The Irish infrastructure provider said on Wednesday that Transfermate submitted an application to obtain a representative office license in Bahrain because it accelerated its payment to the Middle East.
The company, which runs the B2B infrastructure-serving platform, said this step will allow partners and customers in Bahrain to access a set of full services, including payments, cemetery and stored funds.
Transfermate said that the license will set the cross -border transactions, enhance the vision of cash flow and reduce the need for multiple banking relations for companies in the region.
The company described Bahrain as a “strategic important market” because more multinationals create operations in the Middle East.
“The Middle East is a region full of opportunity, with rapidly growing economies and a strong appetite for innovation in financial services,” said CEO Gary Connergy. “Submit our license request in Bahrain is another milestone, as we expand a global imprint and build momentum after our last electronic license in Singapore.”
Transfermate already carries 98 licenses worldwide, providing payments in more than 140 currencies in more than 200 countries and regions. The company said that every new approval enhances its location as the owner of the largest infrastructure of technological payments in the world.