A Bahrain-born digital financial services platform has launched a digital consumer lending service, with the support of the Bahrain Economic Development Board (Bahrain EDB).
The lending service by Flooss is a first of its kind where loans are approved in minutes and is a testament to Bahrain’s strides in driving innovation in the financial services sector through forward-looking regulations.
Through their mobile app (available on Android and iOS), Flooss enables customers to apply for consumer loans of up to BD750 and pay-off the loan over a period of up to 12 months.
The platform aims to leverage technology and data sciences to make lending more accessible for much of the population in order to utilise loans for unplanned expenses, travel, school fees, emergencies, and other financial requirements.
In addition to its licence in Bahrain, Flooss is planning to expand to Saudi Arabia as well as part of a regional expansion plan to tap into the $141.6 billion Bahrain and Saudi consumer loans market.
According to Flooss chief executive Fawaz Ghazal the regulatory framework in Bahrain has played a great role in their success.
Commenting on the launch of the lending platform, Dalal Buhejji, executive director of business development for financial services at the Bahrain EDB, said: “Fintech companies like Flooss are important for the development of a robust digital infrastructure in Bahrain, which is what we as the EDB continue to focus on as part of Bahrain’s financial services strategy, in line with the Economic Recovery Plan.”
Under Bahrain’s Economic Recovery Plan, the Financial Services Sector Strategy (2022 – 2026) aims to create job opportunities, strengthen legislation and regulatory policies, and develop the fintech subsector.
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