Bahrain’s IPS secures Mastercard issuing & acquiring principal customer license

By Ashika Rajan, Trainee Reporter
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Bahrain-based leading third-party processor and payment service provider, International Payment Services BSC (IPS), has obtained the Mastercard issuing and acquiring principal customer license.

This new customer license for IPS as an issuer and acquirer will provide the market with new cutting-edge processing solutions, allowing IPS to sponsor banks and financial institutions as affiliates and potentially issue multi-currency prepaid cards in the future. It will also allow fintechs and new market players to contribute to the financial sector and its development across the Middle East and Africa (MEA).

Mr. J.K. Khalil, Regional Manager, Mastercard remarked that “as a multi-rail company, we are working to provide our partners with superior technology solutions to drive greater financial inclusion for communities. We are continuously working to provide fintechs with innovative payment solutions that are at the core of how we reshape our strategy to lead the digital transformation in the Kingdom, the region, and globally. Our collaboration with IPS endeavors to bring our innovative technologies to more players in the market.”

IPS is regulated and licensed by the Central Bank of Bahrain (CBB). It provides clients with unique and ingenious IT payment solutions, develops new and revolutionary payment processing systems in addition to working beyond conventional trade practices.

Mr. Ebrahim Janahi, Chief Executive Officer IPS pointed out that “in obtaining the Mastercard issuing and acquiring principal customer license we have definitely achieved a significant milestone that resonates with IPS strategic direction to be a leading name in the global payments industry, and which intrinsically supports our business as third-party payment processor and payment service provider. This alliance with Mastercard demonstrates our commitment to the highest level of global standards and service quality and is a huge step towards enabling us to create and deliver unique payment experiences to our clients.”

“We are very excited at the new business opportunities that will be possible as a result of this new strategic development, including but not limited to a broad range of cross-border business opportunities, new product offerings and multi-currency pre-paid cards issuance, as well as serving banks and financial institutions and sponsoring them as affiliate members. We ultimately gain increased client satisfaction, enhanced business growth, and the generation of new streams of revenue,” Mr. Janahi added.

Related: Bahrain’s IFIN launches fintech platform to connect retailers & Islamic finance providers