Mubasher: Gulf International Bank (GIB) said on Wednesday that it had been granted a retail banking licence in Bahrain by the kingdom's central bank for its digital venture called Meem, as reported by Reuters.

The licence will allow the bank to operate in Bahrain as in conventional retail banking, allowing it to expand in Bahrain and other gulf countries, according to local papers.

Abdulaziz Al-Helaissi, the bank’s CEO said that the licence will make GIB the first digital bank in the region.

GIB plans to launch Meem products and services in Bahrain by 2018, aiming at developing the financial technology sector in Bahrain, the CEO explained.

Gulf International Bank (GIB) is licenced by Bahrain's central bank, headquartered in Bahrain and owned by the governments of the six Gulf Cooperation Council (GCC) countries.

The Saudi Public Investment Fund is the main shareholder in the bank with a 97.2% stake.