Batelco, telecom operator in Bahrain is expanding its own fintech brand, Beyon Money as it ends its previous collaboration with Arab Financial Services (AFS) and sunset “bwallet” digital wallet.
As per the announcement, Beyon Money, the first digital financial super app in Bahrain, has been growing fast since its launch in December 2021 and has gained over 20,000 active subscribers.
The app has achieved more than BD20 million card domestic and international transactions and more than BD8 million international remittances.
The Beyon Money super app is packed with features such as Visa Prepaid Cards which can be used worldwide, connectivity with seven banks in Bahrain, categorization of expenses and financial insights, as well as fully digital remittances. The remittance feature has been further developed to offer competitive rates for international transfers to India, Pakistan, Bangladesh, the Philippines, Egypt and Europe with USA coming imminently.
Batelco Chief Digital Growth Officer Shaikh Mohamed Al Khalifa said: “In 2021, Batelco established a new financial services company following the receipt of licenses awarded by the Central Bank of Bahrain, making it the first telco subsidiary in the GCC to achieve this milestone. Earlier this year, we successfully launched Beyon Money and have prepared the sunsetting of “bwallet” to shift our focus and efforts towards our own brand.”
