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.”