The Central Bank of Bahrain (CBB) has announced the launch of eKYC by the Kingdom’s financial institutions in tandem with its push for digital transformation in the sector. The move follows the success of the national digital identity and the electronic Know-Your-Customer (eKYC) platform, introduced in April 2019.
The national eKYC program was the first-of-its-kind initiative in the region and it was focused on financial services providers including banks and many exchanges, among others. The platform is managed by BENEFIT with the support of the Information and eGovernment Authority (IGA) and under the supervision of the CBB.
The primary objective of the platform is to provide financial institutions with a national identity database that they can use to securely verify the identity of their customers. It enables them to validate the information and digitally share all relevant data before extending their products and services to customers.
Additionally, BENEFIT has also developed an API for the program that enables financial services providers to efficiently integrate their core systems with online and mobile apps.
“The CBB urges all licensed financial institutions to avail of this innovative and streamlined service and accelerate its efforts towards automating the maintenance of its customer data and reputation records, by implementing eKYC API integration with their core systems, digital channels and mobile apps”, said Executive Director of Banking Supervision Khalid Al Hamad.