Bahrain: Central Bank Grants Investment License to Beyon Money
Beyon Money, part of the Beyon Group, has been granted a new license by the Central Bank of Bahrain, enabling the company to introduce new services for its customers. The Central Bank of Bahrain’s (CBB) Governor Mr Rasheed Mohammed Al-Maraj issued the decision to grant Beyon Money a Class 2 investment Company license which will allow Beyon Money to offer a range of new services.
Beyon Money CEO Roberto Mancone commented, “We extend our appreciation to Mr Al-Maraj and the Central Bank of Bahrain for their ongoing invaluable support. The new license enables us to introduce exciting new products for our customers in the near future.”
”We are committed to continuously enhancing the Beyon Money Super App, providing customers with Cards, remittances, Open Banking, Personal Financial management and more. With the addition of the Class 2 Investment license, Beyon Money is the only Fintech in Bahrain that facilitates a suite of services for everyday financial requirements with 6 different licenses granted by the CBB,” Mr Mancone added.
Beyon Money, launched in January 2022 to operate in Bahrain through 3 Financial Services Regulated Entities by the Central Bank of Bahrain: Batelco Financial Services, Batelco Remittance Services and Beyon Money Investments. In the first 5 months of 2023, it achieved significant growth equal to 6 times the volume of domestic and international payments and 10 times the number of customers compared to the same period in 2022.
