Zain FinTech, the financial services arm of Zain Group, a leading provider of innovative technologies and digital lifestyle communications operating in eight markets across the Middle East and Africa, announces the launch of its new fintech brand, Bede (in my hand).
Commercially launched first in Bahrain as per the Central Bank of Bahrain guidelines, Bede is an innovative Shariah-compliant fintech mobile app offering a seamless and convenient consumer microfinance service in just a few taps. Applicants can download the app, receive instant, hassle-free approvals based on their credit profile, thereby making accessing funds they require easier than ever. In due course, subject to local regulatory and commercial considerations across Zain’s footprint, the range of services offered by Bede will extend from beyond consumer micro-finance to also include payments, remittances and credit cards.
The official launch event of the Bede brand in Bahrain marks a significant milestone in Zain FinTech’s journey across its footprint and the Kingdom's digital landscape, with the aim to drive financial inclusion and revolutionize the growth of the regional fintech ecosystem.
The launch ceremony at the Ritz Carlton, Bahrain was attended by the Kingdom’s Minister of Finance and National Economy, H.E. Shaikh Salman bin Khalifa Al-Khalifa; Zain Group Chairman, Osamah Al-Furaih; Zain Vice-Chairman and Group CEO, Bader Al-Kharafi; Zain Bahrain Chairman, H.E. Shaikh Ahmed bin Ali Al-Khalifa; and Zain Group board members, other key stakeholders, industry experts, and government officials, who witnessed first-hand the dynamic features of Bede.
Bader Al-Kharafi commented, “The launch of the new fintech brand Bede, first in Bahrain is another milestone of the Board of Director’s initiated ‘4Sight’ strategy and vision to expand much-needed fintech services in Iraq, Jordan, Saudi Arabia and soon in Kuwait and Sudan. The expansion of innovative fintech services drives financial inclusion and advances the region’s digital ecosystem, supporting the socio-economic visions of the countries we serve.”
“Bede aims to allow everything to be made in the palm of one’s hand, catering to consumers’ lifestyles and emerging demands beyond basic telecom services. The introduction of a new fintech brand represents a major step in Zain’s strategic aspirations to expand its regional leadership in the fintech arena supported by our footprint, customer base, and leading technologies."
Al Kharafi thanked, “The Central Bank of Bahrain (CBB) for granting Bede a license and for its efforts to promote innovation in the financial sector in line with the Kingdom’s 2030 economic vision. I also thank and recognize the efforts of the fintech teams at Zain and Bede, in realizing this opportunity and embracing a future where financial services are accessible, efficient, and inclusive for all.”
The Bede name and logo
Bede stems from the Arabic meaning of “in my hand”, hence the customers’ freedom to manage their financials, the way they desire, in their own hands. The brand’s colors are inspired by a human approach which translates to a friendly and approachable personality. The primary colors are black and white with injected bright and playful colors which focus on the positive energy of banking and the human element of the brand that offers a clean and direct approach. With its brand slogan “When you get more, you do more”, Bede believes in providing the tools and solutions that allow everyone a level playing field to be able to achieve and go as far as possible.
More on Bede
The cutting-edge mobile app leverages advanced technology and innovative features to simplify the financial journey for those seeking convenient, ethical, and Shariah-compliant financial services.
Bede’s end-to-end digital solution leverages the power of mobile apps for digital onboarding and eKYC as well as artificial intelligence for fast creditworthiness assessment of customers.
Developed by FOO, a leading fintech solutions provider, the Bede app prioritizes the security and privacy of its customers to protect user data and transactions, ensuring a safe and reliable experience tailored to users' unique financial needs and goals.
The impact of Bede in Bahrain will go beyond convenience and efficiency. It is designed with inclusivity at its core, ensuring that it is accessible and beneficial to everyone, whether the individual is looking to fund an emergency situation or manage their day-to-day expenses more efficiently.
Through strategic partnerships with selected employers, Bede also extends its services to offer Islamic personal finance options to their employees, providing added convenience and accessibility.
The Zain FinTech umbrella
As the financial services arm of Zain Group and playing a key part of Zain’s ‘4Sight’ strategy by introducing and overseeing fintech services across the company’s Middle East and African footprint, Zain FinTech focuses on rolling out innovative products and services related to payments, remittances, credit cards and micro-finance within the Zain ecosystem and beyond. Other entities championed by Zain FinTech include Zain Cash in Iraq and Jordan, and Tamam in Saudi Arabia. Zain aims to roll-out FinTech services in Kuwait and Sudan in the near future, subject to regulatory approvals.
Zain Fintech’s affiliated B2B fintech solutions provider ‘FOO’ specializes in empowering businesses through innovative solutions, built entirely in-house, which optimize digital capabilities for clients across diverse industries and enables them to deliver an unparalleled user experience.
Innovation and investing in viable digital services such as the fast growing and much needed fintech sector is critical to Zain’s sustained evolution and success in providing the communities it serves with appealing and much needed digital lifestyle services.
Source: Press Release