BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has organized virtual meetings with all banks and leading financial institutions in the Kingdom of Bahrain throughout the last weeks, with the aim of bolstering joint cooperation, and keeping them abreast with the Company’s plans to develop its relations with all partners in the banking sector and improve the quality of its provided services.

Mr. Yousif Al Nefaiei
Deputy Chief Executive of Business Development and Services, BENEFIT

Heading the meetings was BENEFIT’s Deputy Chief Executive of Business Development and Services Mr. Yousif Al Nefaiei, in the presence of the Company’s Executive Management members, and the executives, information technology, banking services, and operations officers from several banks and financial institutions.

During the meeting, the upcoming strategic services were reviewed, while the attendees also discussed the current joint projects and the key challenges that are presently faced in the banking sector. Bahrain Credit Reference Bureau (BCRB) Head Ms. Latifa Al Mutawa highlighted the latest developments of the credit data platform and the action plan for developing future projects that will develop the credit sector in the Kingdom in general.

Ms. Al Mutawa also underlined the action plan to establish the comprehensive financial and credit information portal on Small and Medium Enterprises; the SME360.

Additionally, she reviewed with the attendees the latest developments of the eKYC platform, and the means to develop digital services in banks and financial institutions, and to electronically approve customer registration in partnership with some financial institutions to provide direct digital services, such as opening a bank account, providing credit services and financial transfers.

Meanwhile, BENEFIT’s Payment Services Head Ms. Shafaq Al Kooheji briefed the attendees on the development and improvements of EFTS, new features of eCheques services, the public key structure project, and electronic certificates PKI for electronic transactions and correspondence, in addition to the latest developments of the wage protection system with the concerned financial institutions.

For his part, Senior Manager at BENEFIT’s Financial Development Services Department Mr. Ahmed Al Mahri, cast light on the key future developments and international payments made through the eRemittance app, the advantages of the new electronic payment gateway, and the Company’s plans in general.

The discussions were moderated by BENEFIT’s Partnerships and Relationships Assistant Manager Mr. Turki Al Ahmed, who commented on the occasion of organizing the meetings saying: “In these important meetings, we briefed the participating institutions on the key future work plans and projects. We were also familiarized with the various points of view and insights with regards to the current and future services. This enables us to unify work efforts and achieve a common understanding. It is an important step to improve the services provided by the banking sector and to arrange priorities in order to achieve national goals in this regard.”

The attending representatives of banks and financial institutions praised this leading initiative, which BENEFIT’s Partnerships and Relationships Division is keen on holding as part of its establishment goals, with the aim of enhancing cooperation and coordination with the Company’s partners.

It is noteworthy that BENEFIT, as part of its preset plans, will continue to periodically organize such introductory and consultative meetings with the concerned parties, in order to reach a common understanding that fulfills the approaches and strategies of the banking sector, and with a focus on the transformation towards enhancing electronic payments and the provision of data to support decision-making and the knowledge economy.