Al Baraka Islamic Bank (ABIB), a bank out of Bahrain, recently announced its Global API marketplace. Through the platform, ABIB invites FinTech innovators from around the world to test solutions within the ABIB ecosystem. ABIB built the marketplace to execute its strategy of innovation in the Open Banking era.
"We are delighted to be the first bank in Bahrain to take this innovative approach as part of our Open Banking Strategy," Hamad Al Oqab, ABIB CEO, commented in a press release. "Open banking is the future of banking globally, and as part of a global network, we have realized this opportunity."
The marketplace is an API portal. Currently, the portal includes 25 third party APIs. The APIs span six categories: accounts, money transfers, financing, credit cards, information services, and investment products. ABIB invites FinTechs and innovators from around the world to contribute to the API portal.
ABIB is part of a larger bank group, the Al Baraka Banking Group. The group is expanding its open banking initiative beyond Baharain. For instance, the group has already established API initiatives in Turkey and Germany.