National Bank of Bahrain launches digital banking platform
National Bank of Bahrain (NBB) has launched its digital payment and trade finance portal for corporate use.
The bank partnered with Almoayyed International Group, the first commercial client to use this platform.
Ajay Jain, chief financial officer, Almoayyed International Group, says it seeks to enhance digitalisation across the board to increase business value for its clientele.
There were no more specifics on the launch, but Bahrain has been making some decent progress in the fintech sector.
Earlier this year, NBB partnered with Bahrain Development Bank to open up a $100 million VC fund to help fintech firms in the region.
NBB also partnered with Bahrain’s Electronic Network for Financial Transactions (Benefit) to launch a national electronic wallet payment system, BenefitPay, to allow consumers and merchants to transact without the use of cash or cards.