Manama, Bahrain – BENEFIT, Bahrain’s innovator and leading company in Fintech and electronic financial transactions service, has signed a Memorandum of Understanding with haifin, an e& enterprise company (part of e&) from the UAE. This partnership is set to revolutionize Bahrain’s banking sector by fostering innovation, and enhancing financial resilience across the industry.

With a proven track record in de-risking trade finance lending, haifin—live in UAE since 2021—has leveraged cutting-edge technologies such as blockchain and advanced analytics to prevent fraud in real-time, saving over USD 150 million for its consortium members.

This strategic alliance is set to enhance the ability of Bahrain’s banking industry to mitigate risks and prevent fraud, particularly in trade finance. By improving risk management, the collaboration is expected to boost banks' lending confidence, increase revenues, and improve access to liquidity for SMEs and corporate borrowers. The formal signing ceremony was held at BENEFIT’s headquarters in Bahrain.

Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented that this partnership marks a significant step in strengthening Bahrain’s financial ecosystem through advanced technology. He added, "By equipping banks with cutting-edge tools to proactively combat fraud and streamline trade finance, we are empowering the sector to operate with unparalleled efficiency and confidence. By uniting our expertise, we are reinforcing trust, security, and innovation at the heart of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain."

Zul Javaid, Chief Executive of haifin, highlighted the importance of this partnership: "After our success in the UAE and our ambition to address similar challenges across the MEA region this collaboration with BENEFIT marks a major milestone. Together, we aim to deliver advanced technology solutions that enhance risk management which ultimately drives growth for banks."

This partnership embodies a shared vision for a future-ready banking industry in the MEA region—one that prioritizes digital innovation, security, and sustainable economic growth. By merging Benefit’s and haifin’s expertise in financial technology, this collaboration paves the way for Bahrain’s banking sector to thrive in a rapidly evolving global market.

As Benefit continues to set new industry benchmarks, it is committed to positioning Bahrain as a leading hub for FinTech innovation and fostering a dynamic ecosystem that drives growth, resilience, and long-term success.

About

BENEFIT

BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region.

BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Bahrain Credit Reference Bureau (BCRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet (BenefitPay) and national eKYC Platform for the financial sectors, Bahrain Electronic Cheque, Wages Protection System, and Trust Services for digital signatures.

haifin

Formerly known as UAE Trade Connect, haifin is the United Arab Emirates' National Trade Finance platform, launched in 2021 with the aim of mitigating risks associated with trade finance within the banking industry. Developed in collaboration with prominent banks in the UAE, this platform harnesses advanced analytics to mitigate inherit risks and Blockchain for enhanced security. With the consortium now comprising nearly 20 lenders, haifin has evaluated transactions in the UAE totaling over USD 100 billion since its inception.

For more information, visit www.haifin.com.

For press inquiries, please contact:
Sarfaraz Sait
Head, Marcoms - MEA
ssait@eand.com