BFC Payments in partnership with UnionPay International (UPI) yesterday marked the official launch of its digital payroll solution ‘BFC Pay’ at an event held at Bahrain Finch Bay. The partnership also marks UPI’s entry into the Bahraini market. Anthony Langley (General Manager, BFC Payments), Hany Al Deeb (Regional Country Manager - Saudi Arabia, Qatar, Kuwait, Bahrain & Iraq, UnionPay International), Khalid Saad (CEO, Bahrain Fintech Bay), Ali Arab (General Manager, GPS), Hani Awachi (CEO, Amthal Group), Rahul Bhalla (Chief Executive, Invita) and Gopakumar Bhargavan (Group Head of Business Development & Operations, BFC Group Holdings) were present.
Commenting on the launch, Anthony Langley, General Manager of BFC Payments, said BFC pay offers employers an end-toend digital solution for payroll requirements. “Through this service we aim to foster financial inclusion across Bahrain’s unbanked workers’ community, supporting the Kingdom’s important wage protection initiative.” “BFC Pay is the first of many products we are launching to strengthen our commitment to the rapid digital transformation of Bahrain’s economy and solidify the Kingdom as the region’s fintech hub,” added Langley.
Wages Protection System (WPS) by the Labour Market Regulatory Authority (LMRA) and Central Bank of Bahrain (CBB) require employers to pay wages digitally through a WPS compliant payroll service provider. Salaries, BFC statements said, can securely be uploaded onto payroll cards or wallets through an online portal or at any BFC Bahrain branch and designated CDMs. BFC Payments, the company said, allows unbanked employees to conveniently withdraw funds from any BFC branch or designated CDMs around Bahrain, offering them secure and easy access to their wages.
“Furthermore, through the BFC Payments mobile app, cardholders can view their statements, check their account balance as well as transfer and receive payment from other BFC Payments app users.” Ebrahim Nonoo, Managing Director and CEO of BFC Group said the group is proud to offer “a tool for financial inclusion through BFC Payments.” BFC Payments is affiliated with a financial leader in the region – BFC Group - that includes a fully licensed bank in the UK and an international network of money exchanges with over 135 branches across five countries.
The history of the companies that are incorporated under the Group date back over 100 years, with Bahrain Financing Company (BFC) first trading in Bahrain as a gold bullion and currency exchange. Khalid Saad, CEO of Bahrain Fintech Bay, said, “As the country rolls out the Wage Protection System, BFC Payments through its innovative solutions will play a key role in helping bring the unbanked into the ecosystem.”