FLOOSS, a digital consumer lending platform born in Bahrain, has launched its digital consumer lending service with the support of the Bahrain Economic Development Board (EDB).
Through forward-looking regulations, Bahrain showcases its success in driving innovation in the financial services sector through FLOOSS, a first-of-its-kind loan approval service.
FLOOSS customers can apply for consumer loans of up to BHD 750 through their mobile app (available on Android & iOS) and repay the loan over a period of up to 12 months. By leveraging technology and data sciences, FLOOSS aims to make lending more accessible to a large percentage of the population for unplanned expenses, travel, school fees, and emergencies.
With its Bahrain license, FLOOSS plans to expand into the KSA as well, a big step towards tapping into Bahrain and KSA's $141.6 billion consumer loan market.
The regulatory framework in Bahrain has played an important role in the success of FLOOSS, according to Fawaz Ghazal, Chief Executive Officer. We are grateful for the support from the Central Bank of Bahrain (CBB) and Bahrain Economic Development Board (EDB).
As a digital lending company, FLOOSS aims to make lending as seamless as possible. Many people need support and fast, so we are that innovation in an application. You can apply for a loan anytime & anywhere. It is a hassle-free loan process."
At the Bahrain EDB, Dalal Buhejji, Executive Director of Business Development for Financial Services, said Fintech companies like FLOOSS play a vital role in establishing a robust digital infrastructure in Bahrain, which is the focus of EDB as part of the Economic Recovery Plan's financial services strategy.
"The launch of their innovative lending service in Bahrain demonstrates how forward-looking regulations can improve the Kingdom's business environment and create a supportive, innovative ecosystem that enables businesses to thrive," she said.
Bahrain's Financial Services Sector Strategy (2022-2026) aims to develop fintech, improve legislation, and strengthen regulatory policies as part of the Economic Recovery Plan.