BENEFIT launches credit info exchange with Kuwait's Cinet
This step comes in line with the GCC Supreme Council decision approving the exchange of credit information between GCC member states.
The agreement was signed during a ceremony held at CINET's headquarters in Kuwait in the presence of senior representatives from both institutions.
The launch marks a significant milestone towards enhancing financial co-operation among Gulf countries by establishing a structured and secure framework for institutional connectivity and data exchange, said the statement from BENEFIT.
Moreover, it provides financial institutions in both markets with real-time access to credit information, enabling them to make informed decisions on lending and credit facilities while helping to mitigate risks and strengthen overall financial stability.
It also aligns with the directives of the GCC Financial and Economic Cooperation Committee and adheres to key regulatory guidelines.
In addition to strengthening financial stability, the collaboration between CINET and BENEFIT supports innovation within the credit information sector by facilitating the exchange of institutional expertise and best practices.
As part of this agreement, both organizations will work through standardized processes for requesting, analyzing, and sharing credit information in a secure and efficient manner.
Hessa Husain, the Assistant General Manager at BENEFIT, said: "This promising collaboration is an important step in the efforts to develop financial inclusion among the GCC countries. By facilitating secure exchange of credit information between Bahrain and Kuwait, we are helping financial institutions make informed decisions, reduce risks, and contribute to building a more robust and resilient financial system."
BENEFIT, she stated, remains the leading and only provider of credit information and credit scoring services in the Kingdom of Bahrain, continuously working to develop strategic partnerships that enhance transparency, financial stability, and access to credit information across the region.
"We look forward to strengthening the cooperation and enhancing regional partnerships that play an active role in encouraging innovation and achieving financial stability across the region," she added.
Mai B. Al-Owaish, the CEO of Cinet, said: "This launch underscores the vital role of credit information in today's financial landscape. Enabling real-time access to accurate, comprehensive, and reliable data strengthens financing effectiveness and supports the expansion of credit facilities across various markets."
"Through this collaboration, we remain committed to building a more transparent and resilient financial system that benefits individuals, businesses, and financial institutions alike," she stated.
Al Owaish said: "Our partnership with BENEFIT aligns with CINET's broader strategy to enhance regional cooperation by facilitating the seamless exchange of credit information. This launch builds on our existing collaboration with GCC countries and, as such, reinforces our commitment to regional financial and monetary integration."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
11 hours ago
- Daily Tribune
BENEFIT records 242.7 million transactions, 18.2 Billion Dinar worth of electronic financial transactions in first half of 2025
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it has reached a total volume of 229.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay during the first half of 2025. This marks a 13% increase in transaction volume and a 10% increase in transaction value compared to the same period in 2024, with the total transaction value reaching BD5.1 billion. The company further noted that electronic payments made through the Electronic Fund Transfer System (EFTS) across all channels, including banks and BenefitPay which encompass Fawri, Fawri, and Fawateer services, experienced significant growth. The total value of transactions reached BD18.2 billion in the first half of 2025, up from BD16.4 billion during the same period in the previous year, representing an 11% yearon-year increase. Fawri+ Fawri+ transactions across all channels amounted to 229.7 million in volume, valued at BD4.6 billion, representing a 15% increase in volume and a 10% increase in value compared to the 200.6 million transactions valued at BD4.2 billion recorded in 2024. Additionally, Fawri+ Transactions conducted through BenefitPay alone surged by 13.7%, reaching 224.0 million in volume. Cross-channel Fawri transactions Cross-channel Fawri transactions rose by 9% to 7.1 million, with a corresponding transaction value of BD13.0 billion, up from 6.5 million transactions worth BD11.6 billion in the previous year. Additionally, Fawri transactions carried out through BenefitPay increased by 14%, reaching more than 331,000 transactions valued at BD609 million. Despite a slight decline in Fawateer transaction volumes from 6.3 million to 5.9 million, the total value of these transactions grew by 10%, exceeding BD603.4 million, compared to BD548.5 million in 2024. eKYC platform The company also reported a substantial increase in usage of its eKYC platform, with the total number of verifications exceeding 490,000 in the first half of 2025, a 28% rise from nearly 382,000 verifications conducted during the same period last year. The Bahrain Credit Reference Bureau, operated by BENEFIT, issued approximately 246,000 credit reports during the first half of 2025, reflecting a 2% increase compared to the approximately 242,000 reports issued during the same period in 2024. These achievements underscore BENEFIT's continued efforts to lead and excel in the financial services and FinTech space. The company's performance reflects the dedication of its team, the company's drive for innovation, and its ongoing commitment to delivering solutions, services, and products tailored to the evolving needs of users. BENEFIT's dynamic work environment and effective integration of advanced technologies into its operations and administration have been instrumental in this success. Milestones During the first half of 2025, BENEFIT also celebrated several strategic milestones. These include receiving the ISO 37301:2021 Certification for Compliance Management Systems, launching the 'Hadeya' feature within BenefitPay, and rolling out the second cohort of Ruwaad Leadership Programme. The company also launched the fourth edition of its flagship FinTech training programme 'Masaar,' was recognised as part of the national initiative the 50 Most Powerful Bahraini Companies and received the Bahrain digital Content Award. BENEFIT additionally signed multiple impactful partnerships, sponsorships, and cooperation agreements with a range of entities. These accomplishments reflect BENEFIT's role as a key enabler of Bahrain's digital economy and its growing influence across the FinTech landscape.
Biz Bahrain
13 hours ago
- Biz Bahrain
BENEFIT records a total volume approximating 242.7 Million transactions and value of 18.2 Billion Bahraini Dinar Worth of electronic financial transactions in the first half of 2025
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it has reached a total volume of 229.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay during the first half of 2025. This marks a 13% increase in transaction volume and a 10% increase in transaction value compared to the same period in 2024, with the total transaction value reaching BD5.1 billion. The company further noted that electronic payments made through the Electronic Fund Transfer System (EFTS) across all channels, including banks and BenefitPay which encompass Fawri, Fawri, and Fawateer services, experienced significant growth. The total value of transactions reached BD18.2 billion in the first half of 2025, up from BD16.4 billion during the same period in the previous year, representing an 11% year-on-year increase. Fawri+ transactions across all channels amounted to 229.7 million in volume, valued at BD4.6 billion, representing a 15% increase in volume and a 10% increase in value compared to the 200.6 million transactions valued at BD4.2 billion recorded in 2024. Additionally, Fawri+ Transactions conducted through BenefitPay alone surged by 13.7%, reaching 224.0 million in volume. Cross-channel Fawri transactions rose by 9% to 7.1 million, with a corresponding transaction value of BD13.0 billion, up from 6.5 million transactions worth BD11.6 billion in the previous year. Additionally, Fawri transactions carried out through BenefitPay increased by 14%, reaching more than 331,000 transactions valued at BD609 million. Despite a slight decline in Fawateer transaction volumes from 6.3 million to 5.9 million, the total value of these transactions grew by 10%, exceeding BD603.4 million, compared to BD548.5 million in 2024. The company also reported a substantial increase in usage of its eKYC platform, with the total number of verifications exceeding 490,000 in the first half of 2025, a 28% rise from nearly 382,000 verifications conducted during the same period last year. The Bahrain Credit Reference Bureau, operated by BENEFIT, issued approximately 246,000 credit reports during the first half of 2025, reflecting a 2% increase compared to the approximately 242,000 reports issued during the same period in 2024. These achievements underscore BENEFIT's continued efforts to lead and excel in the financial services and FinTech space. The company's performance reflects the dedication of its team, the company's drive for innovation, and its ongoing commitment to delivering solutions, services, and products tailored to the evolving needs of users. BENEFIT's dynamic work environment and effective integration of advanced technologies into its operations and administration have been instrumental in this success. During the first half of 2025, BENEFIT also celebrated several strategic milestones. These include receiving the ISO 37301:2021 Certification for Compliance Management Systems, launching the 'Hadeya' feature within BenefitPay, and rolling out the second cohort of Ruwaad Leadership Programme. The company also launched the fourth edition of its flagship FinTech training programme 'Masaar,' was recognised as part of the national initiative the 50 Most Powerful Bahraini Companies and received the Bahrain digital Content Award. BENEFIT additionally signed multiple impactful partnerships, sponsorships, and cooperation agreements with a range of entities. These accomplishments reflect BENEFIT's role as a key enabler of Bahrain's digital economy and its growing influence across the FinTech landscape.
Biz Bahrain
13 hours ago
- Biz Bahrain
Kalaam Iraq Transit: Transforming GCC-Europe Connectivity with unmatched Performance & Resilience
Kalaam Telecom Group proudly celebrates the successful one-year anniversary of the Kalaam Iraq Transit route. This pioneering initiative, launched in strategic partnership with the Iraqi Informatics & Telecommunication Public Company (ITPC) has emerged as a critical terrestrial alternative for data traffic between the Gulf Cooperation Council (GCC) and Europe. Over the past year, Kalaam Iraq Transit has demonstrated exceptional performance, delivering large capacities to its mission critical customers to benefit from low -latency, enhanced resiliency, and superior security. The route supports multi-terabits capacity and effectively mitigates geopolitical risks and capacity constraints, providing businesses to benefit from dependable and diverse connectivity. Today, with the lowest round-trip delay (RTD) between GCC and Europe, the route is trusted by mission-critical customers, including banks, ministries of foreign affairs, government agencies, and live sporting event platforms, where performance, uptime, and security are non-negotiable. Additionally, Kalaam Telecom Group subsidiary Zajil Telecom's landing license in Kuwait, in collaboration with CITRA, allows the route to bypass common chokepoints in red sea, a major corridor for east to west traffic, ensuring a completely diverse & redundant route with consistent performance and preventing data loss. Nezar Mohammad Al Saie, Chairman of Kalaam Telecom Group, stated, 'The launch of Kalaam Iraq Transit has reinforced our position as a digital infrastructure leader. We are proud to have supported global carriers, hyperscalers, and mission-critical organizations with dependable and strategic connectivity during a challenging geopolitical year. This milestone reflects our commitment to building resilient routes that empower customers to operate without disruption.' Kalaam remains committed to robust and diverse connectivity options further enhanced by its 100% terrestrial KNOT cable system and participation in the EIG consortium submarine cable system.
