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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BENEFIT PARTNERS WITH CANCER WARRIOR CLUB SOCIETY FOR A CINEMA DAY OUT WITH CHILDREN PATIENTS

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has recently partnered with the Cancer Warrior Club for an initiative that was organized where BENEFIT employees took young cancer patients to the cinema for a movie day out at Oasis Mall Cinema – Juffair, where the participating children and their families expressed their happiness with this humanitarian initiative, which is derived from the values of the interrelated Bahraini society.

 

This is inline with one of BENEFIT’s main values that comes under Responsibility to support and give back to society. The initiative is a key step in BENEFIT maximizing its contributions to social responsibility through meaningful corporate initiatives that foster a sense of community and encourage a healthy work culture.

This campaign follows other initiatives by BENEFIT to help the local community, such as the “Smile” project, geared towards supporting children with cancer through BenefitPay donations, as well as their generous donations towards individuals afflicted by COVID-19.

Adel AlKooheji, Senior Manager PR & Corporate Communications at BENEFIT, commented on the initiative, “We are proud of all the humanitarian initiatives, especially supporting the Cancer Warrior Club, as it is in line with BENEFIT’s values and its constant strive to provide impactful experiences to individuals from all walks of life in all of their endeavors. This initiative is part of BENEFIT’s desire to expand its social responsibility to our local community and promote such purposeful associations. We look forward to supporting more important initiatives in our community and transforming this as part of the culture around our employees as well.”

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BENEFIT REACHES TOTAL VALUE OF 12.5 BILLION BAHRAINI DINARS WORTH OF ELECTRONIC FINANCIAL TRANSACTIONS IN 2022

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced that it reached total volume of 113.7 million for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay during the first half of 2022, which is a 92% increase in volume compared to the first half of 2021.

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, is continuing to see significant growth during the first half of 2022, as demonstrated by the volume increase of 85%, as the total volume increased from  65.7 in the first half of 2021 to 121.3 million in the first half of 2022

The volume of payments made in the first half of 2021 using Fawri+ is 55.8 million compared to 108.7 million in the first half of 2022, a growth of 95%.

Fawri+ transactions over all channels soared by 50%, with a total value of over BD 2.9 billion in the first half of 2022, increasing from BD 1.9 billion in the first half of 2021. Fawri+ transactions through BenefitPay’s application in the first half of 2022 reached a total value of approximately BD 2.7 billion, in comparison to approximately BD 1.8 billion in the first half of 2021, a growth of 51%.

Fawri transactions over all channels increased by 23% as their value in the first half of 2022 exceeded BD 9 billion, compared to approximately BD 7 billion during the first half of 2021. Furthermore, the fund transfer service has gained a total value of around BD 385 million in the first half of 2022, through the BenefitPay application, compared to around BD 250 million in the first half of 2021, showing an increase of 54%.

As for Fawateer transactions over all channels, there has been an increase of 44%, with their total value in the first half of 2022 exceeding BD 443 million, up from over BD 308 million in the first half of 2021. Fawateer transactions through the BenefitPay application reached a total value exceeding BD 90 million, a significant increase of 71% from the first half of 2021’s total value of approximately BD 53 million.

The electronic Know Your Customer (eKYC) platform totaled up to 212,663 verifications during the first half of 2022, in comparison to 73,586 verifications in the first half of 2021, demonstrating a 189% increase.

Furthermore, the Bahrain Credit Reference Bureau (BCRB) operated under BENEFIT, issued a total of 127,143 credit reports in the first half of 2022, up from 119,022 credit reports in the first half of 2021, a 6.8% increase.

 

English Infographic Jan-June2022 V 22aug2022

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BENEFIT KICKS OFF ANNUAL FINTECH INTERNSHIP PROGRAM ‘MASAR’

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, officially kicks off its Annual FinTech Internship Program “Masar” in its first edition, in collaboration with the Supreme Council for Women (SCW).

This year, 11 university students and recent graduates are enrolled in the program segmented into 3 learning paths including Data services, Payment services and Corporate Support. On the first day, students completed an in-depth orientation program with various workshops delivered by BENEFIT with a key focus on AML Financial Crime, Information & Cybersecurity, Financial Literacy and more.

Salah Al Awadhi, Head of Human Resources & Administration commented on the initiative, “BENEFIT is thrilled once again to kick off our annual internship program; Masar. We are also pleased to cooperate with the SCW to enable the participating students to receive hands-on experience in a multi-vertical financial ecosystem that is quite complex and ever-evolving. Educational opportunities and initiatives such as these provide them a stepping stone into the industry as they shadow leaders in the space and gain the confidence to create innovative solutions. As BENEFIT, we take pride in our youth and will continue to build robust mentoring and educational programs to further contribute to the Kingdom’s thriving financial sector.”

He added: “The tailored program will conclude with a final project in which students are challenged to submit their most unique concept in order to win a trophy for the ‘Best innovative idea in FinTech’. The pitched innovative idea must streamline existing processes, simplify and lower costs of operations, generate a new income line for the company and add value to society.”

Masar’s goal is to empower and upskill Bahrain’s youth to participate in the Kingdom’s thriving FinTech sector and generate future solutions. The internship provides Bahraini university students and recent graduates an opportunity to shadow industry experts, acquire foundational skills and practical knowledge, and collaborate to develop innovative FinTech solutions, through their introduction to the financial technology ecosystem.

 

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In Collaboration with the Supreme Council for Women

BENEFIT LAUNCHES FINTECH INTERNSHIP PROGRAM ‘MASAR’ TO UPSKILL AND EMPOWER BAHRAINI YOUTH

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announces launching its Annual FinTech Internship Program “Masar” in its first edition, in collaboration with the Supreme Council for Women (SCW),  to empower and upskill Bahrain’s female youth to participate in the Kingdom’s thriving FinTech sector and generate future solutions. The personalized internship experience will allow Bahraini university students and recent graduates to learn from industry experts, acquire foundational skills and practical knowledge, and learn to collaborate to develop innovative FinTech solutions, through their introduction to the financial technology ecosystem

On this occasion, Ms. Hala Al-Ansari, Secretary General of the Supreme Council for Women, praised the program, which is organized in cooperation with BENEFIT Company, as an important tool to increase the participation of Bahraini women in the field of financial technology in the Kingdom. The program seeks to bridge the gaps between education and the labor market to create promising opportunities and enhance the capabilities of the future generation, especially with the economy heading towards digital transformation through the expansion of digital technology and financial technology sectors.

Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented on the initiative, “We invite exceptional undergraduates and recent graduates with relevant study experience and passion for the financial industry and financial technology to participate in our unrivaled internship program and create a positive societal impact via their fundamental learnings. With a strategic focus on supporting students, fresh graduates, the corporate community, and future fintech entrepreneurs, we will dominate with success and favorably influence the quick evolving and increasingly significant fintech-driven market sectors across the Kingdom, all while empowering women in the FinTech space.”

He added, “We want Bahrain’s youth to be adaptable, innovative and disruptive in a constantly changing world. Programs such as these will foster just that by creating avenues to those that want to push the boundaries and contribute to advancing their communities.”

The FinTech Internship Program ‘Masar’ will kick off with an in-depth orientation program, which will include workshops that will highlight BENEFIT’s ecosystem and diverse services, and insights into crucial topics such as AML Financial Crime, Information & Cybersecurity, Financial Literacy and more. Furthermore, the program will provide opportunities for candidates to work in various departments at BENEFIT, with on the job training that will be split into three paths including Data services, Payment services and Corporate Support.

The tailored program will conclude with a final project in which students are challenged to submit their most unique concept in order to win a trophy for the ‘Best innovative idea in FinTech’. The pitched innovative idea must streamline existing processes, simplify and lower costs of operations, generate a new income line for the company and add value to society

All interested candidates are welcome to apply on BENEFIT’s website on benefit.bh/masar/. Candidates must be fluent in both Arabic and English, and will be screened to ensure they fulfill the eligibility requirements.

 

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BENEFIT ORGANIZED IDENTIFICATION AND VERIFICATION SERVICE WORKSHOPS FOR Financial Institutions

Advanced service for identification and verification solution as part of BENEFIT’s digitalization agenda

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service delivered 2 workshops in their premise and 1 virtual workshop introducing their Identity and Verification services to 48 financial institutions in the Kingdom.

 

Representatives from 48 financial institutions attended the sessions, where they learned about the competitive features and capabilities of the solutions. The identification and verification service recognizes all GCC IDs and passports from all nationalities to validate client identity against a liveness check, allowing for faster and more seamless customer onboarding.

 

Capitalizing on the latest facial recognition technology, BENEFIT’s solutions are supported by cutting-edge biometrics technology to provide its new identification and verification solution. The system  maintains stringent security standards, which are suitable for safeguarding sensitive processes such as remote financial transactions.

 

With the surging demand for digital onboarding and to facilitate virtual banks and fintech firms, the identification and verification solution is offered as part of BENEFIT’s digitalization agenda, and will facilitate remote client onboarding to various services, as well as digital services, resulting in improved customer experience.

 

Latifa Al Mutawa Head-Bahrain Credit Reference Bureau at BENEFIT, commented on the initiative, “Banks, Money Changers, Insurance companies, Investment firms, Payment service providers FinTech firms, and  all other financial institutions face a similar challenge when it comes to providing consumers with more digital services at a time when cyber criminals are increasing their techniques and intensity. In light of this rising threat, BENEFIT’s technology plays a critical role in keeping people and data secure.”

 

“With the maturation of facial recognition, especially with the introduction of liveness checks, it is now a necessity in the biometrics realm and BENEFIT is leveraging on this and strengthening our role in the FinTech space. We are proud to add value to our innovative solutions and make a significant contribution to an enhanced customer experience, as we have consistently done.

 

This initiative is consistent with BENEFIT’s track record of delivering market-leading solutions. To emphasize this, it is worth noting that BENEFIT also provides the national eKYC service and the credit bureau service, which when integrated together results in straight through processing and an improved customer experience” She added

 

It is worth noting that the Identity and Verification service by Benefit is offered with highly competitive features to fit all financial institutions needs

 

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BENEFIT HOSTS DELEGATION FROM BRUNEI TO PRESENT INSTANT PAYMENT INFRASTRUCTURE

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a delegation from Brunei last month to get acquainted with BENEFIT’s successful payment infrastructure framework.

BENEFIT presented their core features and implementation method, including key success factors and challenges, when it comes to instant payments to Brunei’s delegation. This is in line with their announcement earlier this year to develop an instant payment infrastructure to enhance the commercial and socio-economic benefit of the country.

BENEFIT’s payment infrastructure is considered to be one of the most advanced and leading modules globally, hence, the delegation aims to further provide an enabling environment by sharing key success strategies implemented by BENEFIT over the years.

Shafaq Alkooheji, Head of Payment Services, BENEFIT commented, “We have always played a pioneering role when it comes to digitizing our payment infrastructure in the Kingdom and the MENA region. Our success needs to be shared with other players in the region so that we can build enabling ecosystems everywhere. It was a pleasure hosting representatives from Brunei in Bahrain, and sharing our successful case studies with its challenges and to also shed light on insights that can simplify their payment journey as well. We are happy to support and contribute to Brunei’s Digital Payment Roadmap and look forward to witnessing innovation regionally and globally.”

Due to BENEFIT’s dominant presence in the MENA FinTech market, the company has hosted several knowledge exchange sessions and delegations to pave the way for other players in the region.

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BENEFIT AND iGA EXPLORE JOINT DIGITAL TRANSFORMATION INITIATIVES

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a meeting with the Information & eGovernment Authority (iGA) to discuss opportunities to further enhance advanced technology deployment in Bahrain. The discussion between iGA Chief Executive, Mohammed Ali Al Qaed and BENEFIT Chief Executive, Abdulwahed AlJanahi outlined the objectives of the high-level partnership.

“Achieving the digital transformation objectives of Bahrain’s Economic Vision 2030 is vital to the Kingdom’s future and we are honored to play a role in this national journey,” said Mr. AlJanahi. “As the driver of Bahrain’s digital economy, the iGA provides comprehensive and accessible government services to help the public and private sectors function more efficiently. BENEFIT recognizes the importance of ICT management and governance, blockchain, AI, and cloud computing in creating new frontiers for economic growth and innovation, and  is optimistic about the opportunities for collaboration with the iGA.”

Mr. Al Qaed said: “This meeting was in line with the iGA’s objectives to support decision making, creativity, and innovation in both the private and public sectors. BENEFIT is a key partner in Bahrain’s digital transformation journey; our ongoing collaboration will allow us to leverage BENEFIT’s advanced infrastructure in providing a comprehensive range of public services that meet the needs of beneficiaries. We look forward to identifying further opportunities for cooperation between our two organizations.”

Several successful projects have been implemented as part of the collaboration between BENEFIT and the iGA, including the national eKYC platform and the Bahrain Credit Reference Bureau service, available via the National Portal, bahrain.bh.

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