At a press conference held yesterday at the Four Seasons Hotel, Bahrain, Ithmaar Bank, and Eazy Financial Services announced plans to launch the region’s first biometric payment network. What does that mean? Well, say goodbye to credit cards because all you need is your finger!
With this new payment solution, Ithmaar Bank customers won’t have to use their bank cards at ATMs to withdraw money. They can simply swipe their fingerprint, punch in their PIN to process the financial transactions. The biometric payment solution provides a simpler and more secure method to process transactions.
Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board (EDB) commented on this announcement saying that both parties, Ithmaar Bank and Eazy are showcasing Bahrain as a hub for innovation, especially the FinTech industry. “This partnership comes in line with our strategy to encourage innovation that supports high-value job creation in the Kingdom. Bahrain’s forward-thinking regulatory approach provides an attractive environment for FinTech – particularly in areas such as Islamic finance and payments. We look forward to welcoming more home-grown initiatives such as this,” he said.
Tamkeen also plays a vital role in supporting the FinTech startup. Tamkeen Chief Executive, Dr. Ebrahim Janahi praised the initiative saying: “Tamkeen’s support for the FinTech industry comes as part of our efforts to support enterprises across stages of development and making the private sector a key driver of economic growth. We believe Ithmaar Bank and Eazy are both well ahead of the curve, and this strategic initiative will result in a major positive change in the Kingdom’s economy and capital market.”
The new Biometric Payment Network will be available in phases for Ithmaar Bank customers in the first quarter of 2019. The platform is built on a powerful Automated Fingerprint Identification System (AFIS) one of the most reliable and trusted biometric engines which are deployed and implemented in many countries around the world for both civil and forensic applications. The FinTech startup Eazy, adopts a rigorous “Identification Algorithm” which has earned the highest honors by several standards organizations and authorities.
Ithmaar Bank CEO Ahmed Abdul Rahim stated that as part of their digital strategy, they’re continuously investing in technologies that provide Ithmaar Bank’s customers a more convenient and secure way to process their financial transactions. “Our customers are tech-savvy and expect friction-less access to banking services – and the introduction of biometrics is another major step that direction. We are leading the financial industry with this new, tangible solution which is a real-time example of how we put innovation and our customers at the forefront of everything we do,” he said.