In Coordination with BAB: BENEFIT REVIEWS 2022-2024 CORPORATE STRATEGY WITH FINANCIAL SECTOR REPRESENTATIVES

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held a meeting in cooperation with the Bahrain Association of Banks (BAB), and under the supervision of the Central Bank of Bahrain (CBB), to present its three-year strategy and roadmap 2022 to 2024, in the presence of BAB’s specialized committee members, as well as a large number of financial and banking institutions’ members.

The three-year strategy was presented by Mr. Yousif AlNefaie Deputy Chief Executive at BENEFIT, followed by an open floor discussion where committee members and financial sector representatives were invited to participate in the discussion and provide valuable recommendations to embed within its strategy to further enhance the financial industry, and provide value to the community as a whole.

The meeting is consistent with BENEFIT’s dedication to their digitization agenda, as well as the CBB’s initiatives to accelerate digital transformation in the Kingdom and launch innovative financial services in accordance with the Bahrain Economic Vision 2030. Furthermore, such meetings strive to open partnerships by sharing significant success achieved by BENEFIT throughout the years.

BENEFIT’s roadmap for the next three years comes in line with its 4 core strategic pillars including advancing payment infrastructure to enable new payment schemes, empowering access to credit, support digitization of the government and key sectors, and internationalization to develop key alliances and partnerships across borders. BENEFIT presented strategic initiatives to achieve the outlined goals under these pillars, as well as a detailed roadmap for each project to be implemented within the timeline.

On the occasion, Mr. AlNefaiei said: “BENEFIT is committed to continually developing and expanding its services and we aim to achieve substantial growth in the next few years. This three-year strategy will play a crucial role in helping us accomplish these objectives.”

 

Commenting further, he added: “The input from the attendees was very valuable and will be taken into consideration for BENEFIT’s direction in the coming years. These contributions are important to BENEFIT and to the financial sector as a whole, and it comes as part of our ongoing aim to boost Bahrain’s position as a leading hub for innovative financial services and solutions.”

 

It is with noting that BENEFIT has continually invested in valuable innovative solutions, as evidenced by the rollout of several cashless initiatives, including BenefitPay’s features, and the launch of the eCheque service. The new strategy emphasizes on supporting the SME ecosystem through the introduction of the Comprehensive Financial Information about small and medium enterprises (SME360) and the electronic payments services for the business sector, advancing Bahrain Credit Reference Bureau and the national eKYC services, and more.

 

BENEFIT has evidently been committed to achieving outstanding development over the coming years, and cherishes the cooperation of industry experts, such as BAB, and appreciates their shared views and perspectives that contribute to the advancement of the Kingdom’s banking industry.

 

In addition, BENEFIT follows a periodic plan to execute action plans and strategies in accordance with the latest local and international economic conditions, as well as implementing innovative and new initiatives in line with the policies of the CBB.

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BENEFIT ANNOUNCES SPONSORSHIP OF THE INTERNATIONAL CONFERENCE AND EXHIBITION FOR THE “PEOPLE OF DETERMINATION”

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced their sponsorship of the International Conference and Exhibition for the “People of Determination” taking place on the 13th and 14th of September, 2022 at the Crowne Plaza Hotel’s Convention Centre. The event will be held under the patronage of His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Envoy for Humanitarian Work and Youth Affairs.

The conference, hosted by the National Society for the Support of Education and Training, provides an excellent opportunity to showcase and explore the finest and latest innovations, technologies, products and services in the special needs field from across the world, which will improve the lives of people with disabilities. Parents with special needs children will be exposed to societies, associations, and centers aimed at “People of Determination”, in addition to receiving a free psychological and educational evaluation from professionals and consultants at the event.

The event seeks to create awareness among all segments of society, particularly parents and guardians, academic and scientific organizations, researchers and professionals, persons with special needs, and other individuals and organizations in the Kingdom. Furthermore, it also aims to contribute to the integration of “People of Determination” in several sectors, with the hopes of incentivizing organizations in both public and private sectors to provide employment opportunities for these gifted people, as well as to raise awareness on the multiple categories of “People of Determination,” which include autism, learning difficulties such as dyslexia and ADHD, Down Syndrome, mild mental retardation, physical disabilities, hearing and visual impairments, and others

Adel Al-Kooheji Seniors Manager PR & Corporate Communications  , at BENEFIT, commented on the initiative, “We are thrilled to be supporting the International Conference and Exhibition for the “People of Determination” as sponsors. This is an initiative that takes concrete measures toward identifying Bahrain’s special needs landscape and provides a networking platform for all leaders involved in the inclusion and empowerment of people with special needs across the country, and it is a true honor to be a part of it. Our vision at BENEFIT is perfectly aligned with this effort, as we aspire to shape the future of society, inspire individuals to unleash their power, and to unlock new opportunities, and this would not be feasible without a commitment to integrating people with special needs into mainstream society.”

The People Of Determination International Exhibition and Conference supports Bahrain’s commitment to creating an inclusive society by bringing together an association for disabled people, educators, social workers, key policymakers, consultants and professionals, philanthropists, and many more. Furthermore, Bahrain prioritizes persons with special needs, ensuring their rights as equal members of society, and honors their contributions to society and their support towards Sustainable Development Goals.

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For the Third Consecutive Year: ‘BENEFIT’ ACHIEVES REMARKABLE ACCOMPLISHMENT BY OBTAINING ‘ISO 22301:2019’ ACCREDITATION

 

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, continues to focus on Business Continuity Management (BCM) and drives resilience efforts by successfully achieving the ISO22301:2019 accreditation for the 3rd year in a row. The results of the ISO22301:2019 review reflects BENEFIT’s high standards in the field of BCM, where the assessor deemed the organization to be operating at the highest possible standard with 0 Non-Conformities (NCs) & 0 Opportunities for Improvement (OFIs).

 

The BENEFIT Company has been certified by the British Standards Institution (BSI) for the ISO 22301:2019 certification for Business Continuity Management System (BCMS) in recognition of the security and resilience BENEFIT has displayed to ensure it recovers from disruptive incidents. It is worth mentioning that BENEFIT has been the first establishment in the Kingdom of Bahrain to complete the transition to the new audit standard ISO22301:2019 in April 2021.

 

This achievement reaffirms the important growth stage the Company has reached. BENEFIT also recognizes that there is a growing demand for service providers with consistent and secure procedures to deliver safe and seamless services that consumers can trust. Additionally, BENEFIT continues to invest in business continuity and business resilience planning to ensure that its customers, suppliers and partners are enabled to face any unforeseen challenges. Furthermore, BENEFIT’s commitment to business continuity ensures that BENEFIT provides reliable and trustworthy services with a high level of service availability to banks, partners and consumers.

 

BENEFIT has had yet another successful year for Business Continuity Management (BCM), with a report stating 0 Non-conformities (NCs) and 0 Opportunities for Improvement (OFIs), a true testament to BENEFIT’s efforts and commitment in sustaining overall resilience.

 

Mr. Riyadh Almearaj, AGM Information Technology, BENEFIT, commented on this achievement “We are very proud of this achievement. This entire process has enabled us to engrain the business continuity discipline across our organization, and has allowed us to obtain a better understanding on implementing and creating a business continuity strategy with proper response tactics. These standards are quite crucial in a time where all organisations must recognize the threats and opportunities that can arise internally and externally, and know how to react to them.

 

He added, “With the COVID-19 pandemic, it has become increasingly clear that in order for organizations to be able to withstand and overcome future disruptions, having an effective business continuity system is a must, and that it should be based on internationally accepted standards such as ISO 22301:2019.”

 

Mr. Mohamed Al Alawi, Supervisor of Business Continuity Management at BENEFIT, stated, “This achievement emphasizes a maturity milestone. BENEFIT recognizes that there is an accelerated demand for consistent, secure providers to deliver secure and seamless services that consumers can trust. Furthermore, BENEFIT’s commitment to business continuity guarantees that they deliver reliable and trustworthy services with high availability to banks, partners, and consumers.”

 

He added, “This is reflected in the significant investment BENEFIT has made towards BC & DR, as we place a high value on operating regardless of circumstances, making BENEFIT truly resilient.

 

It is worth mentioning that a total of BD 1.5 million has been invested in BC & DR (Business Continuity and Disaster Recovery) throughout the recent period. This overall figure will be used to showcase BENEFIT’s ongoing BCM efforts in investing in its IT landscape/infrastructure to maintain high service availability.

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