BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has officially participated in the 9th Meeting of the Regional Fintech Working Group held in Abu Dhabi recently. Additionally, BENEFIT also took part in the Workshop on Successful Implementation of Open Banking / Finance Frameworks and Standards, which was also held in Abu Dhabi. These events brought together key players in the Fintech sector to explore emerging developments, collaboration opportunities, and discuss insights on developing open banking initiatives and frameworks.

At the 9th Meeting of the Regional Fintech Working Group, delegates from BENEFIT, Latifa Al Mutawa, Head of Bahrain Credit Reference Bureau and Shafaq Al Kooheji, Head of Payments Services joined industry experts from across the Arab world. This meeting, hosted by the Arab Monetary Fund and attended by leaders from central banks and monetary authorities, addressed trending fintech topics, including central bank digital currency, digital and neo banks, crypto assets, and green and sustainable fintech. The sessions also looked into emerging themes such as embedded finance and decentralized finance, showcasing the industry’s shifting landscape.

Following the meeting, the BENEFIT team took part in the Workshop on Successful Implementation of Open Banking / Finance Frameworks and Standards. The event aimed to present regulators with practical insights into adopting open banking standards and frameworks. Participants, consisting of officials from regulatory and supervisory bodies primarily from Arab central banks and monetary authorities, addressed real-world case studies and insights gained from the experiences of other jurisdictions. The initiative supported a design thinking approach, empowering regulators to successfully pursue their open banking and finance agenda.

During the workshop, BENEFIT’s delegates participated in an open banking governance case study, highlighting their commitment to fostering transparent and secure financial processes. Renowned speakers and experts from international companies including the World Bank, PwC, and the World Metaverse Council shared their valuable insights. Representatives from the Bank of India, the Bank of Brazil, the Bank of Canada, and the National Australia Bank were also in attendance to highlight their successful open banking implementations, stimulating knowledge exchange and international collaboration.

Commented on the initiative, Shafaq Al Kooheji, Head of Payments Services at BENEFIT, “Our participation at the esteemed Meeting of the Regional Fintech Working Group and the Workshop on Successful implementation of Open Banking in Abu Dhabi underlines our continuous dedication towards advancing the fintech sector and remaining proactive in our approach. It is a great privilege to be a contributor to the stimulating discussions about cutting-edge developments including central bank digital currency, crypto assets, and sustainable fintech. We are undoubtedly defining the Arab world’s economic future, driving the Kingdom of Bahrain to the forefront of innovation and financial inclusion.”

On her part, Latifa Al Mutawa, Head of Bahrain Credit Reference Bureau at BENEFIT, said, “BENEFIT has consistently participated in regional and international events that drive our fintech innovation to new thresholds. Our valuable participation in these key events is a great testament to our determination towards availing and enabling agile and secure financial services and bringing more fintech use cases to implement. I am pleased to work alongside reputed regulatory bodies and renowned international experts to cultivate open banking frameworks and spark transformational knowledge transfer. We are eager to continue to reinvent the ecosystem through our collaborative efforts, allowing unparalleled potential for advancement that transcends borders specially with digital transformation.”

It is worth noting that the Kingdom of Bahrain has been at the forefront of open banking initiatives, with the country issuing its open banking framework as early as 2018, positioning itself as a prominent hub for financial inclusion and innovation. BENEFIT’s participation in these key initiatives reflects the company’s dedication to promoting fintech innovation, remaining current with emerging developments, and supporting industry cooperation.