BENEFIT AND JOPACC SIGN MoU TO SUPPORT KEY FINANCIAL TECHNOLOGY AND INNOVATION INITIATIVES: Inline with BENEFIT’s key focus to foster collaboration, share expertise and collaborate with like-minded institutions to solidify MENA’s presence and position when it comes to the FinTech industry.

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, signed a Memorandum of Understanding with the Jordanian Payment and Clearing Company (JoPACC). The key focus of the MoU is to foster collaboration, explore collaborative initiatives, and participate in the programs part of the Jordan Innovation Fintech Incubator ‘JOIN Fincubator’; the first fintech innovation incubator of its kind in Jordan, which was launched last year at the MENA ICT Forum.

According to the terms of this memorandum, both companies will unite their resources to create and deliver digital financial services, leveraging their expertise and technological capabilities. It will also involve the formation of a steering committee composed of team members nominated by both parties that will work to discuss topics of cooperation in the areas of financial technology innovation.

The Central Bank of Jordan and JoPACC recently announced the establishment of the Jordan Innovation FinTech Incubator ‘JOIN Fincubator’, in line with their commitment to address financial stability, foster an advanced financial infrastructure, and increase digital financial inclusion. The recent announcement is tied to the upcoming edition of the Communications and Information Technology Forum for the Middle East and North Africa, which will kick off in the beginning of this year.

Dr. Adel Al-Sharkas, Chairman of the Jordanian Payment and Clearing Systems Company (JoPACC), commended the Kingdom of Bahrain and its innovative businesses, specifically BENEFIT, for their success in establishing partnership ties to promote financial technology innovations across the Kingdom, empowering the transfer of knowledge across the region, and strengthening the future of both our economies, and the region at large.

For his part, Mr. Abdulwahed AlJanahi, CE of BENEFIT, commented, “In line with broadening the horizons of collaboration and knowledge exchange between financial institutions and FinTech companies, it is an honor to have this MoU and we look forward to engaging with JoPACC in various aspects, leveraging on the Company’s successful milestones.

He further added, “This is in accordance with our key focus to foster collaboration, share our expertise and collaborate with like-minded institutions to solidify MENA’s presence and position when it comes to the FinTech industry. This partnership will achieve several milestones in the region and unlock vast opportunities for aspiring entrepreneurs and innovators. We look forward to working with JoPACC in boosting cooperation in various aspects and strengthening the relations between the two brotherly countries.”

It is worth noting that JoPACC is a private shareholding company and a domestic payment system operator that manages and develops several payment systems, introduces innovative digital financial solutions that directly benefit end-users, and produces and disseminates knowledge about digital financial services in Jordan.

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BENEFIT HOSTS DELEGATION FROM SINGAPORE’s Grow Digital Bank TO EXPLORE BUSINESS OPPORTUNITIES AND STRATEGIC ALLIANCES

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a delegation from Singapore’s Grow Digital Bank on Tuesday, January 10th, 2023 at the company’s headquarters, with the aim of exploring joint initiatives between the two nations, forging stronger ties, and exchanging knowledge.

This visit marks an important milestone in the mutual efforts undertaken by parties to facilitate the exchange of information highlighting milestones and achievements when it comes to Fintech solutions and services. This is in line with the Kingdom’s ongoing initiative to foster innovation within the financial sector, further solidifying Bahrain’s prime position as a financial hub and expanding opportunities for financial institutions and FinTech terms in the Kingdom and Singapore.

The visit follows the significant growth of local financial services, which necessitates the development of new plans, initiatives, strategies to increase the efficiency of the sector, drive substantial growth, and boost Bahrain’s global competitiveness.

Over the past few years, Financial Technology has created vast opportunities and linkages between the Middle East and South East Asian markets. The Kingdom of Bahrain and Singapore have been at the forefront of innovation when it comes to the financial services sector allowing for this partnership to grow stronger through collective efforts to provide right regulatory requirements and enhance the quality and competitiveness of services in the financial sector.

On this occasion, BENEFIT’s CE Mr Abdulwahed AlJanahi commented, “I extend a sincere and cordial greeting to Bahrain Economic Development Board (EDB) for facilitating the visit and to the visiting delegates from Singapore, and the BENEFIT team looks forward to constructive exchanges that will lead to successful financial business fruition. This delegation represents a significant and meaningful milestone in the rapidly emerging cooperation between our two markets, particularly in the financial and banking sector. The visit highlighted the breadth of expertise and ambition in Singapore’s corporate environment, and it has bolstered our belief in the reciprocal ties that our cooperation will offer.”

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BENEFIT HOSTS AN ESG TRAINING SESSION FOR BOARD MEMBERS

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has hosted an informative training session for their Board of Directors on Environmental, Social, and Corporate Governance initiatives at their headquarters, on December 12th, 2022. The session was conducted by Dr. Ahmed Albalooshi, an expert trainer in digital transformation, fintech, and cybersecurity from the Bahrain Institute of Banking & Finance (BIBF).

 

The session aimed to support the development and preservation of BENEFIT’s value by emphasizing the need for sound corporate governance and reinforcing the company’s expertise in governance standards. This effort is consistent with the Board of Directors’ dedication to performing business and operations with the utmost integrity and efficiency, as well as to adopting best corporate governance principles.

 

The program seeks to enhance critical understanding of concepts, issues, and practices in ESG and modern corporate governance structures, as well the ability for BENEFIT’S board members to synthesize and apply this knowledge in a collaborative working environment and assist them in integrating ESG into board operations and making well-informed decisions, in line with the company’s overall strategy.

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Under the patronage of H.E Mr. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, and H.E Dr. Abdulrahman Bin Abdullah Al Hamidy, Chairman of the Board of The Arab Regional Payments Clearing and Settlement Organization (ARPCSO): ARPCSO (Buna) and The Benefit Company (BENEFIT) Sign Memorandum of Understanding (MoU) to Facilitate Cross-border Payments

The MoU aims to create cross-border instant payments interoperability between Kingdom of Bahrain and other markets

Buna is progressing with its plans to be a strategic hub that links national instant payment systems from the Arab region and beyond

In a ceremony hosted by the Arab Monetary Fund (AMF), Mr. Abdulwahed AlJanahi,  Chief Executive of BENEFIT, the operator of the national electronic payment systems in the Kingdom of Bahrain, and Mr. Mehdi Manaa, Chief Executive Officer of Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF,  signed today a Memorandum of Understanding (MoU) to establish a framework of cooperation between Buna and BENEFIT.  The ceremony was held under the patronage of H.E Mr. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, and H.E Dr. Abdulrahman Bin Abdullah Al Hamidy, Chairman of the Board of ARPCSO.

Under the terms of this MoU, Buna, and BENEFIT target to interlink their payment services, Buna and Bahrain electronic transfer services , aiming to consequently connect to a wide network of multiple instant payments services through cutting edge systems that facilitate the transfer of cross-border payments instantly, at all times, and by correspondingly following the highest international compliance standards. This joint venture aims to simplify the flow of cross-border payments between Kingdom of Bahrain and Arab world and reinforce various use cases such as consumer remittances and digital commerce. The intended solution will spread the benefits of cross-border instant payments to citizens and corporates, strengthening economic ties within the Arab world, and unlocking opportunities for greater economic integration.

Commenting on this MoU, Mehdi Manaa, Chief Executive Officer of Buna, said, “This key collaboration with BENEFIT reinforces Buna’s adherence to progress further in the creation of a strategic hub that connects the different national instant payment systems from the Arab region and beyond.” He added, “We are pleased to be working alongside Benefit as we are aligned on the same vision of developing innovative cross-border payment solutions that enhance the user’s experience. At this occasion, we would like to thank H.E the Governor of Central Bank of Bahrain and his colleagues for their continuous support to Buna.”

For his part, Mr. Abdulwahed AlJanahi, CE of BENEFIT Company, said, “We are very pleased to sign this important MOU, which will open broad horizons for instant cross-border transfers and financial payments by establishing a linking gateway between the national electronic fund transfer system and the “Buna” network, which is expected to link Arab countries and then the rest of the world.” He added, “This innovative initiative will definitely contribute to enhancing and accelerating trade exchange and individual remittances between the countries of the Arab region, and we look forward to completing all technical and administrative requirements to operate this service in the near future.”

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BENEFIT SPONSORS AND PARTICIPATES IN ARAB INTERNATIONAL CYBERSECURITY SUMMIT

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, concluded their participation as platinum sponsors of the Arab International Cybersecurity Summit 2022, held from 6th-8th December, 2022 at Exhibition World Bahrain.

 

The event was co-hosted by the National Cyber Security Centre and was held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, and Prime Minister of the Kingdom of Bahrain. On behalf of HRH the Crown Prince and Prime Minister, National Security Advisor,Royal Guard Commander and His Majesty’s representative for Humanitarian Works and Youth Affairs, His Highness Shaikh Nasser bin Hamad Al Khalifa, has opened the inaugural Arab International Cybersecurity Conference and Exhibition.

 

The Arab International Cybersecurity Summit is the region’s largest convention for government regulators, industry professionals, and solution suppliers to explore and devise strategies to safeguard their cyber and IT infrastructure. The conference provided a worldwide overview of all areas of the cybersecurity and information security hierarchy in any company, with the key subject of Empowering Global Cooperation in Cybersecurity.

 

Supporting its participation at the event, BENEFIT’s Chief Executive Abdulwahed AlJanahi was one of the keynote speakers, addressing the company’s stance on cybersecurity, its future, and their significant contributions. In addition, Abdulwahed AlJanahi has emphasized BENEFIT’s expertise in grasping cybersecurity tools, as well as generating innovative and cutting-edge technologies for protection against potential vulnerabilities. As the Kingdom’s leader in FinTech services, BENEFIT expanded its educational outreach initiatives across all social channels in order to inform and educate consumers on how to recognize fraud while taking prompt action on their own.

 

BENEFIT’s Head of Information Security, Ali Beshara also spoke at the event, hosting a session titled, “Governance Structures and protection of Critical Financial Infrastructure: Bahrain as an Example ”. As part of their participation, BENEFIT also set up a booth, which included a cybersecurity majlis.

 

Abdulwahed AlJanahi, Chief Executive at BENEFIT commented on the participation, “It is an honor to be able to support large scale events such as this one. Being Platinum Sponsors demonstrates BENEFIT’s dedication to cybersecurity and its continued efforts to place Bahrain on the global Fintech map. This summit highlights that cybersecurity has been appropriately boosted to high priority across governments and corporate sectors across the Arab region, both of which are investing substantial time and effort to safeguard the digital era. The event had an outstanding roster, bringing together some of the world’s best digital security professionals, activists, and leaders. Their collaboration has served to set the tone for how our country will manage cybersecurity in the coming years, and their expertise is invaluable.”

 

“Supporting this initiative is consistent with BENEFIT’s mission of bolstering Bahrain’s efforts in offering industry-leading solutions to equip companies for the transitional online realm, which comes with a number of threats.” He added.

 

Ali Beshara, Head of Information Security – CISO at BENEFIT, commented, “The rise in cyber risk has raised awareness and expectations about cybersecurity concerns, with organizations being assessed on their readiness, resilience, and response in the aftermath of an attack. Bahrain is dedicated to protecting its interests in cyberspace by tackling these threats in order to strengthen preparedness and information security in government institutions and Bahrain in general, as seen by its multiple initiatives, including this event. The summit has offered valuable insights and guidance on how the public and private sectors may constantly identify and handle these rising digital threats to effectively secure their operations.

 

The event has gathered a number of local cyber professionals from various industries, including Banking & Financial Services, Insurance, Renewable & Solar Energy, Telecommunication, Education, Transportation, and many more, to explore new ideas for leveraging the power of cybersecurity technologies. The summit featured a total of 100+ hours of impactful content, networking opportunities with over a thousand cybersecurity professionals in the region and beyond, 120+ speakers, and over 150 exhibitors.

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BENEFIT TAKES PART IN SEAMLESS RIYADH 2022: As a leader in the FinTech sector and key player in innovative digital solutions, BENEFIT introduced valuable insight and key learnings at one of Saudi Arabia’s biggest and boldest events

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, participated in Saudi Arabia’s “Seamless Riyadh” event, through a panel discussion titled “Establishing a Framework for Cross Border Collaboration: Removing Borders with Innovation”. The event took place from November 2nd-3rd, 2022, at the Riyadh International Convention & Exhibition Centre.

 

The panel was attended by Turki AlAhmed, Manager – Partnerships & Relationships at BENEFIT, alongside other panelists including the Head of Product Management & Saudi FinTech, Global Liquidity & Cash Management at The Saudi British Bank (SABB), the Digital Innovation Manager at The Saudi British Bank (SABB), the Executive Vice President, Head Facilities Management & Engineering at The Saudi National Bank, as well as the MENA GM & VP of Strategic Accounts at TerraPay Middle East. The session was moderated by the Regional Director MEA at Qorus.

 

BENEFIT shared their perspectives on cross-border money transfer system interoperability, a method enabling local systems to communicate with one another to facilitate faster and more secure money transfers between countries, as well as BenefitPay’s marketplace initiative, which allows money changers and exchange houses to onboard customers and offer international remittance services directly on the app in a seamless and transparent manner.

 

Turki AlAhmed – Manager, Business Partnerships & Relationships at BENEFIT commented, “Participating in Seamless 2022 provided BENEFIT with the ideal opportunity to display our innovative solutions and raise awareness about our contributions to the field, both locally and internationally. We have been given invaluable networking opportunities, as well as significant exposure to technical updates and emerging trends in the payments industry, which has driven financial institutions like ourselves to innovate toward seamless, transparent, and autonomous payments with less friction, a higher level of security, and an overall user-centric experience. The event added value to companies in the sector by providing us with a highly productive ecosystem to foster growth and create new horizons of opportunity and transformation for the FinTech and payments landscape.”

 

As a leader in the FinTech sector and key player in innovative digital solutions, BENEFIT introduced valuable insight and key learnings at one of Saudi Arabia’s biggest and boldest events covering the latest innovation in payments and FinTech, including opening finance fields and Personal Finance Management (PFM), which is bolstered by initiatives such as enhanced financial literacy. The event included a two-day global conference, an exhibition, and valuable networking opportunities.

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BENEFIT TAKES PART IN BIBF CEREMONY HONORING BANGOR UNIVERSITY GRADUATES

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has participated in the Bahrain Institute of Banking and Finance (BIBF) Graduation Ceremony 2022, for Bangor University of Wales UK graduates, under the patronage of the Central Bank of Bahrain (CBB) in the presence of the Governor and Chairman of the BIBF Board of Directors, His Excellency Mr. Rasheed Al Maraj, which took place at the Gulf Hotel.

 

The bachelor degrees, which included majors such as Bachelors of Science in Banking & Finance, Accounting & Finance, and others, were presented to the students in the presence of Professor Andrew Edwards, Dean of Bangor University’s Business School, Dr Ahmed Alshaikh, Director of BIBF, and various representatives from Bahrain’s leading financial institutions, as well as the students’ parents and family members.

 

During the ceremony, Mr. Abdulwahed AlJanahi, CE of BENEFIT, awarded an Excellence Award to Ms. Manahil Amin, an outstanding student among the 75 undergraduate students.

 

Mr. Abdulwahed AlJanahi, commented, “I would like to congratulate each Bangor graduate for the successful completion of their undergraduate program. I am confident that the material gained during the curriculum has provided these students with a broad range of knowledge to help them develop their talents and professional goals. These transferrable key learnings have empowered the graduates to pursue a career in banking, finance, or other areas of business, as well as contribute to the Kingdom’s development of the financial services industry, and embrace the thriving fintech ecosystem.”

 

“Our cooperation with the BIBF stems from our belief in supporting the academic sector and youth in forging a bright future, as highlighted by our contribution to the Excellence Awards for outstanding students.” He added.

 

As a leading player in the Kingdom, BENEFIT is committed to support the youth through their participation in key events and initiatives, in line with a key pillar part of Bahrain’s 2030 vision to carve out a path for young pioneers in the Kingdom. Furthermore, BENEFIT has consistently been developing strategic campaigns and programs that can empower, upskill and push passionate young individuals to reimagine the future in innovative sectors and contribute to the country’s thriving sectors with creative and inspiring solutions.

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THE BENEFIT FINTECH AWARD SERIES LAUNCHES a VIDEO COMPETITION IN PARTNERSHIP WITH AMERICAN UNIVERSITY OF BAHRAIN (AUBH)

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, kicked off their ‘BENEFIT FinTech Award Series’ 2022 edition in partnership with the American University of Bahrain (AUBH), Bahrain’s first comprehensive, purpose-built University, built on the American model of education.

 

This new edition features a video competition with a focus on two key themes, with the first theme about raising awareness about fraud and cybersecurity threats, and the second theme on reflecting on BENEFIT’s journey in enriching the Fintech landscape in Bahrain over 25 years

 

The video competition will be open to all university students in Bahrain, where they will be enrolled in a series of workshops with the opportunity to showcase their videos to the public. The best videos will be selected based on several criteria, most importantly ones that highlight the key messages with a sense of creativity, which will be awarded with cash prizes.

 

Hanan Hasan, Assistant Manager – Marketing, PR and Innovation at BENEFIT, commented, “We are pleased to partner with the American University of Bahrain, and have them be part of the BENEFIT FinTech Award series in its new edition. This competition bridges the gap between Bahrain’s rapidly developing FinTech ecosystem and the larger youth community, which may not be completely linked to growing FinTech prospects. This is inline with our aspiration to champion the youth and allow them to actively contribute to one of Bahrain’s thriving sectors . We believe that such an initiative will boost innovation and encourage creativity within the young talents in content development and filmmaking.”

 

Dr. Amal AlAwadhi, Dean – Students Affairs from AUBH “This initiative empowers students with a variety of opportunities to develop new skills, broaden their networks, and learn about entrepreneurship and innovation in the FinTech space. We invite all our students to be part of this experience and share their creative vision on very important themes within the financial sector.”

 

For registration, fill the application form on https://forms.office.com/r/SyNvv41HSr.

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BENEFIT PLATINUM SPONSOR OF THE ARAB INTERNATIONAL CYBERSECURITY SUMMIT

The Benefit Company , the Kingdom’s pioneering Fintech and electronic financial transactions service, has announced its Platinum Sponsorship of the historic Arab International Cybersecurity Summit (AICS) which will take place from December 6-8 at Exhibition World in Sakhir.

The event will be held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Prime Minister of the Kingdom of Bahrain.

Being Bahrain’s leading innovator for financial services and the country’s premier electronic payment infrastructure, cybersecurity is of critical importance to Benefit to ensure that customers have the utmost trust in the company to protect their financial interests.

Sponsoring AICS reinforces Benefit’s commitment to cybersecurity and continuing to invest in the latest digital technologies to safeguard payments.

AICS will have the highest level of engagement from cybersecurity institutions in the region with participation from government, industry and business verticals including BFSI, oil and gas, energy, utilities, IT and telecom, manufacturing, education and more.

More than 75 speakers, including senior international cybersecurity decision makers, thought leaders, influencers and solution providers, will converge from around the world to discuss challenges, custom solutions and strategies to shape the future of cybersecurity.

The forum is expected to attract more than 6,000 visitors, who will engage with the cybersecurity community through keynote speeches, insightful presentations, networking opportunities and panel discussions to address the latest cyber risks.

Platinum Sponsorship underlines Benefit’s commitment to cybersecurity and its ongoing mission to put Bahrain on the global Fintech map.

Abdulwahed AlJanahi, Chief Executive, BENEFIT commented on the partnership ‘

“We are pleased to support large-scale events such as The Arab International Cybersecurity Summit which aims to address pressing cyber security issues, while highlighting key learnings and frameworks for large, small and medium businesses to implement. Cybersecurity is not just a tick-in-the box anymore, but an essential component to protect the businesses and the broader public from cyber threats.”

“This is inline with BENEFIT’s mandate to strengthen the Kingdom’s efforts when it comes to providing industry-leading solutions to prepare businesses for the ever changing digital era that comes with several risks. Furthermore, we do our part to be part of a collective effort that can enable communities to take a step forward towards safe and secure experiences.”

Bahrain has put in place the national cybersecurity strategy in accordance with the Kingdom’s Vision 2030 to achieve cybersecurity goals.

For general information on the event, schedule and participation, visit https://www.arab-cybersecurity.com

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In Partnership with Central Bank of Bahrain: BENEFIT CONCLUDES THE FINTECH FOR OPEN BANKING HACKATHON 2022

– BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced the successful completion of their latest innovation challenge “Open Banking for Consumer Lending” as part of BENEFIT’S FinTech Award Hackathon series 2022 in partnership with Central Bank of Bahrain and Fintech Galaxy.

The BENEFIT FinTech Award hackathon is a themed series that invites participants to build value creation Fintech applications that aims to tackle challenges in the sector  and could potentially serve as a foundation of a reputable business. In its current version,  the award is part of the Bahrain Supernova Challenges 2022; which is the second annual innovation challenge from the Central Bank of Bahrain’s Digital Lab, FinHub 973, that aims to foster open innovation across the Financial Services industry.

The theme of this year’s hackathon is Open Banking, which aims to bridge the gap between fintech enthusiasts and corporates while also offering the Bahrain financial services landscape with cutting-edge insights into innovative techniques.

The competition, inspired by Bahrain’s competitive consumer lending ecosystem, invites participants to use open banking API to tackle the issue that borrowers face when it comes to loan settlement and buyout between banks when they wish to obtain a debt consolidation loan. The hackathon awards the winner with a prize of USD 5000.

The competition gathered a total of 11 submissions, resulting in 8 shortlisted candidates, 5 finalists, and 1 winner. NF Innova Fintense, the winner demonstrated how the consumer can find the perfect loan offer from several banks on the platform – utilising its embedded open banking API -, then selects the most appropriate offer and apply for it instantly. The entire online loan application from start to finish – including KYC and salary verification – only takes several minutes and at the end of the process the money is disbursed instantly to the consumer’s bank account. The finalists are from Bahrain, United States, Estonia, India and Austria competed in demonstrating concepts and solutions for consumer lending.

Hanan Hasan, Assistant Manager – Marketing, PR and Innovation, commented, “With Bahrain at the forefront of the Open Banking movement in the MENA region, this challenge empowers both local and international financial technology companies to explore new and original solutions in a pioneering regulatory landscape. At BENEFIT, we are honored to be supporting an increasingly vital role in the implementation of innovative fintech solutions, and our hackathon aims to foster the growth of Bahrain’s FinTech sector while bringing together individuals with varied skill sets.”

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