Al Baraka Islamic Bank (ABIB) becomes the first bank in Bahrain to invite FinTech startups from around the world to come test their solutions through their recently launched Global API marketplace which offers more than 25 APIs directly to third parties, the bank said in a statement.
The APIs are available in six main categories including accounts, money transfers, financings, credit cards, information services, and investment products.
According to ABIB, the portal will be open for third-party developers FinTechs, and startups from all over the world with no geographical limits, and will allow them to provide better financial products and services to its clientele.
Hamad Aloqab, the CEO of Al Baraka Islamic Bank commented on the importance of the Global API marketplace stating: “Open banking is the future of banking globally and as part of a global network, we have realized this opportunity. Accordingly, we would like to invite global FinTechs to use our APIs to test their innovative services and products to better serve our customers.
The bank stated that they’re currently focusing on its global innovation strategy through its subsidiaries across 17 different markets globally.