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Saturday, September 23, 2023

BENEFIT Participates in Regional Conference and Open Banking Workshop in Abu Dhabi


Manama, Bahrain: BENEFIT, Saudi Arabia’s innovator and leading company in fintech and electronic financial transaction services, officially participated in the 9th meeting of the Regional Fintech Working Group held recently in Abu Dhabi. In addition, BENEFIT participated in a workshop on the successful implementation of Open Banking/Finance frameworks and standards, also held in Abu Dhabi. These events bring together key players in the fintech space to explore emerging developments, opportunities for collaboration, and discuss insights on developing Open Banking initiatives and frameworks.

Representatives from BENEFIT, Head of Bahrain Credit Bureau Latifa Al Mutawa and Head of Payment Services Shafaq Al Kooheji joined industry experts from the Arab world at the 9th meeting of the Regional Fintech Working Group. The conference, hosted by the Arab Monetary Fund and attended by leaders of central banks and monetary authorities, discussed hot topics in fintech, including central bank digital currencies, digital and neo-banking, crypto assets, and green and sustainable fintech. Emerging topics such as embedded finance and decentralized finance were also explored at the conference, showcasing the changing landscape of the industry.

After the meeting, the BENEFIT team participated in a workshop on the successful implementation of Open Banking/Finance frameworks and standards. The event aims to present practical insights to regulators on the adoption of Open Banking standards and frameworks. Participants, mainly comprising officials from regulatory and supervisory bodies of Arab central banks and monetary authorities, discussed real-world case studies and insights gained from experience in other jurisdictions. The initiative supports a design thinking approach that enables regulators to successfully pursue their Open Banking and Finance agenda.

During the workshop, representatives of BENEFIT participated in a case study on Open Banking Governance, highlighting their commitment to promoting transparent and secure financial processes. Renowned speakers and experts from international companies such as the World Bank, PwC and the World Metaverse Council shared their valuable insights. Representatives from Bank of India, Banco do Brasil, Bank of Canada and National Australia Bank were also in attendance, highlighting their successful implementations of Open Banking, facilitating knowledge exchange and international collaboration.

Shafaq Al Kooheji, Head of Payment Services at BENEFIT, commented on the initiative, “Our participation in the esteemed meeting of the Regional Fintech Working Group and a workshop on the successful implementation of Open Banking in Abu Dhabi underscores our commitment to driving the FinTech industry forward. continued dedication and remain proactive in our approach. It is an honor to be part of exciting discussions on cutting edge developments such as central bank digital currencies, crypto assets and sustainable fintech. We are defining the economies of the Arab world without a doubt In the future, push the Kingdom of Bahrain to the forefront of innovation and financial inclusion.”

Latifa Al Mutawa, Head of Credit Reference Bureau, BENEFIT Bahrain, said: “BENEFIT has been participating in regional and international events that push our fintech innovations to new thresholds. Our valuable participation in these important events is a good testament to our Determined to leverage and enable agile and secure financial services and bring more fintech use cases to implementation. I am delighted to work with renowned regulators and renowned international experts to foster open banking frameworks and stimulate transformational knowledge transfer. We are eager to pass our Our collaborative efforts continue to reshape the ecosystem, enabling unparalleled potential for advancement beyond borders, especially through digital transformation.”

Notably, the Kingdom of Bahrain has been at the forefront of Open Banking initiatives, having released its Open Banking Framework back in 2018, positioning itself as a key hub for financial inclusion and innovation. BENEFIT’s involvement in these key initiatives reflects the company’s commitment to fostering fintech innovation, keeping abreast of emerging developments and supporting industry collaborations.

About benefits

BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the country’s financial services industry. Owned by Barings Bank and regulated by the Central Bank of Bahrain (CBB), BENEFIT aims to provide innovative payment capabilities, information management solutions and business process outsourcing services to different sectors in the Kingdom of Bahrain and the region.

BENEFIT’s range of services – supported by GCCNet in the countries of the region – includes operating Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Internet Banking (IB), Bahrain Check Truncation System (BCTS), Amex Card Withdrawal and most recently National e-Wallet and National eKYC platform for the financial sector.

For more information, please visit: https://www.benefit.bh


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