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The launch of digital retail banking operations in Bahrain by one of the region’s mighty industry conglomerates heralds a major step forward for FinTech on the island, according to champions of the sector.
Called meem, its recent glitzy inauguration in Bahrain was also a significant milestone for Gulf International Bank (GIB) as it paves the way for further regional expansion. GIB initially launched its digital banking services arm in neighbouring Saudi Arabia in 2015. Mohammed Al Garni, GIB Group head of retail banking, said: “We aim to provide a personal service to our customers, making it easy for them to manage their money efficiently. We would like our customers to think of meem as ‘the smart digital bank at the tip of their fingers’.”
Over time, customers in meem Bahrain and meem Saudi Arabia will benefit from the services offered in both countries where they can operate their accounts in a unified banking channel.
One of the first to send his congratulations was Khalid Saad, CEO at Bahrain FinTech Bay, who said: “This is a key step in the development of the FinTech ecosystem.”
Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, attended the technology-driven launch event as the guest of honour in the meem store at The Avenues, Bahrain, and said it underlined ongoing commitment and successes in attracting FinTech specialists to the kingdom.
The Minister of Oil, Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa, along with other dignitaries, also attended the event.
meem offers an all day and night, all year round service on its mobile app and web banking portal, allowing customers to open and manage their accounts, conducting everyday transactions through its online channel, supported by services such as a video contact centre, email, web chat and social media.
Banking with meem, the company says, ‘is simple and user friendly’. Bahrain customers can now apply to open a One Pack account which meem says combines the benefits of both current and savings accounts. The account comes with a debit card capable of linking to multiple foreign currency accounts. Other products such as online Murabaha term deposits, credit cards and personal finance will be added in due course.
