Synopsis

“This partnership will help Brankas mark its entry into new MENA as the company is eyeing to set up a global open finance network which is followed by successful associations with McKenzie, VISA, CRIF done in 2022.”

Brankas, a FinTech company based in Singapore said in an announcement that it has been appointed for providing new and improved open finance infrastructure in the MENA region by Arab Financial Services (AFS).

Also Read, The 3 most significant Internet of Things developments from 2022

This partnership will help Brankas mark its entry into new MENA as the company is eyeing to set up a global open finance network which is followed by successful associations with McKenzie, VISA, CRIF done in 2022.

Todd Schweitzer, CEO and Co-founder of Brankas, said, “Financial inclusion forms the foundation of everything we do at Brankas. We are incredibly excited about the opportunity to work with AFS to hone our open finance expertise in a new market with its own regulatory bodies. Bahrain is leading the charge in the region to drive the holistic adoption of open finance, and we look forward to working with the visionaries here to improve the availability and quality of financial services for the everyday person,”.

The new association between Brankas and AFS will help Singapore-based FinTech to establish open finance practices in the MENA region to offer more inclusive financial services.

These services will be available in countries like Saudi Arabia, Bahrain, the UAE, and Egypt. The APIs that will be made are critical in enabling tech platforms to provide complete financial services that include account-to-account payments, credit scoring, payroll disbursement, and new bank account openings. These APIs will be available through the Arab Financial Services (AFS) platform.

Samer Soliman, Chief Executive Officer of Arab Financial Services (AFS) said, “Today, AFS already works with over fifty regional banking institutions. This strategic move to integrate with the banks’ infrastructure is a natural step in our expansion and innovation. Our vision is to empower our clients to deliver relevant and customer-centric products that positively impact the lives of customers, and we are proud to partner with a well-established open finance vendor like Brankas to help us achieve our goal.”