BAB participates in BENEFIT Strategy Session Spotlights Future of Digital Banking and Financial Services

TDT | Manama

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The Bahrain Association of Banks (BAB) and BENEFIT company have successfully concluded a high-level strategic briefing dedicated to examining the company’s new corporate strategy for the 2025–2027 cycle.

This collaborative engagement serves as a cornerstone of the ongoing partnership between the two entities, specifically designed to expedite the digital transformation of Bahrain’s financial landscape. By fostering a unified approach to the development of efficient and secure digital financial solutions, the session reinforced the Kingdom’s overarching vision to solidify its standing as a premier regional hub for financial innovation and advanced digital technology.

The briefing facilitated a deep-level technical exchange involving three of the Association’s specialized committees, namely Digital Transformation and Innovation, Anti-Money Laundering (AML) and Compliance, and Retail Banking. This integration ensured that the core pillars of the new strategy were thoroughly vetted against the practical requirements and operational realities of the Kingdom’s banking institutions. Central to the discussions were BENEFIT’s primary strategic objectives, which prioritize the launch of pioneering payment ecosystems and the enhancement of the digital user experience. The roadmap places a significant emphasis on empowering SMEs sector through bespoke payment solutions while simultaneously pursuing regional interoperability for cross-border instant payments. Furthermore, the strategy outlines a robust commitment to technological synergy, particularly through expanded partnerships with AI providers and the sophisticated optimization of data utilization to drive institutional growth.

Milestones

The new strategy is underpinned by the remarkable milestones achieved by BENEFIT in recent years, including an industry-leading performance in 2024 that saw an average of 23 instant payment transactions per individual monthly. These successes provide a solid foundation for the company’s planned expansion into new international markets, further cementing its role as a primary engine of digital change on both a local and regional scale.

Reflecting on the importance of this partnership, Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, emphasized that the success of the 2025–2027 strategy is fundamentally contingent upon active collaboration with the banking community, and noted that BAB, as the primary representative of the sector, serves as a vital partner in developing the secure and advanced financial solutions. Mr AlJanahi further reiterated that this joint effort is essential for delivering a truly transformative digital experience that serves the diverse interests of both individual and corporate stakeholders across the Kingdom.

Mrs. Zeeba Askar, CEO of BAB, characterized the session as a pivotal moment in the strategic alliance between the two organizations, and affirmed that direct coordination is the most effective framework for unifying national efforts toward financial innovation and operational efficiency. By providing the Association’s specialized committees with early and comprehensive insights into these future plans, the partnership ensures that every new initiative is perfectly calibrated to market demands, ultimately enhancing the integrity and seamless integration of Bahrain’s wider financial ecosystem.