Bahrain-based Almoayed Technologies has teamed with banking tech platform provider Moven Enterprise for growth plans in the MENA region, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Under the terms of the partnership Almoayed will make Moven’s technology available to banks across the region.

“With open banking already mandated by the Central Bank of Bahrain, the Kingdom’s banks have a chance to ‘Advance to Go’ in this space and develop banking services that are the envy of the world,” said Abdulla Almoayed, CEO, Almoayed Technologies.

Brett King, executive chairman and founder, Movencorp, added that Almoayed has created a national open banking account aggregation platform in Bahrain that will enable banks to “deliver unique customer experiences”.

In terms of details, Moven will provide its artificial intelligence (AI) technologies to the payment and account information flows generated by open banking. Banks can then use these insights for personalised and context-based information.

Almoayed has localised Moven’s platform in line with regulation and the requirements of banks in the region.

In mid-December 2018, Almoayed was confirmed by the central bank as the nation’s first AISP/PISP, having graduated from its regulatory sandbox providing account aggregation services.

Bahrain’s banks need an open banking action plan by the regulatory deadline of 30 January 2019. This is needed ahead of the final compliance deadline of 30 June 2019.

Founded in 2011, Moven most recently demonstrated its technology at FinovateAsia 2017, presenting an expansion of its platform’s Wishlist functionality, as well as an all new credit feature. Last November, the company announced a partnership with mobile wallet company, Yandex.Money. In October, Moven Enterprise revealed plans to bring its technology to banks in Latin America, APAC, Africa, the Middle East, and Europe thanks to an investment of $10 million from SBI Group earlier in the year.

Smart banking solutions provider Moven Enterprise, a division of Movencorp, is leveraging its success with banks in Canada and New Zealand to help more FIs globally improve customer engagement and build new revenue streams. The company announced this week that it will be bringing its AI-powered digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe – buoyed by a $10 million investment from SBI Group and the establishment of SBI Moven Asia earlier this year.

“Moven has a proven model for success. Several of our client banks’ results tell the story – from significantly reduced attrition rates, positive customer engagement and increased savings behaviors and reduction in spending, Moven is well-positioned to roll-out our enterprise offering to banks around the world,” Moven CEO Marek Forysiak said.

Moven founder Brett King underscored SBI Group’s role in accelerating the company’s opportunities overseas. “SBI’s partnerships with more than 60 banks across Asia give us the opportunity to deploy our solutions quickly and efficiently, offering our Asian customers tailored and localized support and attention,” King said.

Moven Enterprise offers a customizable digital banking platform that enables FIs to boost engagement with solutions to better help their customers manage their spending and savings.  Available as a white-label, software-as-a-service offering, the technology supports instant mobile signup to make new customer acquisition less costly and more efficient, as well as a customer engagement engine that provides real-time spending and savings insights. Moven Enterprise demonstrated new capabilities of the platform – including a wishlist that uses behavioral gamification, a chatbot feature called ChatUI, and a new credit feature – at FinovateAsia 2017.

Founded in 2011, Moven is headquartered in New York City. The company has raised more than $35 million in capital over time, and includes TD Bank and Westpac among its partners.

Financial engagement and digital experiences platform Moven Enterprise has partnered with Japanese financial services company SBI Holdings, which owns Softbank and is partnered with more than 60 financial institutions across Asia.

This is part of a joint venture agreement between the two in which SBI will bring Moven’s technology into Japan under the Moven brand, offering mobile banking tools to domestic and international banks. The agreement also gives SBI Holdings one of six seats on Moven’s board of directors.

Moven has already partnered with numerous financial institutions, including TD Bank and Westpac in New Zealand. Today’s agreement, however, with SBI is Moven’s first foray into Asia.

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification.

American Banker announced today that Moven’s consumer-facing brand– a challenger bank that launched in 2011– is seeking to acquire a bank, though it has not disclosed which. The company’s founder, Brett King, said the reasoning behind a bank purchase would be to help Moven scale faster and access more services for its customers.

Moven last demoed its consumer-facing platform at FinovateFall 2016 with the launch of a daily digest feature and real-time receipt capabilities. Last June, the company’s enterprise offering, in partnership with Westpac, received the CANSTAR 2017 Innovation Excellence Award.