Bahrain - Benefit, Bahrain's leading company in Fintech and electronic financial transactions services, has signed an agreement to acquire Bahrain FinTech Bay (BFB), a leading fintech hub in the region that incubates impactful and scalable initiatives.
This agreement seeks to accelerate the sustainable investment in Bahrain’s fintech ecosystem thereby paving the way for a robust, future ready financial services sector, said a statement.
The partnership brings together Bahrain’s leading fintech market players to develop a more systematic and institutional framework for collaboration across the ecosystem, it said.
As an active ecosystem builder which has cemented its standing as an enabler of fintech innovation across the region, BFB was formerly supported by a diverse portfolio of founding partners and entities, incubating over 116 start-ups since its inception.
By creating a collective taskforce to drive joint national strategies, synergies, and high-impact initiatives within a fast-growing fintech sector, the newly formed partnership seeks to contribute to ensuring Bahrain keeps pace with key investment trends in an increasingly competitive global playing field, said the statement.
Moving forward, BFB will maintain its commitment to supporting impactful fintech initiatives across the sector by delivering bespoke acceleration framework and innovation labs, future proofing local talent through securing leading international fintech education programs.
Moreover, BFB will continue to provide curated corporate advisory services, conducting comprehensive in-depth research and developing data-driven strategies to its fintech partners on a project basis.
Abdulwahed AlJanahi, Chief Executive at Benefit, said: “In line with our strategic plans, this partnership with Bahrain Fintech Bay marks a new chapter in our journey of success, as we aim strongly to contribute to establishing Bahrain as the R&D centre of financial knowledge for the region.
"This step falls directly in line with the national direction of the Central Bank of Bahrain, Bahrain Economic Development Board and Bahrain’s Economic Vision 2030 that work towards the growth and diversification of the national economy through the development of key sectors, which includes fostering a more innovative financial and fintech ecosystem to further elevate Bahrain’s competitiveness on an international playing field,” he said.
Bader Sater, Chief Executive Officer of Bahrain FinTech Bay, said: “This is a pivotal moment for us at BFB. In response to ever-changing macroeconomic conditions, where the financial landscape is rapidly evolving, our strategic partnership with Benefit will keep us closer to the heart of Bahrain’s fintech ecosystem. This new streamlined operating model charts the path to a more sustainable future, where we plan to build on our existing strengths and successes as we work as a collaborative front to serve Bahrain’s wider fintech ecosystem, taking it to even greater heights.”
Benefit, which is administered by a Board of Directors that represent the company’s shareholders, has continually invested in deploying innovative payment solutions across Bahrain as part of its ongoing commitment to consistently upgrade its portfolio of services, which include various innovative services, e.g., BenefitPay, e-Cheque and electronic Know Your Customer (eKYC), to offer streamlined, seamless experiences to its users.
The Bahrain Credit Reference Bureau additionally operates under Benefit, which acts as the central data warehouse between all banks, financial institutions, and credit providers in Bahrain.
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