Gulf International Bank (GIB), a leading bank in the Middle East region, said it has been granted a conventional retail banking licence by the Central Bank of Bahrain.

Bahrain-based GIB is owned by the governments of the six GCC countries, with Saudi Arabia’s Public Investment Fund being the principal shareholder of 97.2 per cent. In addition to the GCC operations, it has branches in the US and the UK.

The licence is an important milestone for GIB as it will help boost the bank’s presence in the kingdom and pave the way for further expansion across the GCC, said a statement from the bank.

Lauding the Bahraini authorities for the support, chairman Jammaz bin Abdullah Al Suhaimi said GIB had been a major contributor to the kingdom's financial services sector over the last 40 years. He also highlighted the banks' continued commitment to diversify and further strengthen its operations in Bahrain and the region.

GIB initially launched its retail banking products and services under the brand name Meem, in Saudi Arabia in 2015, it said.

Meem is aimed at modernising retail banking in the region combining online and mobile banking with ultramodern physical store locations; it offers convenience, freedom of choice, and exceptional value for money, said the statement.

Meem customers can open accounts online in minutes, and conduct day-to-day transactions through its online e-banking channel, supported by a wide range of communication channels, including telephone, mobile devices, e-mail, web chat and social media, said a statement.

Khalid Al Rumaihi, chief executive of the Bahrain Economic Development Board, said: “We are delighted that GIB has been granted a retail banking licence for Meem in Bahrain.”

“The FinTech industry has the potential to greatly influence how consumers and companies engage, and can positively disrupt economies in a way that allows for even further growth. However, in order to truly realise the potential, Bahrain has to have the right ecosystem in place,” he noted.

“The launch of the service Meem by GIB demonstrates the kingdom’s willingness to embrace this disruption and we look forward to seeing more banks grow their FinTech activities,” he added.

GIB's chief executive Abdulaziz Al Helaissi said: "We are very pleased with this new venture. Meem in Bahrain will be the first digital bank in the region.”

“The favourable regulatory environment in Bahrain facilitates the establishment of digital banking platforms. We intend to launch Meem services and products in the kingdom in 2018 and we are confident that Meem will play an important role in the development of the FinTech ecosystem in Bahrain and the region,” he added.- TradeArabia News Service