Discussing ways of cooperation and promoting innovation in the financial sector

The Benefit Company, the leading company in the field of financial technology and electronic financial transaction service in the Kingdom of Bahrain, recently hosted a high-level delegation from the Etihad Credit Bureau in the United Arab Emirates, headed by His Excellency Marwan Ahmed Lutfi, General Manager, at the Benefit Company headquarters. During the visit, which lasted on December 9 and 10, 2023, the two sides discussed the possibilities of exchanging experiences, and discussed strategic opportunities, as well as ways to enhance cooperation in the financial sector of the region. During the visit, a memorandum of understanding was signed with the aim of establishing a framework for exchanging credit information, which represents a major shift in strengthening the financial system in the Gulf Cooperation Council countries.

During the visit, The Benefit Company reviewed its advanced services and innovative initiatives, with a focus on the services of the Bahrain Credit Information Center, which is managed by the company. The delegation included the Director of Partnerships, the Senior Officer of Strategic Partnerships, the Director of the Corporate Planning Department, and the Senior Officer of Innovation, where the two sides discussed the role of the Bahrain Credit Information Center in bringing about the transformation of credit information in Bahrain. The discussions also included advanced credit reports, verification and authentication systems, and the electronic “Know Your Customer” service, as well as the company’s system model and capabilities, and the company’s operational and organizational framework. This is in addition to reviewing the various products offered by the Bahrain Credit Information Center to both companies and individuals, and its advanced open financing platform that connects borrowers to a wide network of lenders, which helps empower small and medium enterprises and enhance cooperation relations between various entities working in the financial sector.

The discussions also focused on the growing role of credit information centers in expanding the scope of traditional services, which contributes to supporting innovations in the financial technology sector, such as providing alternative financing solutions, benefiting from alternative data sources to enhance the customer’s credit record, and benefiting from open banking services and existing data analytics. On artificial intelligence, which in turn helps in making accurate and informed credit decisions.

In this regard, Abdul Wahed Al Janahi, CEO of The Benefit Company, stressed the importance of this strategic cooperation, saying: “We are pleased to receive His Excellency Marwan Ahmed Lutfi and his accompanying delegation from Al-Etihad Credit Bureau at the main headquarters of The Benefit Company, which reflects our joint commitment to promoting innovation and knowledge exchange in The financial sector. The signing of the memorandum of understanding constitutes an important step towards the integration of the financial system throughout the GCC countries, and embodies the pioneering role of the Kingdom of Bahrain in promoting transparency, inclusiveness and digital transformation.”

For his part, Marwan Ahmed Lotfy, General Director of the Credit Bureau, said:

“The innovative and pioneering approach followed by BENEFIT in developing the credit and payments sector in the Kingdom of Bahrain reflects the insightful vision to advance the financial sector in the Kingdom of Bahrain, which we look forward to being consistent with our efforts to enhance credit awareness and financial inclusion. We extend our thanks to our esteemed hosts for their warm hospitality and spirit Cooperation, and together we look forward to continuing to drive positive impact, enhance resilience and achieve sustainable economic growth.”

At the end of the visit, the two sides affirmed their shared vision towards consolidating regional cooperation, and discussed opportunities that allow benefiting from the expertise of the two institutions to support sustainable economic development and improve financial services in the Gulf Cooperation Council countries.