Rsquare Technologies, a Bahrain-based Regtech, has won the Central Bank of Bahrain’s SuperNova 2021 ‘Regtech Innovation Challenge’.
The Bahrain SuperNova Challenge was launched by the Central Bank of Bahrain (CBB) with the aim to further Bahrain’s Fintech industry’s development.
Rsquare Technologies is a resident of one of MENA’s largest Fintech Hubs, the Bahrain Fintech Bay, which is said to serve over 300 public and governmental entities across various key sectors, such as insurance, banking, education, and more. Rsquare Technologies reportedly has developed 19+ Fintech solutions such as E- Signatures, EICR, Easy Reconciliation, Compuform, CIS, HRMS & Payroll tools.
EasyRecon, the tech that won the aware, is one of RSquare’s software solutions that has been running at various financial institutions as a reconciliation engine that converts, loads, and reconciles automatically. The software also provides users with the reasoning behind the reconciliations, reduces human errors, and saves time that is typically consumed by the long and tedious process.
Shanthini Raja, founder, Chairperson & CEO of Rsquare Technologies, commented:
“This has been such a rewarding journey for us, and we are honored to have gained the winning title for the CBB’s Supernova Challenge which reflects our team’s hard work and underlying vision for the ecosystem. For the past 11 years, we have been developing solutions for the future that goes towards strengthening the thriving industry within the Kingdom. I would like to thank the Central Bank of Bahrain and all the key partners for giving us this opportunity, and especially my team which has tirelessly put their genuine efforts to lead this front within the sector, especially during a challenging time.”
Deepak Nair, CEO of BFC, said that BFC has been using Rsquare’s EICR for around 250 users for the past 6 years.
“Rsquare EICR has completely automated the manual entry into our core system, with 100% accuracy, data consistency and with increased Speed at the counters. Since it was a Robotic Automation Process, it worked with all core system screens and templates, which left us with no integration challenges, it eased implementation and customization with less IT intervention. Since It is a Bahrain made product, the after sales service is always Robust and Reliable. Rsquare`s EICR is a very user-friendly, plug and play product which runs 24/7 efficiently”