BENEFIT acquires Bahrain Fintech Bay in landmark partnership agreement

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, announced the signing of an agreement to acquire Bahrain FinTech Bay (BFB).

This agreement seeks to accelerate the sustainable investment in Bahrain’s fintech ecosystem thereby paving the way for a robust, future ready financial services sector.

The partnership brings together Bahrain’s leading fintech market players to develop a more systematic and institutional framework for collaboration across the ecosystem.

It comes as part of the long-term roadmap and service expansion plan of BENEFIT, which embraces building key alliances and partnerships locally and across borders to further advance the national payment infrastructure to create a cashless society, boosting financial connectivity to the highest international security standards.

BFB will maintain its commitment to supporting impactful fintech initiatives across the sector by delivering bespoke acceleration framework and innovation labs, future proofing local talent through securing leading international fintech education programs.

Abdulwahed AlJanahi, Chief Executive at BENEFIT, said, “In line with our strategic plans, this partnership with Bahrain Fintech Bay marks a new chapter in our journey of success, as we aim strongly to contribute to establishing Bahrain as the R&D center of financial knowledge for the region.

This step falls directly in line with the national direction of the Central Bank of Bahrain, Bahrain Economic Development Board and Bahrain’s Economic Vision 2030 that works towards the growth and diversification of the national economy through the development of key sectors.”

Bader Sater, Chief Executive Officer of Bahrain FinTech Bay, said, “This is a pivotal moment for us at BFB. This new streamlined operating model charts the path to a more sustainable future, where we plan to build on our existing strengths and successes as we work as a collaborative front to serve Bahrain’s wider fintech ecosystem, taking it to even greater heights.”