One of Bahrain’s first and largest FinTech companies to successfully graduate from the Central Bank of Bahrain sandbox.

June 2021 (Manama, Bahrain) – Payment International Enterprise (PIE) has been at the forefront sparking a wave of innovation in the Kingdom. This latest milestone reflects PIE’s commitment to providing a full financial ecosystem that enables a cashless society with many more momentous breakthroughs to come.

The first of its kind in Bahrain to successfully graduate from the Central Bank of Bahrain sandbox. The platform aims to transform and enhance the lending experience within the Kingdom, enabling consumers to access credit with just a few taps. Thus, revolutionizing the financing industry in Bahrain.

The platform is one of the first digital lending products by Payment International Enterprise (PIE); one of Bahrain’s first and largest FinTech companies to complete the testing phase and is in the process of applying for the relevant licenses. The FinTech innovator is licensed by the CBB as a payment service provider, prepaid card issuer, card processor, acquirer, and e-wallet & e-money issuer. In Bahrain and the region, PIE has been creating innovative solutions and services for individuals and corporations including TAM Wallet, TAM Kiosk, TAM Cards, TAM mPOS, TAM Dinar, and Wage Protection System (“WPS”) service.

Fawaz Ghazal, CEO of Payment International Enterprise (PIE) commented on this milestone “We are thrilled that we will be offering our digital-first approach and solution to lending in the Kingdom soon.”

He added, “This is the right time, especially with the pandemic that has brought drastic changes and amplified the need for digital processes across all financial services to reach consumers and businesses beyond branches. Furthermore, it has challenged the way lenders have historically operated across the globe. We are creating financial products for today’s customers who expect a decision in minutes and cash in days.”

About Payment International Enterprise

Payment International Enterprise B.S.C. (c) (“PIE”, or the “Company”) is a FinTech company in the Kingdom of Bahrain, established as an Ancillary Service Provider with the Central Bank of Bahrain (“CBB”). PIE is licensed by the CBB as a payment service provider, prepaid card issuer, card processor, acquirer, and e-wallet & e-money issuer. PIE is seeking to obtain one more license from CBB for digital lending services.

After successfully passing the Central Bank of Bahrain’s regulatory sandbox for fintech

Manama, Kingdom of Bahrain: Payment International Enterprises has maintained its leadership in the innovation wave in the Kingdom of Bahrain, through the company’s commitment to providing a comprehensive financial ecosystem that seeks to enable a cashless society to achieve many important achievements in the future.

The company recently developed a unique product, the first in the Kingdom of Bahrain, that successfully passed the Central Bank of Bahrain’s (CBB) FinTech Sandbox and obtained the Central Bank’s accredited graduation certificate. This platform seeks to transform and enhance the lending experience within the Kingdom, enabling consumers to access credit with the click of a button, thus revolutionizing the finance sector in Bahrain.

The platform is one of the first digital lending products developed by PIE, one of the first and largest fintech companies in Bahrain. PIE has completed its testing phase and is now in the process of applying for the relevant licenses. PIE, a fintech innovation company, is licensed by the Central Bank of Bahrain and authorized to provide payment services, issuing cards, eWallet, and eMoney. PIE creates innovative solutions and services for individuals and businesses in Bahrain and the region, including the TAM Wallet, TAM Kiosks, TAM Cards, TAM mPOS, TAM Dinar, and the Wage Protection System (WPS).

Commenting on this achievement, Mr. Fawaz Ghazal, CEO of PIE, said: “We are pleased to soon be introducing the first digital lending solutions in the Kingdom of Bahrain.”

Mr. Fawaz Ghazal added, “This is a very opportune time to launch this product, especially in light of the pandemic, which has brought about radical changes, increasing the demand for digital financing services to reach consumers and businesses outside of bank branches. Furthermore, this product is changing the way lenders have historically operated around the world, as we are creating financial products for today’s customers who expect decisions and financing in the shortest possible time.”

Leading FinTech company in Bahrain, Payment International Enterprise (PIE) joined hands with BDF-RMS to launch cobranded kiosks for their facility.

The newly branded machine is designed and developed by PIE, allowing BDF-RMS to be the first medical facility in the kingdom to offer an experience that will allow consumers to complete payment services quickly, seamlessly and digitizing cash payments.

PIE has showed a strong proof of commitment to innovation and is at the forefront of creating evolutionary products for a digitised economy.

PIE is one of the largest FinTech organizations in Bahrain, licensed by the Central Bank of Bahrain (CBB). PIE has various collaborations in Bahrain to innovate services for governmental entities and the major Telecom operators.

The company’s milestones include IGA kiosks placed across the country in 2016 offering all government services and utility payments in a convenient way. As well as acquiring services in collaboration with CrediMax.

Another milestone was the launch of the TAM-Dinar project for government institutions in Bahrain to facilitate ease of payments.

PIE has direct integrations with all major billers in Bahrain and provides self-service machines to third parties to empower businesses with fintech solutions and offer a state-of-the-art experience to their customers.

With the cobranded kiosks, BDF-RMS customers and the BDF hospital are empowered by TAM Dinar.

TAM Dinar facilitates the hospital with electronic money to ease transactions. Moreover, the cobranded kiosks accept Bahraini Dinars and Saudi Riyals, provides instant cash back, accepts debit, and credit cards as payment options. All relevant transactions are enabled in the kiosks and is accessible to all consumers and patients, hence, eliminating the need to visit physical customer service stalls and cashiers.

Major General Prof Shaikh Khalid bin Ali Al-Khalifa, Director of the BDF Royal Medical Services stated: “We always aim to provide our patients with the safest services and the highest standards of care.

We are proud to collaborate with PIE to allow our patients to complete all payments in the safest and most efficient way possible.” CEO of PIE, Fawaz Ghazal stated: “As a Fintech leader, we are driven by the challenge we continue to enrich our partners experience by providing innovative solutions specially to large clients like BDF-RMS, our partnership with Credimax has been growing specially with Covid affect and we foresee much growth in months and years to come.” Chief Executive of CrediMax, Ahmed A. Seyadi commented: “As a market leader, CrediMax is committed to driving the growth of the payments sector in the Kingdom through collaborations with esteemed FinTech organizations such as PIE and we are pleased to support them in facilitating innovative payment solutions helping to simplify the consumers’ payment journey to enjoy greater convenience and security.” — TradeArabia News Service