Benefit launches eKYC project

Benefit, a leading electronic financial transactions network, announced yesterday the launch of the new national Electronic Know Your Client (eKYC) Project. The project also first of its kind in the Arab World, targets retail banks, financial services providers and money exchange networks. During a press conference held at Wyndham Grand Hotel, Benefit said it will implement the project in the second quarter of this year in collaboration with the Information and eGovernment Authority (IGA) under the supervision of the Central Bank of Bahrain (CBB).

The project is intended to provide an advanced state-of-theart electronic platform and a database for financial institutions to authenticate the identities of their clients and validate their information before granting financial services. The project also aspires to help financial technology (FinTech) companies offering financial and banking products using online applications, and facilitate the launch of their products and services. On this occasion, Benefit’s Chief Executive Officer Abdulwahid Janahi said, “The project targets retail banks to facilitate the opening of retail accounts”.

Janahi also explained: “Benefit will provide financial institutions in Bahrain with a complete web portal allowing identity authentication, as well as mobile applications, thus augmenting the Kingdom’s electronic systems in line with Bahrain’s Vision 2030”. Khalid Hamad Executive Director – Banking Supervision (CBB) stated that the project will also facilitate self-enrollment by the client to upload additional information and apply for financial services through electronic channels. The CBB continues to draft electronic financial services related to legislation and regulations for the benefit of clients and banks alike.

The CBB will always be the first to support technological advancement and will endeavour to provide more services with maximum ease and minimum cost. Mohammed Ali Al Qaed Chief Executive, Information & eGovernment Authority (IGA), said, “IGA had already started to provide identity authentication services to the public sector. “This service will allow the private sector to start providing innovative and quality services to promote the Kingdom’s economic development and expand its business activity,” he added.