Supported by the Bahrain Economic Development Board (Bahrain EDB), FLOOSS, a digital financial services platform born out of Bahrain, has launched its digital consumer lending service to users. The lending service is a first of its kind where loans are approved in minutes, FLOOSS is a testament to Bahrain’s successful strides in driving innovation in the financial services sector through forward-looking regulations.
Through their mobile app (available on Android & iOS), FLOOSS enables customers to apply for consumer loans of up to BHD 750 and pay-off the loan over a period of up to 12 months. FLOOSS 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 license in Bahrain, FLOOSS is planning to expand within the KSA as well – a significant step towards achieving its regional expansion plans to tap into USD 141.6 billion Bahrain and KSA consumer loans market.
According to Fawaz Ghazal, Chief Executive Officer at FLOOSS, the regulatory framework in Bahrain has played a great role in their success. “We’re very grateful for the support we received from the Central Bank of Bahrain and Bahrain EDB,” he said.
“At FLOOSS, our aim is to make the digital lending process as seamless as possible. Many people need support and fast, we are that innovation in an APP. Flooss provides digital loans without the hassle of paperwork & long processes. Your loan application can be done anytime & anywhere.” he added.
Commenting on the launch of FLOOSS 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.”
“The launch of their innovative lending service in Bahrain is another case study to show how forward-thinking regulations can enhance the Kingdom’s business environment and create an innovative and supportive ecosystem, which enables businesses to thrive,” she added.
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.