i2c Inc., a provider of digital payment and banking tech, has announced its partnership with BEYON Money, the mobile super app introduced by Batelco Financial Services, which is the Fintech unit of Bahrain’s digital solutions and telecommunications provider.
Backed by a recently-secured Open Banking license from the Central Bank of Bahrain, the BEYON Money super app will reportedly host a digital wallet that “enables retail, bill, and peer-to-peer payments for its users, connects to bank accounts through open banking, delivers financial insights and provides digital remittances.”
As mentioned in a release, BEYON Money will “develop card issuing and processing functionalities through i2c’s agile banking and payments platform which will also integrate additional partners and services.”
Via i2c’s Fintech Fast Track certification, BEYON Money will “tap into Visa’s network infrastructure to launch a digital-first debit program to the market with a physical card option available upon request.”
The announcement also mentioned that i2c has integrated with local switch, Benefit, connecting consumers “to billers across Bahrain, allowing them to pay utilities, rent, mobile, and more via their smartphone.” The app is “backed by the Central Bank of Bahrain.”
Aurangzaib Khan, GM, MEA Region of i2c Inc., remarked:
“We are proud to partner with BEYON Money and its visionary team as they work to reimagine everyday financial life for their country. Our building block technology was designed to help visionaries like Batelco Financial Services to create new possibilities in banking and payments, and their BEYON Money super app is a perfect embodiment of that philosophy.”
According to the World Bank’s Global Findex report, almost one in five residents in Bahrain are unbanked, while the nation enjoys “a 131% mobile penetration rate.”
With this super app, Batelco is looking to “leverage its leadership position in mobile to accelerate financial inclusion across the nation, with plans to expand to more countries in the near future.”
Batelco Financial Services Company that is located at Batelco’s headquarters in Hamala and “comprises a team of national and international expertise in Fintech.” The firm will provide “a range of solutions and services for consumers and SMEs, to provide an integrated and seamless banking experience under one platform.”
As noted in the release, i2c is an international provider of payment and banking solutions. Using i2c’s “building block” tech, clients can easily “create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively.”