BENEFIT and haifin Forge Alliance to Transform Bahrain’s Banking Landscape

BENEFIT, Bahrain’s leading fintech and electronic financial transactions service provider, has formalised a partnership with haifin, an e& enterprise company from the UAE, aiming to revolutionise Bahrain’s banking sector. This collaboration is poised to enhance financial resilience and foster innovation across the industry.

Established in the UAE in 2021, haifin has a proven track record in de-risking trade finance lending. The platform employs advanced technologies, including blockchain and artificial intelligence, to detect and prevent fraud in real-time. To date, haifin has safeguarded over $150 million for its consortium members by identifying and mitigating fraudulent activities.

The strategic alliance between BENEFIT and haifin is set to bolster Bahrain’s banking industry’s ability to manage risks and combat fraud, particularly within trade finance. By integrating haifin’s cutting-edge solutions, Bahraini banks are expected to experience increased lending confidence, leading to higher revenues and improved access to liquidity for small and medium-sized enterprises and corporate borrowers.

The official signing ceremony took place at BENEFIT’s headquarters in Bahrain. Abdulwahed AlJanahi, Chief Executive of BENEFIT, emphasised the significance of this partnership, stating that it represents a pivotal step in strengthening Bahrain’s financial ecosystem through advanced technology. He noted that by providing banks with state-of-the-art tools to proactively combat fraud and streamline trade finance, the sector is empowered to operate with unparalleled efficiency and confidence. This collaboration aims to reinforce trust, security, and innovation at the core 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, noting that after their success in the UAE and ambition to address similar challenges across the Middle East and Africa region, this collaboration with BENEFIT marks a major milestone. Together, they aim to deliver advanced technology solutions that enhance risk management, ultimately driving growth for banks.

Since its inception, haifin has expanded its network from seven banks in 2021 to 15 lending institutions, including 13 major UAE banks and two fintech companies. The platform has processed transactions exceeding AED 200 billion and has identified potential frauds amounting to several million dirhams. Handling over 4 million data points monthly, haifin’s machine learning capabilities continue to evolve, offering robust solutions to its members.

This partnership aligns with Bahrain’s broader efforts to enhance its financial infrastructure. Earlier this month, the Ministry of Industry and Commerce signed a Memorandum of Understanding with BENEFIT to develop a corporate credit rating system. This initiative aims to provide accurate and transparent credit ratings, facilitating SMEs’ access to necessary financing and promoting investment across the country.