Manama, Bahrain – The kingdom’s leading regional player in electronic financial transactions; BENEFIT participated the Arab Monetary Fund’s virtual “Digital KYC and Remote Onboarding” workshop to introduce their National eKYC project. The event was held on the 24th and 25th of March presenting a deep dive into showcasing the model’s successful implementation in Bahrain.
Hessa Hussain; BENEFIT’s Assistant General Manager Bahrain Credit Reference Bureau delivered a presentation that highlighted the adoption of the Blockchain technology for eKYC compliance. Hessa shared her view on the key added values of eKYC in terms of cost and time saving and facilitating digital onboarding while complying with the regulatory requirement,. The presentation proposed the use case that KYC data that can be shared among financial institutions and participants in the platform through Blockchain and the advantages of utilising the technology in several ways.
The seminar attracted over a 200 attendees from various industries including central banks, regulators, banks ,financial institutions, corporates from various sectors, and government bodies.
BENEFIT’s eKYC (Know Your Customer electronically) project has been live since April 2019, under the supervision of the Central Bank of Bahrain and cooperation with Information and eGovernment Authority (IGA). It has enabled financial institutions and monetary authorities with views of financial inclusion to electronically authenticate customer identities before granting financial services, along with retrieving KYC information for individual and coicrporate clients.
Furthermore, it is a one of kind regional project that has facilitated self-enrollment and the application for financial services electronically in an easier and more cost-effective manner. The project aims to enable and extend e-key and biometric authentication options to the private sector, and to be a significant facilitator in creating a digital transformation in the FinTech industry.
Hessa Hussain stated, “we are happy to present such important solution and share Bahrain’s Experience to other AMF stakeholders. We are keen toward helping in positioning Bahrain as regional FinTech and innovation Hub.”
“It is evident that Blockchain could have a major role in streamlining these KYC and AML processes. BENEFIT has a forward-thinking vision and we always work on developing the digital solutions. The workshop was a great success and positive feedbacks were received from the participants. Our proactive efforts reflects our commitment to drive digital transformation in the Kingdom spanning across various sectors in line with Bahrain’s Vision 2030” Added Hessa Hussain
The project will also allow more online and digital services to be employed as the importance of eKYC has been made more significant after the repercussions of COVID-19. The use of technology and the need for digital financial services have been accelerated due to social distancing measures, including complying with the regulatory requirements of customer onboarding by accommodating the necessary changes.
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 Central Bank of Bahrain (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), Internet Banking (IB), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal and recently national eWallet and national eKYC Platform for the financial sectors.
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© Press Release 2021