Dubai’s leading finance and insurance comparison platform, Souqalmal.com secures an e-broker license in Bahrain from the Central Bank of Bahrain (CBB) and plans on launching here soon.
It’s worth noting that the Central Bank of Bahrain (CBB) and the Bahrain Economic Development Board (Bahrain EDB) have made remarkable changes within the startup ecosystem in terms of regulations to support the introduction of insurance aggregators in Bahrain. Two months after the new regulatory environment was announced, Souqalmal was granted the license to operate in Bahrain.
Talking about the expansion, founder and CEO Ambareen Musa mentions that Bahrain ranks 3rd globally in Internet penetration and 10th globally in media penetration. “Boasting one of the highest online and mobile penetration rates in the world, and a rapidly transforming digital landscape, Bahrain was the ideal market for us to expand into,” Ambreen mentions.
Dalal Buhejji, senior manager, Business Development, Financial Services of the Bahrain Economic Development Board also welcomes Souqalmal to Bahrain. “We are delighted to welcome Souqalmal and we look forward to the transformation it will bring to the Insurance sector. Their expansion to the kingdom is a clear indication of the opportunities available for companies with innovative digital solutions.”
Khalid Saad, CEO of Bahrain FinTech Bay said, “We are delighted that one of the region’s leading FinTechs is establishing a base in Bahrain and calling Bahrain FinTech Bay home. The insurance industry in Bahrain will undergo a fundamental transformation over the next few years and I am confident that Souqalmal will play a key role in that transformation and the provision of digital insurance services in Bahrain.”