Benefit to export financial services to the region

“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,” said Yousif AlNefaiei, Deputy Chief Executive of Benefit, which held its annual corporate strategy meeting along with selected financial institutions in the kingdom comprising conventional retail banks, Islamic retail banks, international retail banks and digital banks.

 

He added: “Our mission is to invest in innovative solutions that add value to the various stakeholders within the financial sector and the industry as a whole. 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.”

Benefit’s three-year strategy from 2022 to 2024 has 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.

 

The meeting was led and chaired by AlNefaiei, 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.

 

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 Bahrain a regional model for innovations in the fields if FinTech and digital transformation.