Benefit to launch new banking products: CEO

Manama : Benefit in cooperation with the Central Bank of Bahrain are in talks with banks to provide practical low-cost banking products that maximize safety, ease and speed up services for users, it has emerged.  

“A number of products are planned to be launched before the end of this year,” said Benefit’s CEO, Abdulwahed AlJanahi highlighting that eight of the company’s banking products are currently in the market. 

One of the upcoming product is the e-verification legislator of the customer’s identity “Know your customer”.

Plans are also on the anvil to introduce “electronic cheques” that allow the holder to sign it through the computer screen or mobile phone, as well as The e-wallet which enables customers to transfer funds from one account to another through an electronic application.

This came during a meeting organised by BAB with Benefit reviewing its current and future plans and projects to a number of BAB members. 

Benefit’s Chairman Abdulla Hussain told the meeting that through BAB, “we want to meet, consult and work together to innovate and deliver banking products that are in pace with global developments in payment services which enhances the leadership of Bahrain’s financial sector.”

BAB’s CEO, Dr. Waheed Al Qassim, pointed that this meeting is considered the output of the Board of Directors meeting with the Governor of the Central Bank of Bahrain Rasheed Al Maraj. 

The meeting aims to enhance the cooperation to implement all projects that put Bahrain at the top of International Arab Banks that use modern technologies in banking operations. 

Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain, stressed the need to enhance coordination and cooperation between banks and BENEFIT in terms of initiatives and projects.