Latest news with #FinancialServicesSectorDevelopmentStrategy
Biz Bahrain
a day ago
- Business
- Biz Bahrain
Bahrain Bourse and BENEFIT Partner to launch eIPO Service on BenefitPay as part Bahrain Clear Service Offering
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has signed a strategic cooperation agreement with Bahrain Clear, a fully-owned subsidiary of Bahrain Bourse, to launch eIPO Service (electronic initial public offering service) on BenefitPay. This initiative marks a significant advancement in streamlining investor access to public share offerings on the Bahrain Bourse. The new feature within the BenefitPay application, expected to be launched Q4 2025, will provide a fully integrated digital platform that enables users to subscribe to IPOs listed on the Bahrain Bourse. With its intuitive and user-friendly interface, the service will ensure a smooth end-to-end experience—from registration through to payment—while offering detailed and up-to-date information on available public offerings. This enhancement aims to provide retail investors with streamlined access to investment opportunities, improving both accessibility and overall user convenience. Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse and Vice Chairman & Managing Director of Bahrain Clear stated 'We are pleased to collaborate with BENEFIT—an instrumental force in advancing Bahrain's digital financial infrastructure—to expand the reach of our eIPO services through the BenefitPay platform. The eIPO service provides a secure, streamlined process for submitting and managing IPO subscription applications. Integrating this service within BenefitPay represents a strategic evolution in our efforts to enhance investor accessibility, simplify the subscription process, and foster greater public participation in capital market opportunities.' 'The eIPO platform aims to further complement current service offering by Bahrain Clear, and aims to be aligned with the key objective of Financial Services Sector Development Strategy (2022-2026),' Shaikh Khalifa added. Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi, stated: 'We are pleased to announce this strategic partnership with Bahrain Bourse, which represents a major step forward in advancing digital financial services across the Kingdom. By integrating eIPO functionality into BenefitPay, we are enabling individual investors to subscribe to IPOs more efficiently, securely, and transparently. This service simplifies the subscription process and encourages broader investor participation in IPOs—solidifying BENEFIT's role as a key enabler of digital transformation within the Bahrain Bourse and the wider financial ecosystem.' Mr. AlJanahi further added, 'This initiative underscores BENEFIT's ongoing efforts to support the Kingdom of Bahrain's dynamic digital transformation within the banking and financial services sector. We remain dedicated to continuously enhancing the capabilities of the BenefitPay platform by introducing forward-looking features that promote financial inclusion and encourage a more informed and engaged investment community. We are confident that this collaboration will play a meaningful role in increasing investor participation and further strengthening the capital market ecosystem.'
Biz Bahrain
26-05-2025
- Business
- Biz Bahrain
BENEFIT Underscores Bahrain's Fintech Excellence in Shaping Future-Ready National Visions
Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT and Vice President of the Bahrain Public Relations Society, participated in the Public Relations and Diplomacy Conference held at the Jumeirah Hotel in Kuwait. During the event, Ms. Hasan has delivered a presentation titled 'The Role of Public Relations Diplomacy in Advancing National Development Goals: Bahrain as a Benchmark,' emphasizing the strategic significance of Bahrain's financial sector in driving the Kingdom's Economic Vision 2030. The presentation highlighted the sector's alignment with the Financial Services Sector Development Strategy (2022–2026), its role in accelerating progress toward the Sustainable Development Goals, and its status as the fastest-growing sector in Bahrain—marked by its contribution to GDP and its capacity to employ national talent. Emphasising Bahrain's leadership in digital transformation, Ms. Hasan drew attention to the Kingdom's success in integrating innovation across the financial sector. The presentation outlined how financial institutions have achieved significant progress in delivering accessible and intuitive digital services—from efficient payment and transfer systems to advanced online and mobile banking platforms. These advancements have not only enhanced operational efficiency but also elevated the overall banking experience for customers. A key segment of the presentation focused on BENEFIT's own trajectory as a homegrown fintech success story. Ms. Hasan illustrated how the company's strategy is deeply intertwined with national economic plans and forward-looking digital agendas. Through continuous investment in innovative solutions and a commitment to operational excellence, BENEFIT has positioned itself as a driver of digital transformation and financial inclusion in Bahrain. Its suite of advanced services and platforms serves as an internationally recognised model for digital banking and fintech excellence. Furthermore, Ms. Hasan also underscored the critical importance of the Gulf region's evolving financial infrastructure—particularly Bahrain's—in fostering a business environment conducive to foreign direct investment. The region's cutting-edge infrastructure, modern banking systems and regulatory flexibility offer investors an appealing and competitive landscape, particularly in fintech.
Zawya
20-04-2025
- Business
- Zawya
CBB hosts webinar on new Fit and Proper requirements for licensees
Manama, Bahrain – The Central Bank of Bahrain (CBB) recently organised a webinar introducing the latest requirements to appoint board members and senior management of licensed financial institutions. This follows the issuance of the 'Fit and Proper' requirements under the CBB Rulebook, which aim to strengthen corporate governance frameworks and the efficiency of leaders within the Kingdom's financial services sector. The session began with a welcome speech from Mrs. Noora Abdulghani, Acting Executive Director of Banking Supervision at CBB, who highlighted the main goals of the module including clearer regulations to support sector growth. She stated: 'The updated requirements come as part of the CBB's efforts to strengthen regulatory policies under the Financial Services Sector Development Strategy 2022-2026. Through extensive industry input, we were able to set the 'Fit and Proper' framework in line with global benchmarks, making chief executives directly responsible for ensuring the suitability of individuals holding senior management positions.' During the webinar, Mrs. Shireen Al Sayed, Director of Regulatory Policy at CBB, detailed the practical application mechanisms and criteria for evaluating candidates for leadership positions. She commented: 'Our new framework reflects a significant shift from our previous approach, whereby licensees are now encouraged to take on a more proactive role, while also having a single, more cohesive CBB Rulebook module that is applicable across the sector.' The webinar welcomed various CEOs and compliance officers who were introduced to the updated regulations, ensuring the smooth application of the CBB's framework. This initiative also reflects its ongoing transparency efforts, by streamlining processes and contributing to an efficient financial ecosystem.
Zawya
13-04-2025
- Business
- Zawya
CBB welcomes delegation from the Ministry of Foreign Affairs' 'Dhiyafa' program
Manama, Bahrain – The Central Bank of Bahrain (CBB) hosted a delegation of participants from the fifth International Diplomats Program 'Diyafa' on Thursday, 10th April 2025 at its headquarters. The initiative is organised by the Mohamed bin Mubarak Al Khalifa Academy (MBMA) for Diplomatic Studies under the Ministry of Foreign Affairs. Mr. Yousef Rashid Al Fadhel, Executive Director of Corporate Services at CBB, received the delegation which consisted of 23 diplomats. In his opening address, he highlighted the importance of these initiatives in enhancing communication and the exchange of expertise between Bahrain and other nations. During the visit, Mr. Mohammed Al Sadiq, Head of Financial Stability at CBB, presented an overview of the institution's mandate and its commitment to maintaining regulatory oversight in the sector. He also outlined the key objectives of the Financial Services Sector Development Strategy 2022 – 2026. Following his session, Ms. Sarah Ehsan Faraj, Director of the Currency Issue Directorate, delivered a presentation on the issuance of the commemorative silver coin minted on the occasion of the Silver Jubilee of His Majesty King Hamad bin Isa Al Khalifa, marking 25 years of His Majesty's reign. The visit concluded with a tour of the Currency Museum housed within the CBB's premises. On the occasion, Mr. Yousef Rashid Al Fadhel, commented: 'In line with our commitment to contributing towards meaningful national initiatives, we were pleased to offer the delegates an in-depth perspective into the CBB's pioneering role in supporting the Kingdom's financial sector. We also commend this vital endeavour, which serves to stimulate the interflow of ideas and build stronger connections with diplomats from different backgrounds as they explore Bahrain's rich history and cultural legacy.' Launched in 2019, 'Dhiyafa' was the recipient of the inaugural Government Innovation Competition (Fikra) award in 2018. Since then, it has welcomed 91 officials from 47 nations. Designed as a comprehensive experience that combines academic learning with practical engagement, the program seeks to enhance bilateral relations between Bahrain and the participating countries by showcasing the Kingdom's progress across diverse fields.
Daily Tribune
08-04-2025
- Business
- Daily Tribune
Bahrain Association of Banks holds Ordinary General Assembly
The Bahrain Association of Banks (BAB) convened its Ordinary General Assembly Meeting remotely via an online platform, with participation from representatives of various banking and financial institutions. The session addressed several key agenda items aimed at advancing the Association's strategic mission, reinforcing its pivotal role in supporting the Kingdom's banking industry, and sustaining the sector's ongoing growth and leadership. Participants examined the Association's financial performance and ratified the audited financial statements for 2024, in addition to appointing the external auditor for the fiscal year 2025. In his address, Mr. Yaser Alsharifi, Chairman of BAB, provided a detailed overview of the Association's principal initiatives and projects undertaken in 2024, and highlighted BAB's contributions to Bahrain's economic and social development, including programs and campaigns cantered on corporate social responsibility and sustainable development. The Association's efforts to promote awareness on topics relevant to the financial sector were also emphasised, particularly within the context of its role as a strategic partner in implementing the Financial Services Sector Development Strategy 2022–2026. Mr. Alsharifi also outlined the Association's forward-looking plans for 2025, affirming its commitment to pursuing initiatives that align with the evolving landscape of the banking industry. BAB intends to intensify efforts in developing training and capacity-building programmes for Bahraini professionals, expand support for bank-led financing of SMEs, and further empower its specialised committees to foster an enabling environment for institutional growth. The Association also aims to deepen collaboration with financial institutions to bolster their involvement in national development projects. A major area of focus will be innovation and the acceleration of digital transformation in banking services, with the Association continuing to champion initiatives that drive technological advancement. Notably, in 2024, BAB held a special awards ceremony to recognise institutions that excelled in digital transformation, as part of the Association's 'Digital Transformation in the Banking Sector' awards programme. Commenting on the Association's progress, Dr. Waheed Al Qassim, Chief Executive Officer of BAB, expressed pride in the milestones achieved throughout 2024, and noted that these accomplishments significantly contributed to the advancement of Bahrain's banking industry and reinforced the sector's substantial role in national GDP growth. Dr. Al Qassim underscored the Association's ongoing collaboration with strategic partners to ensure the adoption of global best practices in banking and the provision of secure, seamless financial services. Dr. Al Qassim further praised the resilience and operational strength demonstrated by Bahrain's banking sector over the past year.
