BENEFIT, Bahrain’s innovator and leading company in Fintech and electronic financial transactions service, has signed a Memorandum of Understanding with haifin, an e& enterprise company (part of e&) from the UAE. This partnership is set to revolutionize Bahrain’s banking sector by fostering innovation, and enhancing financial resilience across the industry.
With a proven track record in de-risking trade finance lending, haifin—live in UAE since 2021—has leveraged cutting-edge technologies such as blockchain and advanced analytics to prevent fraud in real-time, saving over USD 150 million for its consortium members.
This strategic alliance is set to enhance the ability of Bahrain’s banking industry to mitigate risks and prevent fraud, particularly in trade finance. By improving risk management, the collaboration is expected to boost banks’ lending confidence, increase revenues, and improve access to liquidity for SMEs and corporate borrowers. The formal signing ceremony was held at BENEFIT’s headquarters in Bahrain.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented that this partnership marks a significant step in strengthening Bahrain’s financial ecosystem through advanced technology. He added, “By equipping banks with cutting-edge tools to proactively combat fraud and streamline trade finance, we are empowering the sector to operate with unparalleled efficiency and confidence. By uniting our expertise, we are reinforcing trust, security, and innovation at the heart of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain.”
Zul Javaid, Chief Executive of haifin, highlighted the importance of this partnership: “After our success in the UAE and our ambition to address similar challenges across the MEA region this collaboration with BENEFIT marks a major milestone. Together, we aim to deliver advanced technology solutions that enhance risk management which ultimately drives growth for banks.”
This partnership embodies a shared vision for a future-ready banking industry in the MEA region—one that prioritizes digital innovation, security, and sustainable economic growth. By merging Benefit’s and haifin’s expertise in financial technology, this collaboration paves the way for Bahrain’s banking sector to thrive in a rapidly evolving global market.
As Benefit continues to set new industry benchmarks, it is committed to positioning Bahrain as a leading hub for FinTech innovation and fostering a dynamic ecosystem that drives growth, resilience, and long-term success.
