Batelco took a major step forward, introducing its new BEYON Money brand, in line with its strategy to move beyond its core business and venture into the world of FinTech. Earlier this year Batelco announced its entry into the world of FinTech by establishing a new financial services company following the receipt of licenses awarded by the Central Bank of Bahrain, making it the first telco subsidiary in the GCC to achieve this milestone. The BEYON Money Super App includes Visa Prepaid Cards, Stored Value Wallet, Open Banking Connectivity, categorization of expenses and financial Insights and fully digital Remittances. It is the first fully digital Financial Super App to deliver direct Open Banking access to consumers in Bahrain, connecting all the banks across the Kingdom in one App. Users will have the ability to view all transactions with their banks and with their cards, as well as transact and transfer funds between accounts and into their digital wallet with ease.
The market has seen exponential growth in Digital Payments across the Middle East with a rapid shift for consumers and merchants towards digital. BEYON Money’s mission is to make digital financial instruments more accessible, easy to understand, transparent and value driven, giving customers greater degrees of choice. BEYON Money will play a vital role in supporting the advancement of payments innovation and digital ecosystems by accelerating consumer digital adoption of financial solutions, anticipating the demand for seamless, fast, and secure digital money flow.