Supported by the Bahrain Economic Development Board (Bahrain EDB), FLOOSS, a digital financial services platform born out of Bahrain, has launched its digital consumer lending service to users. The lending service is a first of its kind where loans are approved in minutes, FLOOSS is a testament to Bahrain’s successful strides in driving innovation in the financial services sector through forward-looking regulations.

Through their mobile app (available on Android & iOS), FLOOSS enables customers to apply for consumer loans of up to BHD 750 and pay-off the loan over a period of up to 12 months. FLOOSS aims to leverage technology and data sciences to make lending more accessible for much of the population in order to utilise loans for unplanned expenses, travel, school fees, emergencies, and other financial requirements.

In addition to its license in Bahrain, FLOOSS is planning to expand within the KSA as well – a significant step towards achieving its regional expansion plans to tap into USD 141.6 billion Bahrain and KSA consumer loans market.

According to Fawaz Ghazal, Chief Executive Officer at FLOOSS, the regulatory framework in Bahrain has played a great role in their success. “We’re very grateful for the support we received from the Central Bank of Bahrain and Bahrain EDB,” he said.

“At FLOOSS, our aim is to make the digital lending process as seamless as possible. Many people need support and fast, we are that innovation in an APP. Flooss provides digital loans without the hassle of paperwork & long processes. Your loan application can be done anytime & anywhere.” he added.

Commenting on the launch of FLOOSS lending platform, Dalal Buhejji, Executive Director of Business Development for Financial Services at the Bahrain EDB, said: “Fintech companies like FLOOSS are important for the development of a robust digital infrastructure in Bahrain, which is what we as the EDB continue to focus on as part of Bahrain’s financial services strategy, in line with the Economic Recovery Plan.”

“The launch of their innovative lending service in Bahrain is another case study to show how forward-thinking regulations can enhance the Kingdom’s business environment and create an innovative and supportive ecosystem, which enables businesses to thrive,” she added.

Under Bahrain’s Economic Recovery Plan, the Financial Services Sector Strategy (2022 – 2026) aims to create job opportunities, strengthen legislation and regulatory policies, and develop the fintech subsector.

Washington, Sept. 13 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, today met with U.S. Secretary of State, Antony J. Blinken, at the State Department, as part of his official visit to the United States. 

During the meeting, HRH Prince Salman bin Hamad and Secretary Blinken signed a historic bilateral agreement, the Comprehensive Security Integration and Prosperity Agreement, which forms a cornerstone for cooperation not only for Bahrain and the U.S., but also globally as it represents a new architecture for bilateral and multilateral cooperation.

The Comprehensive Security Integration and Prosperity Agreement will enhance Bahrain-U.S. cooperation across a range of areas, from defence and security to emerging technology, trade, and investment.

Secretary Blinken welcomed Bahrain’s role as one of the U.S.’ longest standing and closest partners in the Middle East, as both a non-NATO ally and a Major Security Partner, noting that the agreement will strengthen coordination between both nations’ armed forces and further integrate intelligence capacity to deter and respond to threats as they arise.

The Secretary of State emphasised the agreement’s role in identifying new bilateral investment opportunities, which build on the two nations’ 2006 Free Trade Agreement, which has more than tripled trade and investment to $3 billion per year. 

Secretary Blinken noted that the agreement further enhances scientific and technical cooperation and information exchange in areas such as health security and digital technology, adding that the agreement is also the first binding U.S. international agreement of its kind in developing and deploying trusted technologies.

Looking to the future, the Secretary of State also noted that the U.S. and Bahrain look forward to using this agreement as a framework for additional countries that wish to join the U.S. and Bahrain in strengthening regional stability, economic cooperation, and technological innovation.

HRH the Crown Prince and Prime Minister praised the critical importance of the historic bilateral agreement, noting the profound global challenges and choices that are faced between the rise of authoritarianism and libertarianism and the international rules-based order that manifested itself in the early 19th century.

His Royal Highness said this rules-based order was the foundation of freedom of trade, the movement of ideas, and the movement of people all over the world, and that Bahrain and the U.S. are beneficiaries of those common values.

HRH the Crown Prince and Prime Minister welcomed the agreement’s role in focusing not only on security and defence, but also on economic and technological cooperation, and that the signing will be the foundation for a new global architecture given the open-ended nature of the agreement.

His Royal Highness reaffirmed Bahrain’s commitment to further deepening Bahrain-U.S. relations and steadfastly implementing the new Comprehensive Security Integration and Prosperity Agreement.

Source: Bahrain News Agency

Spire Technologies has obtained Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licenses from the Central Bank of Bahrain (CBB), authorising it to operate as a fully regulated open banking ancillary service provider in the Kingdom. This milestone approval from the CBB will effectively enable Spire Technologies to expand its offerings, delivering expert financial insights and swift digital solutions to the market with increased operational efficiency, which include the provision of open banking use cases to retail customers and Micro Small and Medium Enterprises (MSME) in addition to open banking enabled services to banks and fintechs.

A graduate from the CBB’s regulatory sandbox, the Bahrain-based open banking fintech is keen to contribute to the growth of the digitally-led national financial ecosystem and expand into the region and is set to launch its open banking solutions to MSMEs across Bahrain. The solutions aims to provide its users with full agency over business cashflows, offering a rich user experience as well as faster, secure account-to-account payments at a competitive cost.

Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, said: “As of 2022, the financial services sector is the largest contributor to our GDP standing at 17.5%, which forms a major driver to the sustainable economic growth and diversification of the national economy, thereby boosting Bahrain’s international competitiveness on a global playing field. We take pride in witnessing the expansion journey of Spire Technologies, which reiterates Bahrain’s track record of success in giving rise to one success story after another owing to a pioneering pro-innovation regulatory framework and the unwavering support of Team Bahrain operating as a dynamic, collaborative collective, working in step with the private sector.”

Aamir Janjua, Co-founder and Chief Product Officer at Spire Technologies, added, “Open banking has enabled the next generation of fintechs to introduce innovative, personalised, competitive and inclusive financial services to the fintech landscape. We are gratified at how far we’ve come and to be licensed as an ancillary service provider, enabling us to deliver innovative data and payments driven open banking solutions in Bahrain as part of a growing fintech ecosystem. We are thankful to the CBB for their continuous drive to build a robust open banking ecosystem, and to the Bahrain Economic Development Board for their exceptional support throughout our journey.”

With an agile, future-forward regulatory framework, a dependable digital infrastructure, and a recognised history of innovation in the financial services sector which comprises a growing fintech ecosystem, Bahrain is home to a balanced portfolio of leading banks, fintech firms, and financial players cementing its reputation as the ideal destination for businesses to set up and tap into a high growth region. Celebrating over 100 years of banking, Bahrain’s well established financial services sector has secured many firsts for the Middle East and North Africa region driving unmatched regulatory reform, paving the way for emerging industries including robo-advice and crypto-asset platforms.

The CBB has been quick to embrace open banking, providing banks with a sound and ever-evolving regulatory framework to meet the demand for digital payment and credit services, launching pioneering initiatives in the likes of the regulatory sandbox, a virtual space for both CBB-licensed financial institutions and fintech startups to test pilot innovative solutions to effectively scale up their operations from Bahrain and across the region in a safe, regulated space.

Manama, the capital of Bahrain has been ranked 1^st globally in Financial Attractiveness on the AIRINC Global 150 Cities Index 2023, which evaluates financial opportunities in achieving the ideal combination of highly-paid salaries, low taxation rates and cost of living, and overall quality of life. Maintaining its position on the acclaimed sub-index for the fifth consecutive year, Bahrain’s capital outperformed several other cities which competed for first position within the top ten rankings, including Zurich (2^nd), Geneva (4^th), Riyadh (5^th), Kuwait (7^th), and Abu Dhabi (8^th).

This achievement is yet another milestone for Bahrain, reminiscent of its ranking 1^st in the Middle East and North Africa (MENA) region in Financial Freedom (7^th globally), and Investment Freedom (8^th globally), on the Heritage Foundation’s 2023 Index of Economic Freedom. Bahrain performed well across key pillars measuring economic freedom affecting investment attractiveness owing to its attractive investment climate and openness to global commerce.

Nada Al Saeed, Chief of Strategy at Bahrain Economic Development Board, said, “This milestone ranking consolidates Bahrain’s position as a globally coveted investment destination. Owing to TeamBahrain’s united front in nurturing a business-friendly environment backed by best-value operating and living costs, the Kingdom provides an ecosystem that encourages growth and prosperity.”

Known for its ease of doing business and highly skilled workforce, Bahrain offers foreign and local investors high-yielding opportunities owing to its competitive operating costs, and unparalleled financial freedom with 100% foreign ownership across most sectors with no free zone restrictions. Beyond offering a favourable tax climate with 0% corporate and income tax as well as no restrictions on repatriation of capital, profits, or dividends; Bahrain has cemented its reputation as a pro-innovation, economically dynamic environment, boasting streamlined business and commercial processes, backed by the Team Bahrain approach where government bodies work closely with businesses and regulators to explore opportunities that nurture optimal conditions for business growth.

Bahrain has taken solid steps towards introducing key initiatives that have contributed to the consistent growth of its investment ecosystem, further enabling businesses to thrive, the latest of which includes the introduction of the Golden License awarded to large-impact investment projects in line with Bahrain’s Economic Recovery Plan (ERP).

Launched in 2021, the ERP aims to sustainably grow and diversify the national economy in order to maintain the country’s standing on an international playing field. The ERP outlines key economic sectors as areas of strategic priority to develop and drive in Foreign Direct Investment (FDI), where the non-oil priority sectors of financial services, information communications and technology (ICT), manufacturing, logistics, and tourism, have demonstrated positive growth.

• Bahrain ranks 1^st Globally for Expat Essential Index
• Bahrain ranks 1^st Globally for Low Language Barriers
• Bahrain is the only country across the Middle East and North Africa region positioned within the top 10 global rankings

Bahrain secured a milestone earning 1^st place globally on the Expat Essentials Index for the second consecutive year, additionally securing a coveted position within the top 10 best destinations for expats in the 2023 Expat Insider Survey by InterNations. Of the 53 countries surveyed, Bahrain ranks 9^th globally and 1^st in the Middle East and North Africa. Affirming the island nation’s competitiveness as the leading destination of choice for living and working abroad on an international playing field.

The Expat Essentials Index measures the ease of setting up daily lifestyle services when settling abroad, as stated in the 2023 Expat Insider Survey by InterNations report: “Administrative topics are not a reason for concern in Bahrain, nearly nine in ten (86%) say that opening a local bank account is easy (vs. 62% globally). ..59% do not struggle when dealing with bureaucracy and the local authorities (vs. 39% globally).”

Beyond outperforming the global average on the Ease of Settling In Index, Bahrain was recognised for its ease of settling in, despite being unable to speak the local language, in addition to its innovative and creative business culture. Respondents remarked improved career prospects and positive results across the board in terms of the friendliness of the Bahraini society and social life, earning Bahrain 6^th place globally in finding friends.

Nada Al Saeed, Chief of Strategy at Bahrain Economic Development Board, said, “It is rare to find a country that goes a step further than work-life balance. Owing to Bahrain’s 4,000 plus years of legacy as a centre of trade, hospitality is in our DNA. As such, it comes as no surprise that respondents described Bahrain as a welcoming place where one can excel career-wise, easily make friends, and find a sense of belonging within a tolerant and forward-looking community.”

The Chief of Strategy added: “With the rise of international trade, the growth of multinational corporations, and the increasing interconnectedness of the world, today’s global economy demands a diverse workforce. Ranking 1^st globally with a negligible language barrier is a testament to Bahrain’s highly skilled, bi-lingual talent pool, which is backed by a digitally-driven regulatory framework that offers streamlined services essential to expats settling in, earning Bahrain’s position as the destination of choice to work and live in across the region at large.”

Marking its 10^th edition, the annual InterNations Expat Insider survey is one of the world’s largest expat surveys based on data from 12,065 expats representing 171 nationalities, living in 172 countries or territories around the world.