Strategy Unveiled by BENEFIT for 2025-2026 to Spur Financial Technology Progress in Bahrain and Globally
In a significant move, BENEFIT, the Kingdom's leading company in Fintech and electronic financial transactions service, has unveiled a strategic roadmap for 2025-2026. The comprehensive plan outlines key initiatives aimed at enhancing financial services infrastructure, accelerating corporate growth, and promoting a cashless economy.
Ms. Shafaq Al Kooheji, Assistant General Manager of Payment Services at BENEFIT Company, announced the strategy during her participation at FS Horizons: Doubling Down on Digital event. The strategy reflects BENEFIT's leading role in advancing the digital financial landscape in Bahrain and across the region.
## New Payment Services and Features
BENEFIT aims to enhance user experience by introducing new payment services and features. These innovations are designed to upscale the efficiency and accessibility of financial transactions. The company's focus on user experience is a testament to its commitment to delivering secure and efficient payment solutions.
## SME Support
Recognising the importance of Small and Medium Enterprises (SMEs) to the economy, BENEFIT plans to offer tailored payment solutions specifically for this sector. This focus on SMEs underscores the company's commitment to supporting the backbone of the economy.
## Cross-Border Payments
BENEFIT is working towards facilitating cross-border instant payment interoperability through strategic collaborations with regional and neighbouring countries. This will enhance the global reach of its services, making it easier for businesses to conduct transactions across borders.
## International Expansion
As part of its strategic roadmap, BENEFIT is poised to expand its services into select global markets. This international push is aimed at reinforcing its role as a key enabler of digital financial transformation worldwide.
## Partnerships with AI Firms and Data Monetization
BENEFIT is committed to developing partnerships with artificial intelligence (AI) firms. This collaboration is expected to enhance the company's capabilities in data analysis and monetization, driving further innovation in the fintech sector.
## Promoting a Cashless Economy
The strategy also includes promoting a cashless economy, which aligns with broader regional goals of reducing cash transactions and enhancing financial inclusion through digital means.
## Support for Emerging Talent
The roadmap includes supporting the development of emerging talent in the fintech sector, recognising the importance of skilled professionals in driving innovation and growth in this field.
In 2024, instant payment activity increased to 23 transactions per individual per month, according to key milestones achieved by BENEFIT. The company's strategic roadmap for 2025-2026 is a testament to its continued commitment to delivering innovative and efficient payment solutions.
[1] Source: BENEFIT Company Press Release, [Date]
- BENEFIT's strategic roadmap for 2025-2026 includes a focus on the fintech industry, aiming to enhance infrastructure, accelerate corporate growth, and promote a cashless economy.
- Recognizing the significance of Small and Medium Enterprises (SMEs) in the economy, BENEFIT plans to offer tailored payment solutions to support this vital sector.
- To bolster its global reach, BENEFIT is working on facilitating cross-border instant payment interoperability through strategic partnerships, leveraging technology to make transactions easier for businesses across borders.
