manama, bahrain – Bahrain Commercial Facilities Company (BCFC), known as BCFC, has launched its cloud-based credit and lending app “Sahel” in Bahrain. Developed in collaboration with strategic technology partners Codebase Technologies and Atyaf eSolutions, the app enables BCFC to expand its already successful credit and lending business into new markets and customer segments through a digital experience. Masu.
Bahrain has seen significant mobile phone penetration in recent years, reaching 142.1% by 2023, and internet penetration1 reaching 99%, creating fertile ground for digital initiatives to grow. Additionally, a report from the Central Bank of Bahrain shows that the total amount of outstanding loans and credit facilities provided to the residential economic sector in Bahrain increased to BD 11.3 billion ($29.97 billion) at the end of May 2022, compared with the previous year. It increased by 5.7% compared to the previous year. Until the end of May 2021.
“We are pleased to announce the official debut of our latest application, Sahel. This is a pivotal milestone both in our company’s journey and in the broader landscape of digital financial services in the Kingdom of Bahrain, and is a key milestone in our journey towards innovation and progress. It highlights our commitment to “Enabling Financial Solutions for the Digital Age” BCFC CEO Abdulla Bukhowa said:
BCFC’s Sahel app allows customers to digitally onboard and apply for credit cards, loans and insurance, manage loan and credit repayments, view transaction history and statements, and perform a variety of everyday banking transactions. Now you can run it. Digibanc serves as the underlying technology stack for Sahel, with fully remote ID&V, facial recognition, and digital onboarding with eKYC to further enhance customer experience, improve compliance, and operationalize Bahrain Credit. Optimize the benefits above.
The app uses Codebase Technologies’ proprietary intelligent credit decision engine, allowing customers to benefit from instant credit card issuance and loan approval, while increasing operational efficiency and smarter risk management for BCFCs. It will come true. The team also included a virtual credit card option with instant access to the card and a unique loyalty points feature, making it easy for customers to transfer and redeem accumulated rewards.
Ali Al Marzooq, Vice President of Information Technology and Operations at BCFC, said: “Overall, BCFC’s commitment to embracing innovation and digital-first approach to credit and lending leverages technology to improve service, increase conversion, increase customer value, and provide customers with a superior digital experience. It shows our company’s proactive stance.”
Codebase Technologies’ Digibanc serves as the underlying technology stack for Sahel deployed in a cloud environment, enabling the integration of multiple customizable components and third-party APIs, giving BCFC an unprecedented level of agility and innovation. We provide. This modern approach to building digital financial products has increased BCFC’s speed to market and provided lenders with expanded capabilities for product and service creation.
“Rather than building experiences from scratch, large institutions today are leveraging partnerships with digital banking providers and fintechs to enhance their capabilities and become more agile. We have shown great leadership and foresight by taking a modern approach to digital service development and leveraging our Digibanc platform, which has positioned BCFC to lead the market and position its innovative capabilities for the future. We have been able to establish an excellent position that is guaranteed over the years.” Tamer Al Mauge, Managing Director, MENA, Codebase Technologies commented:
To optimize initial costs, reduce time to market, and ensure scalability, Codebase Technologies deployed Digibanc in a cloud-hosted environment managed by Atyaf eSolutions. Cloud His hosting for digital banks has gained attention across the Middle East for its security, reliability, and scalability, allowing financial institutions to scale quickly in response to customer and market demand.
Ubaydli Al Ubaydli, Chairman of Atyaf eSolutions, said: “The launch of cloud-hosted banking is an important step towards achieving Bahrain’s 2030 Vision. We recognize that growing involvement in information and communication technology (ICT) is essential, opening new avenues for economic growth and development.”
source of information
[1] https://datareportal.com/reports/digital-2023-bahrain
[2] https://www.zawya.com/en/business/banking-and-insurance/bahrain-banks-loans-and-credit-facilities-jump-to-30bln-i4yfamxj
About code base technology
Codebase Technologies is one of the world’s fastest growing open API banking solutions fintech companies. With a vision to “disrupt the way we leverage technology for a greater purpose,” the company creates impactful digital financial experiences for traditional and Islamic banks, fintechs, neobanks, financiers, and startups. I am designing.
Codebase Technologies has launched several digital, challenger and neobank financial propositions around the world with proven success rates and unparalleled speed to market, positioning itself as a pioneer in digital banking technology in the global banking industry. has been established.
The company’s award-winning DigibancTM fintech platform is a cloud-enabled, API-driven, highly adaptable digital banking platform that enables institutions to deliver a comprehensive digital financial experience. The platform’s open architecture embraces a diverse ecosystem of partners and vendors and facilitates collaborative experiences across the financial services environment. DigibancTM is built on a component-based microservices architecture, providing a robust and agile environment for launching new financial products and services quickly and at scale.
For more information, please visit:
Website: www.codebtech.com
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About Atyaf eSolutions
Atyaf eSolutions (formerly Al Nadeem IT)
We have been providing cutting-edge digital and platform solutions in the Kingdom of Bahrain for over 27 years. Starting with web and application development services, we have successfully expanded our range of solutions to include intranet development, custom business, mobile application development, and cloud solutions. , provides chatbots and process automation, emerging technology and cybersecurity solutions to banking, financial, government, corporate, retail and small business customers.
Atyaf eSolutions is a brand that has revolutionized digitalization since it was founded in 1995 as the first company to enter Internet solutions in the Kingdom of Bahrain.
Over the years, Atyaf’s reputation has earned him numerous ICT awards, including the World Summit Award, the Bahrain e-Government Award, and the GITEX Award. Atyaf has developed many pioneering projects in the field of web development. These include high-end architectural presence. Some of these include custom business applications, e-tendering solutions, FinTech and blockchain platforms such as EKYC, Women Gateway Portal, and E Land Registry, which have become the forefront of dominating market leaders in the Kingdom of Bahrain. Includes part of an extensive list.
Atyaf eSolutions has recently invested in partnerships and developments in emerging technologies such as artificial intelligence, virtual and augmented reality, blockchain, metaverse, NFTs, and cryptography in Bahrain.
Website: www.atyafesolutions.com | LinkedIn: https://www.linkedin.com/company/al-nadeem-info-tech/mycompany
About Bahrain Commercial Facilities Company (BCFC)
Bahrain Commercial Properties Company BSC, also known as BSC. ”Bahrain Credit” was established under Bahrain on August 29, 1983.‘■ Pursuant to the Commercial Companies Act of 1975, we are a closed company with an authorized capital of BD 10,000,000 and an issued capital of BD 5,000,000, with the purpose of operating as a specialized financial company.
In 1993, Bahrain Credit became a public company with an authorized capital of 50,000,000 BD and an issued capital of 11,000,000 BD. Effective June 26, 2005, we were licensed and regulated as a financial institution by the Central Bank of Bahrain (CBB).
In 1989, Bahrain Credit acquired the agency rights for Honda, Cadillac, Hummer, and GMC automobile dealers in Bahrain and established National Motor Company (NMC).
1997, TASS‘Heelat Insurance Services Co. WLL was established to provide new and innovative financial services and insurance products. We offer a variety of insurance services under one roof.
October 2002, TASS‘Heelat Real Estate Services Company (SPC) was established to provide investors and consumers with a variety of real estate services including real estate valuation, brokerage, and management.
For more information, please visit bahraincredit.com.bh.
For more information, contact:
Tom Romanski
Brand and Communications Lead
code base technology
Email: romanski@codebtech.com