Kuwait Finance House (KFH) – Bahrain, one of the leading Islamic banks and an integral contributor to the evolution of Bahrain’s Islamic Financial sector, has announced signing a strategic partnership with Codebase Technologies (CBT), a leading global Open API banking solutions provider, to further expand the Bank’s digitization and automation needs with the implementation of Digibanc™ RegReporting, Bahrain’s first automated reporting platform. The partnership aims to enhance regulatory transparency and streamline compliance operations.
The new technology aims to support financial institutions in carrying out internal processes, in light of the changes witnessed due to the integration of technology in the banking and finance fields, directed by the Central Bank regulations. KFH-Bahrain sought the banking solutions provider’s expertise in establishing an automated, flexible platform for regulatory reporting, while leveraging the technology innovation through its partnership with CBT.
KFH-Bahrain’s new regulatory reporting capabilities are enabled by Digibanc™ RegReporting, a fully-automated, end-to-end regulatory reporting platform that seamlessly integrates with multiple data sources and streamlines backend processing. The implementation will enable the Bank to respond to a rapidly- evolving regulatory environment, while ensuring compliant and consistent, precise reporting.
Yousif Alhammadi, Executive Manager, Head of Financial Control & Administration at Kuwait Finance House House-Bahrain commented: “With the growing role of technology in the banking and finance sector, institutions are forced to widen their technological footprint through collaborating with the right partners, in order to drive a competitive advantage within their institutions. With Codebase Technologies’ pioneering solution, we will be able to become leaders in the market, through accessing solutions and innovations that optimize our operations and allow us to maintain quality that match the expectations of our stakeholders and regulators. The partnership with Codebase Technologies comes in line with the Bank’s strategic efforts to migrate into a fully-digitized and automated model of operations. CBT’s solution will help us achieve our digitization targets, ensuring premium operations that are driven by a global pioneer in Open API banking solutions.”
Raheel Iqbal, Managing Partner & Global Product Head at Codebase Technologies said: “The efficacy of what Codebase Technologies is capable of is clearly exemplified in how KFH-Bahrain has defined itself as a leader in the GCC digital banking landscape. We are proud to be Kuwait Finance House-Bahrain’s technology partner of choice to help achieve its digital ambitions, while enabling us to deliver premium digital financial services and reshaping the possibilities for the industry.”