(Manama, Bahrain) - BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, highlighted Bahrain’s successful implementation of instant payments at the Financial Stability Board (FSB) RCG MENA workshop that was held on Thursday, March 25th 2021. The event was organised by the Saudi Central Bank (SAMA) and the Central Bank of Bahrain (CBB), in coordination with the Financial Stability Board (FSB). The workshop was chaired by the Governor of Saudi Central Bank (SAMA); Dr. Fahad Abdallah Al-Mubarak and Governor of the Central Bank of Bahrain; Rasheed M. Al Maraj.
Shafaq AlKooheji; Head of Payment Services at BENEFIT delivered a key presentation on Bahrain’s successful case study of instant payments and shared early insights from the perspective of an early adopter within the MENA region. The presentation highlighted the types of approaches to implementation, how to accelerate instant payment solutions and meet regulatory requirements, challenges of implementations and emphasising the fundamental need to prioritise instant payments integration to solidify future business continuity.
She commented “BENEFIT has been a frontrunner in changing the Middle East Payments landscape. Through our innovative solutions, we are enabling the financial sector in Bahrain to forge strong and lasting connections with their customers from across a wide geographical base. Moreover, this allows banks and institutions in the Kingdom to fulfil the expectations of next-generation consumers and businesses. “
She added, “The payments market in the MENA region is growing, with the digital payments market expected to post 6.5 percent CAGR from 2020 to 2025. We have created an impeccable Instant Payments-based product strategy in line with the kingdom’s vision towards an era of future-proofed payments.”
The workshop gave the FSB RCG MENA members the opportunity to exchange views and experiences related with instant payments. The workshop covered several aspects related to innovations, opportunities and regulatory challenges as well as how instant payments can meet the growing demand of customers, with the aim to raise awareness and allow exchange thoughts on how instant payments can transform the global payments landscape. Speakers of the workshop included the Executive Management from the Central Bank of Turkey, Central Bank of Egypt, Central Bank of Maghrib, CEO of Vocalink Mastercard , CEO of BUNA, CEO of Thawani Technologies and the Vice President of Saudi Payments.
© Press Release 2021
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