Bahrain and Singapore lead the future of Digital Public Infrastructure

TDT | Manama

Email: mail@newsofbahrain.com

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, and Singapore-based technology company MonetaGo, in collaboration with Bahrain FinTech Bay (BFB), have embarked on the implementation phase of the Trade Finance Registry (TFR) in Bahrain. This initiative aims to develop a digital ledger for all financed trade transactions and invoice submissions creating an alternative data credit score to strengthen trade finance and derisk SME lending, marking a major milestone in the Kingdom’s digital transformation journey.

The Trade Finance Registry supports the Kingdom’s efforts to expand the large-scale adoption of digital public infrastructure. It represents a significant step toward building a secure and transparent ecosystem that reduces banks’ vulnerability to fraud-related losses, while strengthening confidence and enabling the extension of commercial financing to a broader segment of SMEs.

Anchored in both nations’ commitment to digital progress and financial innovation, this collaboration unites Bahrain’s advanced fintech ecosystem with Singapore’s globally recognized digital trust frameworks. The partnership sets the stage for interoperable, cross-border digital public infrastructure connecting Asia and the Middle East.

Through the development of a digital trade bridge and a solid risk-mitigation framework, BENEFIT and MonetaGo are jointly leading a pioneering initiative to interconnect public digital infrastructure across regions, foster innovation, and reinforce financial and economic linkages. This initiative reflects a shared commitment to advancing digital economies that are resilient, inclusive, and interoperable. Abdulwahed Al Janahi, Chief Executive of BENEFIT, said: “As Bahrain’s national digital infrastructure provider, BENEFIT is proud to lead the implementation of the Trade Finance Registry.”

From his end, Bader Sater, CEO of Bahrain FinTech Bay, commented: “Through our collaboration with BENEFIT and MonetaGo, we are unlocking access to finance for the 92% of businesses that are SMEs; a group where only 11% currently have access to funding.”

Neil Shonhard, CEO of MonetaGo, added: “This phase represents more than technological progress; it’s about establishing a trusted, interoperable framework that connects digital public infrastructure between Bahrain and Singapore, strengthening financial integrity and advancing secure, inclusive trade across regions.” Singapore’s Trade Finance Registry, developed by the Association of Banks in Singapore (ABS) using MonetaGo’s Secure Financing technology, was deployed in March 2023 and has since onboarded 50+ banks, strengthening transparency and trust across domestic and cross-border trade finance flows.