Benefit Holds Annual Corporate Strategy 2022-2024 Meeting With Partners In The Financial Sector

October 2021 (Manama, Bahrain) –  BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service conducted and held their annual corporate strategy 2022-2024 end of September along with selected financial institutions in the Kingdom comprising conventional retail banks, Islamic retail banks, international retail banks and digital banks.

The meeting was led and chaired by Yousif AlNefaiei, Deputy Chief Executive at BENEFIT, along with the company’s senior management and Executive Management representatives from each bank in the meeting.The meeting discussed potential collaboration opportunities with BENEFIT, while highlighting new global Fintech trends to develop more innovative digital services to further elevate the financial industry, and enhance digital banking services for consumers in the Kingdom and MENA.

The corporate strategy meeting presented and outlined BENEFIT’s upcoming 3-year strategy from 2022 – 2024, with a clear set of goals for the company’s direction for the future. The presentation was followed by an in-depth roundtable with key players in the financial industry to gather the valuable insights and recommendations to embed and incorporate in its strategy to further advance the financial ecosystem. The roundtable showcased potential areas and strategies to develop and evolve digital innovations within the banking ecosystem in key areas including retail, SME products and services, risk and compliance, customer experience and expectations when it comes to banking and payments and more.

On the occasion, Mr. AlNefaiei said: “BENEFIT is committed to achieving impressive growth in the coming years, and we value the participation of the industry leaders with their shared thoughts and views that go towards strengthening the banking industry in Bahrain.”

He added: “Our mission, as BENEFIT, is to invest in innovative solutions that add value to the various stakeholders within the financial sector and the industry as a whole. We are leading this front to export financial services to the region, and position Bahrain as the leading hub for innovative financial services and solutions, and we will continue to achieve our vision, along with our highly talented team to contribute to one of the Kingdom’s most important initiatives in line with Bahrain’s Economic Vision 2030.”

It is worth noting that BENEFIT follows a periodic policy to implement action plans and strategies in accordance with the latest local and international economic conditions, and to execute innovative and new initiatives that are in line with the policies of the Central Bank of Bahrain, in order to make the Kingdom of Bahrain a regional model for innovations in the fields if FinTech and digital transformation.

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Benefit Awarded ‘Smart Finance Award’ At Smart Cities Bahrain 2021

October 2021 (Manama, Bahrain) – The kingdom’s leading regional player in electronic financial transactions; BENEFIT was awarded the ‘Smart Finance Award’ for the BenefitPay Application earlier this week at the two-day Smart Cities Summit Bahrain 2021 held in the Gulf Convention Center under the patronage of His Excellency the Minister of Works, Municipalities Affairs and Urban Planning, Eng. Essam bin Abdullah Khalaf.

The Bahrain Smart Cities Awards were first established in 2018 to recognize the best practices for smart and sustainable solutions implemented in the Kingdom of Bahrain and encourage others to follow this lead. The 5th Edition welcomed more than 250 representatives from public and private sector entities, international organizations, including the United Nations Development Program (UNDP) and the United Nations Human Settlements Program.

The ‘Smart Finance Award’ goes towards BenefitPay’s rollout of several cashless initiatives within the kingdom that have supported in nourishing sustainable growth in several ways by building a safer and more inclusive economy with less reliance on cash.

The app has streamlined payments, allowing users to access all their utility Bills and pay them in one place through ‘Fawateer’ which includes Telecoms, Electricity and water, charity and several other categories. These solutions established a modern system for the country, with simplified access and modern tools for quick payments.

BenefitPay has also supported in digitizing parking and improving urban living by activating BenefitPay for parking services, for more convenient options available to pay for parking in the Kingdom.

The application has also introduced several diverse features for online payments including QR code payment, Fuel payments throw Sadeem service, and Tap and Go, reducing our impact on the environment by paying bills electronically which saves time, money, and environmental costs.

Furthermore, BenefitPay developed E-commerce seamless payment options to simplify and encourage business, which was critical during the pandemic, such as cashless payment options for in-App and Web checkout for E-commerce merchants which allows businesses to conduct seamless business operations and easily accept payments from consumers wherever they are.

BENEFIT’s CE Abdulwahed AlJanahi “As BENEFIT, we realise that digital payment solutions in smart cities are kickstarting an important evolution in human living spaces. With BenefitPay, we have contributed to creating a sustainable economy and payment ecosystem in a major way. Digital payments can make cities more liveable, enable a cash economy, and seamless experiences for everyday tasks such as bill payments, parking, and online services for individuals and businesses.”

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Benefit Awarded This Year’s Egovernment Excellence Award ‘Best Application For The Smart Devices Award’

October 2021 (Manama, Bahrain) – The kingdom’s leading regional player in electronic financial transactions; BENEFIT received the eGovernment Excellence Award 2021 for ‘The Best Application for the Smart Devices Award’. BENEFIT won the award on the strength of its mobile application; BenefitPay,  which was designed to meet the unique needs of both consumers and business that enables fast, secure, and convenient payments.

The Smart Devices Award recognizes the private sector entities that provide a smart device application to their end users with the aim of reducing the cost, time, and effort in accomplishing a task or a series of tasks. The award comes as recognition of BENEFIT’S leading efforts to push the boundaries within the Financial ecosystem in the Kingdom. This achievement further validates BENEFIT’s unparalleled endeavors in the Kingdom as the top FinTech industry leader, inline with Bahrain’s Economic Vision 2030.

The eGovernment Excellence Award was created under the Patronage of HH Sheikh Mohammed Bin Mubarak Al Khalifa, Deputy Prime Minister and Chairman of the Supreme Committee for Information and Communication Technology (SCICT), the eGovernment Excellence Award is a strategic platform launched by the Information & eGovernment Authority to recognize and reward the Kingdom of Bahrain’s pioneering ICT initiatives.

BENEFIT’s CE Abdulwahed AlJanahi “This prestigious award is the result of all our collective efforts as a team, and the support of our partners. Everyday we try to reimagine what mobile banking could be, and what solutions that need to be developed or advanced to enhance the economy and its citizens. This award comes at a time where Bahrain has achieved outstanding milestones, leading the financial ecosystem in MENA. We will continue to revolutionize the payments scene and provide value added services to achieve Bahrain’s vision.

BENEFIT’s reputation as the Kingdom’s leader in financial transactions has been further solidified through several awards and accolades, which included the ‘Smart Finance Award’ for the BenefitPay Application, which  goes towards BenefitPay’s rollout of several cashless initiatives within the kingdom that have supported in nourishing sustainable growth. In addition, this year,  BENEFIT has been awarded with the “Best Digital Wallet (BenefitPay App)” award for 2021 by the Pan Finance Awards.

The eGovernment Excellence Award brings together a range of national projects and initiatives to embrace ICT excellence in diverse areas through participations from the Public and Private sectors, as well as submissions by NGOs and citizens, furthering digital transformation to achieve the objectives of Bahrain Economic Vision 2030.

BenefitPay has over 4000 merchants with more than 700K registered users using the platform. The total payments value in the EFTS via the “BenefitPay” application is BD 2 billion in the first half of 2021.

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Bahrain First Country To Launch Electronic Cheque Service *In Mena

The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT, inline with Bahrain’s Vision 2030 to drive innovation in digital payments.

October : 2021 (Manama, Bahrain) – The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT in the Kingdom on Bahrain. Bahrain is the first country to implement this service in the entire MENA Region. The announcement was made recently to highlight this milestone and address the community on the new solution that will simplify payment collection for all consumers and SMEs. The launch of the eCheque service is inline with Bahrain’s Vision 2030 to drive innovation in digital payments.

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, will roll out several campaigns to shed light on the rollout of the new eCheque service. eCheque will be backed by all related banks in Bahrain which will allow easy and simple payments.

Digitization of the cheque-related processes will have several advantages and simplify overall banking transactions for consumers and businesses within the Kingdom. Benefits include an issuing and depositing service accessible via the eCheque related platforms which will allow bank customers to process an eCheque any time. Furthermore, individuals can use the eCheque service with the convenience of their mobile phones in a quick and seamless manner.

When it comes to security, users will adopt a secure digital signature, which removes the need for handwritten signatures as required with paper cheques, reducing the risk of forgery and fraud. Additionally, electronic signatures preserve the underlying identities and enable more secure audit trails and keep track of the digital signer’s timestamp and location. The unique login credentials and the ability to sign from a device allows electronic signatures to have greater traceability compared to traditional signatures.

BENEFIT’S Chief Executive, Abdulwahed AlJanahi commented on the launch, “The implementation of eCheque will lead the Kingdom of Bahrain into a new era of electronic payments. As BENEFIT, we want to provide seamless and secure payment experiences. The eCheque will allow consumers to enjoy the functions of a regular cheque online without having to experience the long waiting time associated with traditional paper cheques. This milestone will be an optimal solution for those who are just starting to embrace online banking. I want to thank the Central Bank of Bahrain which has been an invaluable partner since the beginning of the journey. Our collective efforts and vision for Bahrain has made it possible to achieve this significant milestone in the region.”

Shafaq Al Kooheji, Head of Payment Services in BENEFIT and the Project Director of the eCheque service stated, “The launch of the eCheque service reflects the Central Bank of Bahrain’s ongoing efforts to offer a wide range of payment services. Not only do eCheques offer various advantages over their physical counterparts, but they also represent the Kingdom’s commitment to enhancing the efficiency and modernization of Bahrain’s financial infrastructure.”

She added, “This initiative also provides a green way to make payments, in line with Bahrain’s efforts to achieve its sustainable development goals. I’d like to thank everyone for their contribution towards this milestone and bringing the eCheque service into fruition.”

Bahrain is the first country in the MENA Region to launch the eCheque. The launch will be followed by a wider campaign to increase public awareness of the eCheque service and reinforce their understanding of using it.

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