Brankas chosen by Arab Financial Services to strengthen the open financial infrastructure in MENA
In this new partnership, AFS will work with Brankas to create direct bank integrations to allow easy credit scoring, payroll, account-to-account payments and new bank account openings.
SINGAPORE, 13 February 2023 /PRNewswire/ — Brankas, a Singapore-based fintech, announced today that it has been appointed by Arab Financial Services (AFS), the leading provider of digital payment solutions and fintech enabler in Middle East and Africato offer new and improved open financial infrastructure in the region.
Brankas is a leading open financial technology company with an established presence and banking network in Southeast Asia. Founded in 2016, the Series B fintech is integrated with the likes of Bank OCBC NISP, BDO and BCA, and works with over 90 clients to provide embedded financing solutions that help increase financial inclusion globally.
This new partnership with AFS will see Brankas bring its established open finance practice to MENA to promote more inclusive financial services in countries including BahrainUnited Arab Emirates, Saudi Arabiaand Egypt. The APIs that will be made available through AFS’s platform are essential to allow technological platforms to offer important financial services such as credit scoring, salary payments, account-to-account payments and new bank account openings.
Samer SolimanThe CEO of Arab Financial Services (AFS) said: “Today, AFS already works with over fifty regional banking institutions. This strategic move to integrate with the banks’ infrastructure is a natural step in our expansion and innovation. Our vision is to empower our customers to to deliver relevant and customer-centric products that positively impact the lives of customers, and we are proud to partner with a well-established open finance provider like Brankas to help us achieve our goal.”
In 2020, the central bank became i 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 necessary to protect customer data.
For Brankas, this move represents its entry into new MENA markets as it aims to establish a global open financial network following successful partnerships in 2022 with Visa, CRIFand McKenzie.
“Financial inclusion forms the basis for everything we do at Brankas. We are incredibly happy about the opportunity to collaborate with AFS to refine our open financial expertise in a new market with its own regulatory bodies. Bahrain is leading the charge in the region to drive the holistic use of open finance, and we look forward to working with the visionaries here to improve the accessibility and quality of financial services for the everyday person.” Todd SchweitzerCEO and co-founder of Brankas.
Brankas is a leading global provider of open financial technology. We offer API-based solutions, data and payment solutions for financial service providers (such as banks, lenders and e-wallets) and online businesses. Brankas works with banks to build and manage their open financial infrastructure, producing APIs for real-time payments, identity and data, new account opening, money transfers and more. With Branka’s secure open banking technology, online businesses, fintech companies and digital banks can use Branka’s APIs to create new digital experiences for their users.
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 payments ecosystem.
A key to the company’s growing and continued success was a management team determined to invest in the most up-to-date, leading-edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 customers in more than 20 countries across MEA.
Today, AFS is the region’s leading supplier of digital payment solutions and Fintech enabler, regulated by the Central Bank of Bahrain.
AFS’s innovative approach to financial services delivery is proven by a range of cutting-edge payment services covering card processing services, merchant acquisition, fintech solutions and an impressive range of value-added services.
AFS’ emphasis on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions, including digital mobile wallets, customer-facing Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Ratebglobal contact centers and much more.
Trusted by businesses across the region AFS has been recognized as “Best Payment Solutions Provider – Bahrain” by MEA Finance Awards 2022, “Best New Payment Solutions Provider for MSME Business Bahrain 2022” by Global Business Magazine, “Leading Payments Innovator Bahrain 2022” by Global Business Outlook and “Best Payment Solution Provider Bahrain 2022” by Global Banking & Finance Review .
Visit www.afs.com.bh for more information and join the conversation on LinkedIn.