In line with Bahrain’s Directions in Fostering Financial and Fintech Ecosystem Partnership Agreement

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, announces the signing of an agreement to acquire Bahrain FinTech Bay (BFB). This agreement seeks to accelerate the sustainable investment in Bahrain’s fintech ecosystem thereby paving the way for a  robust, future ready financial services sector.

The partnership, brings together Bahrain’s leading fintech market players to develop a more systematic and institutional framework for collaboration across the  ecosystem, comes as part of the long-term roadmap and service expansion plan of BENEFIT, which embraces building key alliances and partnerships locally and  across borders to further advance the national payment infrastructure to create a cashless society, boosting financial connectivity to the highest international  security standards.

As an active ecosystem builder which has cemented its standing as an enabler of fintech innovation across the region, BFB was formerly supported by a diverse portfolio of founding partners and entities, incubating over 116 start-ups since its inception. By creating a collective taskforce to drive joint national strategies, synergies, and high-impact initiatives within a fast-growing fintech sector, the newly formed partnership seeks to contribute to ensuring Bahrain keeps pace with key investment trends in an increasingly competitive global playing field.

Moving forward, BFB will maintain its commitment to supporting impactful fintech initiatives across the sector by delivering bespoke acceleration framework and  innovation labs, future proofing local talent through securing leading international fintech education programs. Moreover, BFB will continue to provide curated  corporate advisory services, conducting comprehensive in-depth research and developing data-driven strategies to its fintech partners on a project basis.

Abdulwahed Al Janahi, Chief Executive at BENEFIT, revealed, “In line with our strategic plans, this partnership with Bahrain Fintech Bay marks a new chapter in  our journey of success, as we aim strongly to contribute to establishing Bahrain as the R&D center of financial knowledge for the region. This step falls directly  in line with the national direction of the Central Bank of Bahrain, Bahrain Economic Development Board and Bahrain’s Economic Vision 2030 that works towards the
growth and diversification of the national economy through the development of key sectors, which includes fostering a more innovative financial and fintech  ecosystem to further elevate Bahrain’s competitiveness on an international playing field.”

Bader Sater, Chief Executive Officer of Bahrain FinTech Bay, said, “This is a pivotal moment for us at BFB. In response to ever-changing macroeconomic conditions, where the financial landscape is rapidly evolving, our strategic partnership with BENEFIT will keep us closer to the heart of Bahrain’s fintech ecosystem. This new  streamlined operating model charts the path to a more sustainable future, where we plan to build on our existing strengths and successes as we work as a  collaborative front to serve Bahrain’s wider fintech ecosystem, taking it to even greater heights.”

BENEFIT, which is administered by a Board of Directors that represent the Company’s shareholders, has continually invested in deploying innovative payment  solutions across Bahrain as part of its ongoing commitment to consistently upgrade its portfolio of services, which include various innovative services, e.g.,  BenefitPay, e-Cheque and electronic Know Your Customer (eKYC), to offer streamlined, seamless experiences to its users. The Bahrain Credit Reference Bureau  additionally operates under BENEFIT, which acts as the central data warehouse between all banks, financial institutions, and credit providers in Bahrain.