Spare is now all set to serve as an open banking ancillary service provider across the Kingdom of Bahrain. After getting the license from the Central Bank of Bahrain, the leading financial technology application of Bahrain is going to start their operations in Q2 of 2022.
Dalal Alrayes, CEO and Co-Founder, Spare, said, “Users are demanding better financial experiences whether it comes to the way they do their payments or try to understand their spending information. With Spare, we’re elevating the way people manage their money and providing hyper-personalized experiences, all powered through secure connections to their banking information. With Bahrain being the first country in the MENA region to adopt the open banking framework, we are grateful to be able to contribute to the ecosystem and offer this solution. This is in line with our mission to provide a seamless money management experience for everyone to stay on top of their financial lives.”
Spare is a FinTech app that encourages people to practice sound and smart financial habits, simplifies spending and instructs users to know where they’re spending their money. The app also enables users to pay via account-to-account transfers as well as open banking payments for enterprises and vendors at the same time.
Spare will be used by all top banks across Bahrain enabling users to connect several bank accounts and track all balances. It also allows to monitor expenses across selected accounts and make payments securely and easily.
Spare’s app will help companies in accessing cheaper, faster and more secure payments. The app is also going to provide numerous advantages like the direct account to account transfers, lower fees, and greater security. Open banking provides customers with more options and control over their financial information. It also gives access to multiple financial products and services that are presently not available in the Middle East region.