GIB’s Meem gets re­tail li­cense

Banking Frontiers - - Banking In The Gulf -

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.

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