The Central Bank of Bahrain (CBB) has updated its open banking framework, mandating all licensed banks to expose APIs for corporate accounts. The amendments also require obtaining customer consent and authentication, licensee disclosures, and reporting API performance by service providers.
Bahrain, the first country in the Middle East to introduce open banking, launched its open banking framework (OBF) in October 2020, following the initial set of rules released in December 2018. The new amendments are set to bring legal entities in line with the existing open banking framework.
Under the new regulations, banks must now allow account information service providers (AISPs) and payment initiation service providers (PISPs) access to account information for legal entities after securing their consent. AISPs and PISPs must collaborate with banks to establish standard API specifications and operational guidelines based on Bahrain’s Open Banking Framework.
Introducing corporate banking APIs will allow third-party service providers (TPPs) to create new, business-aligned products and solutions such as advanced financial management tools, automated payment solutions, and data-driven insights. Moreover, it will allow SMEs easier access to financing solutions by enabling fintech companies to provide personalised credit solutions based on more accurate data assessments.
c“Spire, together with Salt Edge, is thrilled to support Bahrain’s ambitious open banking journey. By helping banks to extend open banking to corporate accounts, we’re empowering businesses to streamline operations, improve financial management, and unlock new growth opportunities. This is a significant step towards a more inclusive and innovative financial ecosystem in the Kingdom of Bahrain. Our Open Banking Compliance Hub is a strategic solution for Bahraini banks.
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