Open banking provider Spire is expanding its operations in Bahrain and throughout the Middle East and North Africa region through a $39.5 million investment plan with support from the Bahrain Economic Development Board.
Spire aims to provide open banking compliance, infrastructure and strategic financial management solutions for banking customers and small businesses. The expansion will create 200 jobs over the next three years in data science and artificial intelligence.
Osama Al Khajah, Chariman, Board at Spire Technologies, said: “Open banking will comprehensively change how banks and fintechs engage with the larger economy. Spire is empowering individuals and businesses and will directly help create more affordable and more innovative financial solutions. Bahrain was a natural choice for Spire to launch its Mena business given the Kingdom’s strong regulatory framework, large talent pool and tremendous support from EDB and the central bank.”
Spire graduated from the Central Bank of Bahrain (CBB) Open Banking Sandbox and has been ratified by CBB to offer open banking services in Bahrain. Spire has established its headquarters in Bahrain and is in process of setting up a regional office in Saudi Arabia.
