Manama, Bahrain – BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, recently hosted a distinguished delegation from the UAE’s Etihad Credit Bureau, led by H.E. Marwan Ahmad Lutfi, Director General, at its headquarters. The two-day visit on December 9th and 10th, 2024, served as a platform to exchange expertise, explore strategic opportunities, and reinforce collaboration in the region’s financial sector. Highlighting the visit was the signing of a Memorandum of Understanding (MOU) to establish a framework for the exchange of credit bureau information, marking a significant milestone in strengthening GCC financial ecosystems.
BENEFIT took the opportunity to showcase its cutting-edge services and innovative initiatives, focusing on the Bahrain Credit Reference Bureau (BCRB), which it operates. The delegation, which included the Director of Partnership, Senior Principal Strategic Relationship, Director of Corporate Planning, and Senior Principal Innovation, engaged in discussions covering BCRB’s role in transforming Bahrain’s credit landscape. Topics included its advanced credit reporting and verification systems, the National eKYC service that simplifies customer onboarding, its unique in-house system model and capabilities, and its robust operational and regulatory framework. The discussions also covered BCRB’s diverse product offerings for both B2B and B2C audiences, as well as its Open Finance platform, which connects borrowers to a network of lenders, empowering SMEs and fostering collaboration among financial players.
Moreover, the discussion emphasized the evolving role of credit bureaus in expanding beyond traditional services to support FinTech innovations, such as enabling alternative financing solutions, utilizing alternative data sources to enhance customer credit scores, and harnessing open banking frameworks and AI-driven data analytics to facilitate more accurate and informed credit decisions.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, emphasized the importance of this strategic collaboration, stating, “Hosting H.E. Marwan Ahmad Lutfi and the distinguished delegation from the Etihad Credit Bureau at BENEFIT’s headquarters reflects our shared commitment to driving innovation and fostering knowledge exchange in the financial sector. The signing of the MOU is a significant milestone in advancing data integration and strengthening financial ecosystems across the GCC. It also underscores Bahrain’s leadership in promoting transparency, inclusion, and digital transformation.”
H.E. Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, stated, ‘BENEFIT’s innovative approach and leadership in transforming Bahrain’s credit and payments landscape are a true reflection of the vision to elevate the financial services sector in the Kingdom of Bahrain and we look forward to aligning and harmonising it with our own efforts to credit awareness and financial inclusion. We thank our esteemed hosts for their hospitality and collaborative spirit and are enthusiastic to continue driving impact, resilience, and sustainable economic growth together.
The visit concluded with a shared vision for deeper regional cooperation as both organizations explored opportunities to leverage their expertise to support sustainable economic growth and enhance financial services in the GCC.
About BENEFIT
BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region.
BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet and national eKYC Platform for the financial sectors.
About “Etihad Credit Bureau”:
Etihad Credit Bureau” is a federal entity wholly owned by the federal government of the United Arab Emirates. It has been established as per the Federal Law No. (6) of 2010 regarding credit information and its amendment by the Federal Decree Law No. 8 of 2020. Under this law and its amendments, the company shall be responsible for requesting and organizing the process of collection, preservation, analysis, classification, use and publication of credit information. After that, this information shall be produced into a variety of credit-related products within a fully digital process. For more information, please visit www.etihadbureau.ae or download the application, available on the App Store and Google Play.
For further information, please contact:
Bachar Dib
Senior Associate – Community Engagement
bachar.dib@etihadbureau.ae
