open banking fintech platform, , which offers a range of account information and payment initiation-based services, has partnered with Eazy Financial Services 'EazyPay'.
One of the leading Bahraini payment services providers, EazyPay specialises in Point-of-Sale (POS) and online payment gateway acquiring solutions.
As per a report by Zawya, Abdulaziz AlOthman, General Manager of Spare in Bahrain, and Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, signed the said partnership. The collaboration opens the way to explore opportunities in Open Banking.
In line with Bahrain's 2030 economic vision, which looks at further enhancing the financial sector, the larger goal of the partnership is to accelerate the adoption of open banking services in the Kingdom, said the report.
With this partnership, EazyPay's merchants will be able to accept open banking payments powered by Spare. This will be an addition to the options available to the merchants currently.
Along with this, businesses of all sizes will be able to capitalise on a more secure and convenient form of collection through the enhanced level of service powered by open banking, added the report.
Customers will be allowed to pay directly from their bank accounts and will also have access to new products and services.
Abdulaziz Alothman, General Manager at Spare, said, “Adopting Spare’s innovative transaction solution will undoubtedly bring great benefits to consumers with a seamless and hassle-free experience while allowing them to enjoy new, personalized financial services.”
Eazy Financial Services Founder & CEO, Nayef Tawfiq Al Alawi, commented, “We believe that establishing these partnerships, especially with key ecosystem players, will allow various players to acquire the necessary capabilities and deliver innovative and unique propositions to a wide range of customers in the Kingdom and the region.”
Edited by Affirunisa Kankudti
