BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, recently hosted a distinguished delegation from Algeria’s GIE Monétique and SATIM. This meeting marked a significant step towards exploring potential avenues of collaboration between the two entities.

BENEFIT, acknowledged as the premier operator of national platforms and services within the Kingdom and the region, showcased its groundbreaking Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services during the meeting. The Algerian delegation’s visit aimed to initiate a dialogue and create an environment conducive to sharing BENEFIT’s extensive expertise in the payment infrastructure sector, solidifying its leadership position, and exploring venues for potential collaboration.

The delegation was introduced to BENEFIT’s impressive array of services and key solutions. Notably, BenefitPay, BENEFIT’s revolutionary EFTS service, which, as of 2022, boasted a remarkable 252.5 million transactions with a user base of more than 1 million and continuing growth. Additionally, the meeting spotlighted the eKYC service, which enables secure and transparent electronic authentication of customer identity and KYC data retrieval for both individuals and corporate clients. BENEFIT also presented the WPS service, which facilitates electronic wage payments through CBB-authorized financial institutions.

Moreover, BENEFIT’s consultancy and internationalization unit, a cornerstone of its 2022-2024 strategy and a part of its four core strategic pillars, was discussed. The unit is instrumental in driving innovation across borders, and its strategy roadmap consists of multiple innovative initiatives. The meeting exemplifies BENEFIT’s commitment to forming strategic alliances and partnerships on a global scale.

The delegation was further acquainted with SINNAD, a BENEFIT subsidiary and a third-party provider renowned for its top-tier financial technology and payment solutions. SINNAD has emerged as a leader in digital payments and card processing in the Middle East and Africa. Serving various banks in the MEA region, it offers reliable, flexible, and scalable services, including complete solutions for Card issuing, ATM and Merchant Acquiring complete solutions from system outsourcing to full operations.

BENEFIT continues to reinforce the Kingdom’s status as a regional financial hub in line with Bahrain’s dedication to nurturing financial innovation and bolstering global competitiveness. By offering robust infrastructure and advocating a business-friendly environment, BENEFIT facilitates seamless connections between financial institutions and customers. The company remains proactive in adapting to economic dynamics and implementing innovative initiatives to foster sustained sector growth, both regionally and internationally. BENEFIT’s substantial influence in the MENA FinTech arena has led to numerous information-sharing sessions and welcomed delegations, fostering opportunities for regional industry stakeholders.