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Souqalmal gets licence to operate in Bahrain

Souqalmal.com has secured an e-broker licence in Bahrain and is set to launch in the country. The Dubai-based company got the green light from the Central Bank of Bahrain to launch its flagship insurance comparison servicesin the country.
The Central Bank of Bahrain (CBB) and Bahrain Economic Development Board (Bahrain EDB) have made sweeping regulatory and economic changes to support the introduction of insurance aggregators in Bahrain. The ball was set rolling this April when CBB issued draft rules enabling the launch of insurance aggregators in the country. Just two months into the new regulatory environment, Souqalmal.com has been granted an e-broker license to operate an insurance comparison website in Bahrain.
According to Founder and CEO, Ambareen Musa Bahrain ranks 3rd globally in Internet penetration and 10th globally in mobile penetration. "Boasting one of the highest online and mobile penetration rates in the world, and a rapidly transforming digital landscape, Bahrain was the ideal market for us to expand into."
Dalal Buhejji, senior manager, Business Development - Financial Services of the Bahrain Economic Development Board, said Bahrain has undoubtedly made significant progress in its regulatory reforms and we are now reaping the benefits.
"We are delighted to welcome Souqalmal and we look forward to the transformation it will bring to the Insurance sector. Their expansion to the kingdom is a clear indication of the opportunities available for companies with innovative digital solutions."
There's a rising demand for digital insurance services in Bahrain, which can drastically improve customer experience, improve service delivery and lower transaction processing times. Bahrain FinTech Bay's Insurance Digitalization Report 2019 underlines significant scope for digitalization in Bahrain's insurance sector. Currently, insurance penetration in the country stands at just 2.27 per cent. An increase in consumer awareness, coupled with the introduction of effective digital distribution channels, can help drive growth in the sector.
Khalid Saad, CEO of Bahrain FinTech Bay said, "We are delighted that one of the region's leading FinTechs is establishing a base in Bahrain and calling Bahrain FinTech Bay home. The insurance industry in Bahrain will undergo a fundamental transformation over the next few years and I am confident that Souqalmal will play a key role in that transformation and the provision of digital insurance services in Bahrain."
- business@khaleejtimes.com