Kuwait-based personal finance application Spare has secured open banking authorisation from the Central Bank of Bahrain.
The licence will allow Spare to operate as an open banking ancillary service provider in the Kingdom of Bahrain. Spare plans to launch its operation in the country in the second quarter of 2022.
Spare, an app designed to encourage people to adopt smart and sound financial habits, breaks down spending and guides users to understand where their money is going. The application will be integrated into all the major banks in Bahrain and allow users to connect to multiple bank accounts, track balances, monitor spending, set budgets, and make payments.
Furthermore, the solution will cater to businesses in Bahrain by providing faster, cheaper and more secure payment solutions. With Spare, businesses will have multiple benefits including lower fees, direct account to account transfers, and higher security. Additionally, merchants can directly connect to Spare to create QR codes and generate links for payments.
Spare is also in the process of launching in other markets where open banking is being rolled out, with plans to expand across the MENA region.