Souqalmal.com sets foot in Bahrain
Souqalmal.com said it has landed an e-broker license in Bahrain and CBB approval to launch its flagship insurance comparison services in the country. The ball was set rolling this April when the Central Bank of Bahrain (CBB) and Bahrain Economic Development Board (Bahrain EDB) made sweeping regulatory and economic changes to support the introduction of insurance aggregators 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 noted: “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.”
Currently, insurance penetration in the country, according to Bahrain FinTech Bay’s Insurance Digitalization Report 2019, stands at just 2.27 percent.