SICO BSC, a regional asset manager, broker, and investment bank (licensed as a wholesale bank by the CBB) released a new version of a streamlined digital onboarding procedure for its SICO LIVE investment platform, enabling users in Bahrain to set up an account just by using two IDs and a picture via eKYC facility by BENEFIT.
The BENEFIT Company, working with the Information & eGovernment Authority (iGA) and under the direction of the Central Bank of Bahrain, operates the federal eKYC platform. This sizable online resource enables financial companies to identify clients’ identities quickly.
With more than 2.1 billion dollars in assets under management, SICO is a prominent regional asset manager, broker, and investment bank (AUM). Today, SICO manages two completely owned subsidiaries, including an Abu Dhabi-based brokerage company called SICO Financial Brokerage and a specialized regional custody house called SICO Fund Services Company, both of which operate under a wholesale banking license from the Central Bank of Bahrain (SFS).
Najla Al Shirawi, CEO SICO, stated, “We are pleased to be the first Investment bank in Bahrain to offer eKYC services through our SICO LIVE app. This upgrade reflects our commitment to continuously customize our offering to improve the overall experience for our clients and create more accessible and inclusive investment solutions in a more ‘contactless’ environment. It is an essential tenet of our strategy to enhance our services to meet our clients’ ever-evolving needs for a smoother and easier user experience and capitalize on the advances in fintech to create a more digital-forward environment in line with the government’s approach.”
The BENEFIT Company accredited SICO as the first investment bank in the Kingdom of Bahrain, making it easier for users to register safely and take advantage of SICO LIVE’s online trading services. Clients of SICO LIVE will be able to sign up more conveniently, swiftly, and safely due to the eKYC verification solution.
Financial firms can digitally retrieve KYC data and validate customer identity using the eKYC service securely and openly. By validating customers in real-time, the method enables onboarding for clients to happen quickly rather than taking days to do manually.
Abdulwahed AlJanahi, CEO, BENEFIT Company, commented, “This is a defining moment in SICO’s digital transformation journey, and we are honored to be a part of it by bridging the gap between SICO and its consumers through the eKYC’s seamless and secure mechanism. SICO is heavily invested in fintech and is a digitally-led organization, and implementing this service will further enhance their efforts and elevate their customer experience across many levels. We applaud SICO’s initiative to implement such technological advancements and are pleased to be part of this shift. Through these partnerships, we will accelerate Bahrain’s digital transformation journey across key sectors that the eKYC platform will greatly contribute to.”
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