For CBB's National FinTech Competition, Rsquare Technologies Wins The RegTech Innovation Challenge | MENA startups, innovation, and tech news

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For CBB’s National FinTech Competition, Rsquare Technologies Wins The RegTech Innovation Challenge
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For CBB’s National FinTech Competition, Rsquare Technologies Wins The RegTech Innovation Challenge

For their Account Blocking & Unblocking Automation Process, Rsquare Technologies, a Bahrain-based pioneer that has built several solutions within the FinTech ecosystem in the Kingdom, has won the Central Bank of Bahrain’s SuperNova 2021 “RegTech Innovation Challenge.” The competition was held electronically on CBB’s FinHub 973 digital lab, which closed last week. The Central Bank of Bahrain (CBB) created the Bahrain SuperNova Challenge intending to advance Bahrain’s FinTech industry.

Since its start, Rsquare Technologies has built a strong path inside the Kingdom that has lasted 11 years. This path represents their early ambition of becoming one of Bahrain’s largest IT development centres. The award-winning Bahrain-based company is a resident of the Bahrain FinTech Bay, MENA’s largest FinTech hub, and serves 300+ public and governmental institutions in a variety of industries, including insurance, banking, education, and more.

Rsquare Technologies has created 19+ unique IT FinTech Bahrain solutions, including E-Signature, EICR, Easy Reconciliation, Compuform, CIS, HRMS, and Payroll applications. EasyRecon is a user-friendly and unique software solution from RSquare that has been successfully implemented in several financial institutions to serve as a reconciliation engine that translates, loads, and reconciles data automatically. The programme also offers users concise explanations for the reconciliations, eliminates human mistakes, and saves time that would otherwise be spent on the lengthy and time-consuming procedure.

Shanthini Raja, Founder, Chairperson, and CEO of Rsquare Technologies, spoke about the occasion. “This has been such a wonderful experience for us, and we are delighted to have won the CBB’s Supernova Challenge, which recognises our team’s dedication and underlying vision for the ecosystem. For the last 11 years, we have been working on future solutions that will help to enhance the Kingdom’s booming sector. I’d like to express my gratitude to the Central Bank of Bahrain and all of our important partners for providing us with this chance, particularly my team, which has worked relentlessly to lead the industry in this difficult time.” SICO’s Head of Information Technology,

Mohamed Ibrahim “We are pleased to announce that Rsquare has won the CBB “Blocking and UnBlocking” fintech solution competition. Congratulations from the bottom of our hearts. To satisfy the demands of clients, Rsquare has developed unique and custom-made solutions. Our dealings with the Rsquare team have been quite professional, and they have consistently demonstrated a high level of dedication and hard work in their project assignments. We wish them the best of luck in winning many more awards in the future.”

“BFC has been utilising Rsquare’s EICR for about 250 users for the past 6 years,” says Deepak Nair, CEO of BFC. Rsquare EICR has entirely automated the human entry of data into our core system resulting in 100% accuracy, data consistency, and enhanced counter speed. It worked with all key system screens and templates because it was a Robotic Automation Process, thus there were no integration issues. It also made deployment and modification easier with minimal IT involvement.

Because the product is manufactured in Bahrain, the after-sales service is always robust and dependable. Rsquare’s EICR is an extremely user-friendly, plug-and-play a device that operates efficiently 24 hours a day, seven days a week.” “EasyRecon has given us extremely good utility and efficiency in our everyday operations,” said Vijay Kumar Soni, Vice President (Operations and Services), State Bank of India, Retail Branch. We were able to automate Blocking and Unblocking Recon, Deceased Account Recon, and ATM Switch Recon thanks to the solution.

We could automate a good portion of our current manual procedure and create error-free absolute reconciliation reports.” He continued “Rsquare has a fantastic support team with the necessary technical expertise. The staff is always willing to go above and beyond to meet our highest expectations. They are quite accommodating in terms of scheduling and constantly try to meet our needs to help us.”

Thank You!

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