BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, announced its strategic partnership with FinHub 973: CBB (Central Bank of Bahrain) Digital Lab, the Kingdom’s latest open application programming interface (API) innovation platform which will enable the testing and development of Fintech solutions in order to deliver superior customer-centric digital capabilities.

The digital lab was launched under the patronage of H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain during an exclusive virtual event held on the 20^th of October 2020 to celebrate the collaborative strategic partnerships between CBB and the following: Bahrain Economic Development Board (EDB), Bank ABC, BisB, ila Bank, and the National Bank of Bahrain (NBB).

“By nature, BENEFIT’s  work culture and ethos involves introducing the latest cutting-edge technologies to the market, and focuses on launching innovative initiatives. In light of the collaborative support of the various strategic partners in the banking sector, this significant partnership will further enable the exchange of ideas and knowledge with other parties contributing to the platform. This will in turn open up a number of application software interfaces, which will contribute to enhancing creative thinking and idea generation for entrepreneurs and emerging Fintech companies, as well as other key projects that fall under financial; stimulating the growth of the industry in a more sustainable manner,” he added.

The FinHub 973 platform will focus on three main areas, providing an open API for virtual banking, creating a platform to link financial institutions with global Fintech companies, as well as organizing virtual hackathons, and innovative competitions and initiatives designed to incubate and accelerate business growth. FinHub 973 will be powered by Fintech Galaxy’s crowdsourcing and open API platform FinX22.

Through this strategic partnership, BENEFIT will launch a series of hackathons using FinHub 973 platform, to introduce a set of challenges in the field of Fintech and e-payments, with the overall aim of stimulating the creative of innovative solutions that address modern day challenges, which will be outlined by the various strategic partners.