June, 2021 (Manama, Bahrain) – Rsquare Technologies; a Bahrain based pioneer that has developed multiple solutions within the FinTech ecosystem in the Kingdom, has won the Central Bank of Bahrain’s SuperNova 2021 ‘RegTech Innovation Challenge’ for their Account Blocking & Unblocking Automation Process. The competition was hosted virtually on CBB’s digital lab FinHub 973 which concluded last week. The Bahrain SuperNova Challenge was launched by the Central Bank of Bahrain (CBB) with the aim to further Bahrain’s FinTech industry’s development.
Rsquare Technologies has created a solid journey within the Kingdom spanning 11 successful years since its inception. This journey reflects their initial promise to become one of the biggest IT development centers in the Kingdom of Bahrain. The award – winning Bahrain-based corporation is a resident of MENA’s largest FinTech Hub, the Bahrain FinTech Bay, serving 300+ public and governmental entities across various key sectors, such as insurance, banking, education and more. To date, Rsquare Technologies has developed 19+ innovative IT FinTech Bahrain made solutions such as E- Signature, EICR, Easy Reconciliation, Compuform, CIS, HRMS & Payroll tools.
EasyRecon, is one of RSquare’s intuitive and innovative software solution that has been running successfully in various financial institutions, to operate as an reconciliation engine that converts, loads, and reconciles automatically. The software also provides users with clear reasoning behind the reconciliations, reduces human errors, and saves time that is typically consumed by the long and tedious process.
Commenting on this occasion, Shanthini Raja, Founder, Chairperson & CEO of Rsquare Technologies “This has been such a rewarding journey for us, and we are honored to have gained the winning title for the CBB’s Supernova Challenge which reflects our team’s hard work and underlying vision for the ecosystem. For the past 11 years, we have been developing solutions for the future that goes towards strengthening the thriving industry within the Kingdom. I would like to thank the Central Bank of Bahrain and all the key partners for giving us this opportunity, and especially my team which has tirelessly put their genuine efforts to lead this front within the sector, especially during a challenging time.”
Mohamed Ibrahim, Head of Information Technology, SICO “We are happy to note that Rsquare has won the competition in the CBB “Blocking and UnBlocking” fintech solution. Our heartiest congratulations. Rsquare has come up with innovative and custom made solutions to meet client needs. Our interactions with the Rsquare team have been highly professional and they always display the element of hard work and commitment in their project assignments. Our Best wishes to them for winning much more accolades in the future”.
Deepak Nair, CEO of BFC says that “BFC have been using Rsquare’s EICR for around 250 users for the past 6 years. Rsquare EICR has completely automated the manual entry into our core system, with 100% accuracy, data consistency and with increased Speed at the counters. Since it was a Robotic Automation Process, it worked with all core system screens and templates, which left us with no integration challenges, it eased implementation and customization with less IT intervention. Since It is a Bahrain made product, the after sales service is always Robust and Reliable. Rsquare`s EICR is a very user-friendly, plug and play product which runs 24/7 efficiently”
Vijay Kumar Soni, Vice President (Operations and Services), State Bank of India, Retail Branch commented on the achievement, “EasyRecon has provided us with very good utility and efficiency in our daily operations. The product has allowed us to automate Blocking and Unblocking Recon, Deceased account recon and ATM switch reckon. We could automate our existing manual process up to a decent extent and generate error-free absolute reconciliation reports.”
He added, “Rsquare has a great support team with appropriate technical strength. The team always puts in its excessive effort to accomplish our maximum prerequisites. They are very flexible in terms of timing and always attempt to accommodate our requirements to support us.”