Khaleeji Commercial Bank in Bahrain partners with Token.io

Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in Bahrain, recently announced that it has partnered with Token.io as part of the bank's preparations to provide open banking services to its clients in compliance with the new regulatory requirements. Token is represented by Tarabut Gateway, a subsidiary of Almoayed Technologies licensed by the Central Bank of Bahrain (CBB).

This step comes in line with KHCB’s strategy to embrace and partner with fintech companies in compliance with the instructions of the Central Bank of Bahrain (CBB) to enable new and enhanced services to be provided to its customers in Bahrain and the wider region. By applying the system, the bank is setting the required foundation to develop its open banking services with high speed and efficiency. In an era of open banking, this platform will provide a developer friendly environment enabling KHCB to work with the widest range of international fintechs, delivering to its clients additional services through its banking platform, including account aggregation, personal financial management tools, and many others.  

Mr. Mahdi Abdulnabi Mohammed, Deputy General Manager – Support Services in KHCB, commented: "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.”