GIB’s Meem gets retail license
Bahrain’s Gulf International Bank (GIB) has been granted a retail banking license for its digital venture ‘Meem’ by the Central Bank of Bahrain. The license is considered to be an important milestone for the bank as it will expand the bank’s presence in country and pave the way for further expansion across the GCC. GIB initially launched its retail banking products and services under the brand name Meem, in Saudi Arabia in 2015. Khalid Al-Rumaihi, chief executive of the Bahrain Economic Development Board, said 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. The launch of Meem by GIB demonstrates the Kingdom’s willingness to embrace this disruption, he said, adding he expects to see more banks grow their fintech activities. Meem customers can open accounts online 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.