Manama, Bahrain: - 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.
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, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet and national eKYC Platform for the financial sectors.