Beyon Money, one of the Kingdom’s most innovative financial service providers, continues to revolutionise Bahrain’s banking sector with a series of new products and services. We sat down with Roberto Mancone, CEO of Beyon Money, to discuss the company’s recent advancements and future plans.
Beyon Money now offers a range of cards to cater to different customer needs, Mr. Mancone explains. “We have the best offer in the market with three cards: Classic, Platinum and Signature. The Classic card is free, while the Platinum and Signature cards are BD15 and BD25 per annum, respectively. All cards provide cash back up to 6 percent and several 2x1 offers with up to 80 merchants in Bahrain and the GCC.”
“Each card has unique benefits. The Signature Card offers 3 percent cashback on selected airlines and 4 percent on all international spending. Classic and Platinum cards provide 2 percent cash back on international spending, grocery stores, and dining out. Additionally, our Dough cards for minors enjoy the same cashback and 2x1 offers as the Classic card.”
Beyon Money is also making waves with its investment options. “We intend to democratise the access to profitability for our clients,” Mr. Mancone shares. “Any client, whether they have BD100, BD300,000 or even more, can access the best profit rate in the market. Flexi Invest offers remuneration from a minimum of 3.45 percent up to 5 percent per annum, calculated on the daily balance and paid monthly. Clients can move their money from their salary account to Flexi Invest instantly and withdraw at any time without cost.”
“We also launched our three-month Fixed Invest with rates from 5 percent to 5.30 percent and our six-month Fixed Invest from 4.75 percent to 5.1percent. More products will come that are not accessible elsewhere in the market.”
Beyon Money’s remittance services, which are fully digital, allow clients to send money to bank accounts, digital wallets, and for cash pick-up faster. The speed of onboarding is impressive, requiring just one ID and a selfie, with a number of services fully available instantly.
The company has formed several key partnerships to enhance its service offerings. “We believe in partnerships that enhance the customer experience. We’ve partnered with insurance companies such as Solidarity and Takaful, offering up to 4 percent cashback on insurance products, and in the medical sector, we’ve collaborated with American Mission Hospital, Medical.Bh and Dr. Kareem Centre, offering up to 6 percent cashback,” Mr. Mancone reveals. “We have partnered with Binance to allow clients to instantly top up their Binance wallet with their phone number used to register Beyon Money, at a cost lower than any other top-up solution in the market.”
In an era of digital scepticism, Beyon Money ensures robust security and privacy for its users. “We use state-of-the-art security for financial data and data privacy. We are fully compliant with Central Banks and utilise the highest technology solutions provided by our partner, Beyon Cyber,” Mr. Mancone assures.
Customer support at Beyon Money is also unparalleled, he believes. “We are the only financial company with a call centre and customer service support teams sitting alongside our compliance and operation teams. This setup ensures prompt responses with the right mix of technology and human intervention.”
Beyon Money has seen significant growth since its launch. “Our app has gained the trust of our clients, with volumes increasing 100 percent year over year. Over USD600 million has been spent with our cards and sent through our app, with more than eight million financial transactions executed by our clients,” Mr. Mancone says proudly.
Looking ahead, Beyon Money is poised for further expansion and innovation. “We are constantly creating new products, evaluating new solutions and enhancing the customer journey. Since January 2024, we have been operating in the UAE, expanding from our roots in Bahrain. Stay tuned for more exciting updates,” he concludes.
