Zain Bahrain, a leading telecom services company, has launched its new fintech company and Bede app as it seeks to change traditional methods of financial services by providing the latest technologies and solutions, supporting innovation and fintech development, in line with the kingdom’s comprehensive development goals.
Announcing the new venture at a ceremony held last night (February 6) at the Ritz-Carlton, Zain Bahrain said the Bede App in Bahrain marks a significant milestone in Zain FinTech's journey across its country markets and the kingdom's digital landscape, to drive financial inclusion and revolutionise the growth of the regional fintech ecosystem.
Zain FinTech is the financial services arm of Zain Group and plays a key part in Zain’s ‘4Sight’ strategy by overseeing Zain’s fintech services across its operations in the Middle East and Africa.
It focuses on rolling out innovative products and services related to payments, remittances, credit cards and micro-finance within the Zain ecosystem and beyond.
Speaking at the launch, Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, said: "The private sector is playing a pivotal role in driving development through the implementation of quality initiatives and programmes that create promising opportunities for all."
Bahrain, he stated, was committed to supporting priority sectors through a range of initiatives, notably those focused on technological and digital progress.
"It is aimed at boosting Bahrain’s Economic Recovery Plan to foster investment and strengthen ties with the private sector, he noted.
Key initiatives include launching strategies for the development of the financial services, ICT, and digital economy sectors, alongside efforts to improve digital infrastructure and encourage innovative financial technology to drive economic growth, said the minister at the event.
The launch ceremony was attended by the Minister of Transportation and Telecommunications Mohammed bin Thamir Al Kaabi and several board members in addition to CEOs of major companies, government officials, industry experts, community leaders, and other key stakeholders
Lauding the kingdom's leadership for its support, Shaikh Salman said: "Team Bahrain is fully committed to advance economic development and growth, in line with the comprehensive development goals led by His Majesty King Hamad bin Isa Al Khalifa and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister."
The minister highlighted the need to strengthen public-private cooperation, to foster a conducive business environment and attract investment to drive economic growth.
Addressing the gathering, Zain Bahrain Chairman Shaikh Ahmed bin Ali Al Khalifa, said this strategic step confirms the group’s commitment to innovation and its dedication to meeting the evolving needs of its customers in fintech, digital transformation, and new financial services trends.
"Bede application seeks to change traditional methods of financial services by providing the latest technologies and solutions, supporting innovation and fintech development, in line with the Kingdom’s comprehensive development goals," he stated.
Zain Group Vice Chairman and CEO Bader Al Khurafi, pointed out that the expansion of fintech services will boost financial inclusion and the regional digital ecosystem in addition to supporting the socioeconomic vision of the countries being served.
"This launch represents a major step in Zain’s “4Sight” strategy to expand its regional leadership in fintech and meet emerging customer needs beyond basic telecommunications services," he added.
In his address, AbdulNasser Al Rayes, the CEO of Zain Bahrain, a fintech subsidiary, commended the kingdom's leadership as well as all their partners for their support in nurturing the Bahraini economy and creating an environment that fosters innovation and entrepreneurship.
"Bede app is part of Zain Bahrain's digital transformation journey and upholds the Kingdom's 2030 Economic Vision and diversification plans by introducing new fintech services and solutions," he noted.
According to him, Zain Bahrain aims to revolutionise the country's fintech landscape and serve as a catalyst for a change in the entire region.
Dubbing it as a game-changer tool, Al-Rayes said: "Bede promises a future where financial services are accessible, efficient, and inclusive for all, and paves the way for seamless, customer-centric financial solutions."
"Its sharia-compliant features, user-friendly interface and commitment to security indeed makes it a game-changer in financial technology," he added.