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The BENEFIT Company partners with Bahrain Fintech Bay (BFB) and launches the Fintech Lab

Manama 21 February 2017-The BENEFIT Company has signed a founding partnership with Bahrain Fintech Bay (BFB) that represents the Company’s continued commitment towards providing innovative solutions that advance the financial sector in Bahrain and the region. This partnership will result in the establishment of BENEFIT’s Fintech Lab.

BENEFIT’s Chief executive officer Abdulwahid Janahi, said: "In The Benefit Company, we are proud to be a strategic partner in supporting the national direction and joining the Central Bank of Bahrain (CBB) and The Economic Development Board of Bahrain (EDB) in their aspirations at making the Country a regional Fintech hub. We do not solely support the banking and financial services sector but also the government, SMEs, other private sector entities and the public".

"BENEFIT strives to create synergy in financial services through facilitating Fintech and establishing strong alliances with different stakeholders" added Mr. Janahi.

"BENEFIT’s Fintech Lab is a major milestone in the Company’s steps towards creating a Fintech enabling environment and a culture of R&D. This Lab aims to strengthen Bahrain’s international position in the field of innovation and Fintech as measured by international indices. The Lab will act as an idea generator, driver of innovation in financial services and a factory that will link university students with SMEs and other interested entities. It will test and exhibit new concepts; and will be connected to international Fintech hubs". said Nezar Maroof –AGM Marketing, Business Development & Innovation.

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 Central Bank of Bahrain (CBB), and provides innovative e-Payment products to the Kingdom’s banks, retailers and consumers.

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