Brankas, a Singapore-based fintech, announced that it has been appointed by Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, to provide new and improved open finance infrastructure in the region.
AFS will see Brankas bring its established open finance practices to MENA to promote more inclusive financial services in countries including Bahrain, the UAE, Saudi Arabia, and Egypt. The APIs that will be made available through AFS’ platform are critical in allowing tech platforms to offer essential financial services such as credit scoring, payroll disbursement, account-to-account payments, and new bank account openings.
The Central Bank of Bahrain (“CBB”) launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry. The framework includes detailed operational guidelines, security standards and guidelines, customer experience guidelines, technical open API specifications, and the overall governance framework needed to protect customer data.
Brankas is a leading global open finance technology provider. We provide API-based solutions, data, and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more.
Arab Financial Services was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem.