Latest news with #FSHorizons:DoublingDownonDigital
Biz Bahrain
10-07-2025
- Business
- Biz Bahrain
BENEFIT Unveils Visionary Roadmap to Advance Digital Payments
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, unveiled its strategic roadmap for 2025-2026, introducing a range of exclusive and high-impact offerings. These include new payment services and features aimed at enhancing user experience, tailored payment solutions designed specifically for SMEs, as well as the facilitation of cross-border instant payment interoperability via strategic collaborations with regional and neighboring countries. BENEFIT's strategy aims to accelerate corporate growth by developing partnerships with artificial intelligence firms and enhancing data monetization. The strategy also outlines plans for international expansion, with BENEFIT poised to offer its services in select global markets to reinforce its role as a key enabler of digital transformation across the financial services landscape. Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented, 'We are pleased to unveil BENEFIT's strategic roadmap for 2025 and 2026, which reflects the company's leading role in advancing the digital financial landscape in Bahrain and across the region. This strategy is driven by our commitment to delivering secure and efficient payment solutions, expanding a network of high-impact partnerships, enhancing financial services infrastructure, promoting a cashless economy, and supporting the development of emerging talent in the fintech sector. These efforts form part of a broader vision to build an integrated ecosystem of innovative solutions tailored to the evolving needs of individuals and institutions alike.' The strategy was announced by Ms. Shafaq Al Kooheji, Assistant General Manager of Payment Services-BENEFIT Company, during her participation at FS Horizons: Doubling Down on Digital event, hosted by the Central Bank of Bahrain in partnership with the Bahrain Economic Development Board. During the session, Ms. Al Kooheji outlined BENEFIT's strategy, highlighting advancements it brings to the digital payments' ecosystem, and also presented key milestones achieved by the company, notably the increase in instant payment activity, which reached 23 transactions per individual per month in 2024.
Biz Bahrain
06-07-2025
- Business
- Biz Bahrain
Central Bank of Bahrain Issues Framework for Regulating Stablecoin Issuance
The Central Bank of Bahrain (CBB) announced the introduction of a framework for licensing and regulating stablecoin issuers, aimed at ensuring the safe and sound integration of stablecoins into the financial system. Under the new stablecoin regulation, licensed stablecoin issuers are permitted to issue single currency stablecoins backed by Bahraini Dinar (BHD), United States Dollar (USD), or any other fiat currency acceptable by the CBB. Furthermore, the new regulation aims to mitigate the risks associated with the use of unregulated stablecoins, and ensure a safer and more secure ecosystem, fostering investor confidence and promoting sustainable growth within the sector. Commenting on the new regulations, Mr. Mohamed Al Sadek, Executive Director of Market Development at CBB said: 'By encouraging the development and adoption of innovative financial technologies, the CBB aims to enhance Bahrain's position as a leading financial hub in the MENA region. This milestone reflects the pioneering role the CBB continues to play in overseeing the crypto-asset market and ensuring that the Kingdom's financial services landscape equipped for future developments.' Mr. Ali Haroon AlAamer, Director – Capital Markets Supervision Directorate, said: 'This initiative underscores the CBB's unwavering commitment to integrating crypto-related activities within its regulatory framework and ensuring they are subject to comprehensive oversight. It also highlights the CBB's dedication to providing robust investor protection measures and maintaining a transparent crypto asset market.' The announcement was made during the FS Horizons: Doubling Down on Digital event, hosted in partnership with the Bahrain Economic Development Board, where industry leaders gathered to highlight Bahrain's advancements in digital banking, payments infrastructure, and talent development. The new 'Stablecoin Issuance and Offering (SIO) Module' can be found in Volume 6 (Capital Markets) of the CBB Rulebook on CBB's website
Biz Bahrain
06-07-2025
- Business
- Biz Bahrain
CBB Announces Strategic Partnership with ARRAY Innovation to Advance Digital Transformation Agenda
The Central Bank of Bahrain (CBB) has entered a strategic partnership with ARRAY Innovation, a local portfolio company of Bahrain Mumtalakat Holding Company, to accelerate its digital transformation initiatives. The partnership agreement was signed in the presence of HE Khalid Humaidan, Governor of the Central Bank of Bahrain, and HE Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, on the sidelines of the FS Horizons: Doubling Down on Digital event, hosted in collaboration with the Bahrain Economic Development Board. As part of the agreement, ARRAY Innovation will provide strategic advisory and professional services to the CBB to develop and execute key technology initiatives, drawing on its global expertise in payments technology, artificial intelligence (AI), and cloud-based solutions. Commenting on the partnership, Mr. Mohamed Abdulla Abdulkarim, Executive Director of Corporate Services at the CBB, said, 'We are pleased to work with a partner whose expertise and technology solution development capabilities align with CBB's vision for regulatory innovation and growth, and our ongoing efforts in deploying and developing a robust digital ecosystem. With this public-private partnership, our aim is to enhance CBB's institutional capacity, strengthen our technology infrastructure, and further solidify Bahrain's standing as a regional financial hub.' For his part, Mr. Alaa Saeed, Chief Executive Officer and Founder of ARRAY Innovation, remarked, 'We are honored to support the CBB on this strategic journey. Our team will work closely with the Bank to introduce solutions that drive impact and advance the Kingdom's broader ambitions for digital enablement and economic diversification. This partnership also underscores our dedication towards nurturing local tech talent in Bahrain and contributing to the growth of its innovation economy.'
