Bahrain, here we come
Our vision for Spare has always been to provide the most user-friendly products across the region. We started working on Spare in Kuwait and always had an eye open for where we could expand.
A huge part of what we do depends on securely accessing financial data from banks to offer our users the best money management products. As a fintech company, this is possible through Open Banking. Open banking is the regulation that requires firms to make it possible for people to share their financial data and allows third parties (like Spare) to initiate payments directly from a person's account.
Bahrain was the first country in the region to launch its open banking framework, and the regulatory body works very closely with fintech companies and startups to bring innovative solutions to the country. Today, Spare is authorized by the Central Bank of Bahrain to operate as a sandbox ancillary service provider for open banking technologies, which means we can test our technology under the regulator's supervision and roll it out to everyone as soon as we can.
We've already started working on making the bank connections and testing Spare. If you're in Bahrain, you can download our app and get on the waiting list. We'll be inviting an exclusive, limited number of volunteers from our waiting list to test the app before it goes live to everyone. Get on the list and be first to try it out when its ready!