Bahrain – Spire, a number one open banking supplier within the GCC is about to increase its operations in Bahrain and the Mena area by a BD15 million ($39.5 million) investment plan, with assist from the Bahrain Economic Development Board (EDB).
This expansion will create 200 jobs over the following three years in high-value information sciences and synthetic intelligence sectors.
Spire graduated from the Central Bank of Bahrain (CBB) Open Banking Sandbox and has been ratified by CBB to supply Open Banking providers in Bahrain. Spire has established its headquarters in Bahrain and is in strategy of establishing a regional workplace in KSA. The firm brings a robust worldwide accomplice community together with Salt Edge, a number one Canadian Open Banking participant and Mastercard to supply next-gen Open Banking options.
Spire goals to supply Open Banking compliance, infrastructure and strategic monetary administration options for banking prospects and small companies. The firm is already revolutionizing monetary information sharing in addition to earning money motion easy, safe, and enjoyable.
Osama Al Khajah, Chariman, Board at Spire Technologies, stated: “Open Banking will comprehensively change how banks and fintechs engage with the larger economy. Spire is empowering individuals and businesses and will directly help create more affordable and more innovative financial solutions. Bahrain was a natural choice for Spire to launch its Mena business given the Kingdom’s strong regulatory framework, large talent pool and tremendous support from EDB and the central bank.”
Musab Abdullah, Executive Director of Investment Development – Financial Services, Technology & Innovation on the EDB, stated: “Spire’s success displays Bahrain’s sturdy monetary providers eco-system, together with open banking providers. We are happy to assist the corporate with its expansion and see it profit from Bahrain’s pro-innovation regulatory framework and its collaborative “Team Bahrain” method.”
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