BENEFIT reviews 2022-2024 corporate strategy

TDT | Manama  

The Daily Tribune – www.newsofbahrain.com  

BENEFIT, Bahrain’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.

The meeting was 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 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. 

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.  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."

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.