BENEFIT FINTECH LABCreating a Fintech Enabling Environment in Bahrain
What is Benefit Fintech Lab
At BENEFIT, we don’t just support the banking and financial sector but also the government, SMEs and other private sector entities. Our Fintech Lab was established with the very same view; to help create a Fintech enabling environment in Bahrain with and for all our stakeholders.
The lab acts as an idea generator linking university students with SMEs and other stakeholders. Here, we test and exhibit exciting new concepts in coordination with international Fintech hubs. We believe in fostering a culture of R&D, directed towards enabling continuous growth for the country, our partners and ourselves.
As a strategic partner of CBB’s Digital Lab, FinHub 973, we are glad to be working towards the national direction to make Bahrain a regional Fintech hub and further cement Bahrain’s position as the region’s financial hub.
FinHub 973, by the Central Bank of Bahrain (CBB), is the region’s first cross-border, digital innovation platform that connects and facilitates collaboration between financial institutions and fintechs under the supervision of the central bank. FinHub 973 enables local and global fintech’s to connect seamlessly with Bahrain’s financial institutions for exploring, testing, and prototyping on a centralised digital sandbox. FinHub973 integrates the technical testing and validation of digital solutions with the regulatory framework of the CBB. The platform also showcases qualified fintechs for collaboration, procurement, partnerships and investment within Bahrain’s ecosystem, while also interfacing with regulatory authorities to facilitate quicker and easier regulatory testing and supporting business scalability.
Features
Idea generation
We generate and develop new Fintech related concepts with an R&D intensive culture.
Innovative and efficient solutions
We focus on providing working solutions to the financial sector, Government and SMEs for users’ convenience.
Collaboration
We work in tandem with relevant stakeholders to strengthen the Fintech field in Bahrain.
Regional leadership
We aim to emerge as a Fintech leader in the region, providing expertise and assistance to encourage the region’s progress.
International connections
We coordinate with Fintech hubs all over the world to strengthen Bahrain’s position in the international space.
Benefits
Modernisation
With the establishment of our Fintech lab, we have been able to provide a modern twist to the financial sector, which is now gaining a lot of interest from students and young graduates.
Financial sector boost
The financial sector in Bahrain has received an immense boost with the advent of our Fintech lab, attracting stakeholders from all over the world.
Promotion of Fintech
The research and development undertaken at our Fintech lab has helped open up dialogue about Fintech and has thus emerged as a platform which increased the visibility of Fintech in Bahrain.
Regional focus
Our Fintech lab has helped establish Bahrain as a regional leader in Fintech, spearheading the growing interest for Fintech in the region and acting as a hub.
Mutually beneficial partnerships
We have been able to build strong, mutually beneficial relations with all relevant stakeholders in Bahrain and abroad and continue to do so.
Pioneer Fintech players
The in-depth research and supportive environment in our lab has helped pioneer Fintech players backed by qualified national calibre and who will emerge as leaders in the Fintech space.
International exposure
Our tie-ups with global Fintech hubs has ensured Bahrain a spotlight in the global Fintech landscape.
Key Focus Areas
Seamless Payments
Frictionless, streamlined payments are at the heart of effective digital payments. We believe such payments are the future of consumer transactions and hence work on bettering the payment process from both the vendor and customer sides.
Cashless Society
We are committed to building a cashless society, and are focused on enabling digital transactions to be the norm in the region. A modern society thrives on digital transactions, and through advanced research and analysis, our Fintech lab is leading the region in the right direction.
Big Data
Digital transactions offer a lot more scope for analysis of customer spending and behaviour. Such big data will help formulate strategies based on trends and predictions, which will be useful for our vendors in product development and marketing.
