The Bahrain Association of Banks (BAB) and BENEFIT, the leading fintech and electronic financial transactions service provider in the kingdom, have concluded a strategic briefing to review the company’s corporate strategy for 2025–2027, in a move aimed at accelerating digital transformation across Bahrain’s financial sector.
The session brought together senior representatives from both sides and was part of ongoing co-ordination between the industry body and the Kingdom’s payments infrastructure provider.
The initiative is intended to support the development of secure and efficient digital financial services, in line with Bahrain’s ambition to strengthen its position as a regional financial technology hub.
The briefing included technical discussions with three of BAB’s specialist committees covering digital transformation and innovation, anti-money laundering (AML) and compliance, and retail banking.
Participants also examined the practical implications of BENEFIT’s strategy for local banks and assessed alignment with regulatory and operational requirements.
According to BAB, BENEFIT’s 2025–2027 roadmap focuses on expanding digital payment ecosystems and enhancing user experience.
The strategy includes tailored payment solutions for small and medium-sized enterprises (SMEs), as well as efforts to enable regional interoperability for cross-border instant payments.
It also outlines plans to expand partnerships with artificial intelligence providers and increase the use of data analytics to support institutional growth.
The strategy builds on recent performance gains. In 2024, BENEFIT recorded an average of 23 instant payment transactions per individual per month, reflecting strong uptake of digital services. The company said these results provide a foundation for potential expansion into international markets.
Abdulwahed AlJanahi, the Chief Executive of BENEFIT, said implementation of the new strategy would depend on close collaboration with the banking sector. He described BAB as a key partner in advancing secure and advanced financial solutions across the Kingdom.
Zeeba Askar, Chief Executive of BAB, said early engagement with the Association’s committees would help ensure that upcoming initiatives are aligned with market needs and contribute to greater efficiency and integration within Bahrain’s financial ecosystem.
The duo would continue coordinating efforts to support innovation and maintain the resilience and competitiveness of Bahrain’s banking sector, she added.-TradeArabia News Service
