Bahrain leads global innovation in open banking with BENEFIT, Tarabut and FLOOSS

TDT | Manama

Email: mail@newsofbahrain.com

In a groundbreaking partnership, BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, and Tarabut have joined forces to introduce the first innovation-led, centralised open banking authentication solution in Bahrain.

This pioneering technology allows consumers to access financial services with unprecedented ease, providing a seamless, app-to-app experience that eliminates multiple authentication steps.

FLOOSS, Bahrain’s pioneering, first digital financing service provider, is the first to leverage this innovation, empowering its users with faster, more secure loan approvals powered by BENEFIT’s centralised authenticator platform - putting Bahrain at the forefront in open banking innovation as this partnership represents a unique milestone, globally.

This collaboration builds on Tarabut’s role as the MENA region’s leading open banking platform, connecting banks and fintechs to make financial services better, faster and more accessible to consumers. With BenefitPay, Bahrain’s national electronic wallet, as the trusted authenticator, the initiative simplifies the connection between consumers and their banks, delivering a unified, secure experience that cements Bahrain’s position at the forefront of digital innovation in financial services. This milestone is also a powerful example of “Team Bahrain” in action, demonstrating how local synergies and expertise can drive ecosystem-wide benefits.

Yousif AlNefaiei, Deputy Chief Executive – Business Development & Services said, “The BENEFIT Company is proud to be a driving force in Bahrain’s Open Banking evolution. Our partnership with Tarabut underscores our dedication to delivering secure, user-centred solutions that benefit consumers and enhance the wider financial ecosystem.”

“This partnership represents a pivotal moment for Open Banking in Bahrain and beyond,” said Abdulla Almoayed, Founder and CEO of Tarabut. “By bringing together Benefit’s trusted infrastructure, FLOOSS’s innovative lending model, and Tarabut’s technology we are setting new standards for financial accessibility and security.”

“This streamlined approach is a huge leap forward for our customers,” said FLOOSS CEO, Fawaz Ghazal. “With Tarabut as the technology mastermind driving this integration, and Benefit ensuring secure authentication, we are able to deliver a truly instant lending experience that sets a new benchmark for digital finance with no manual processes.”