Bahrain tops global innovation in open banking with major deal
COMMERCIAL NEWS
In a groundbreaking partnership, Bahrain’s top innovator and leading company in fintech and electronic financial transactions service Benefit has joined forces with Tarabut to introduce the first innovation-led, centralised open banking authentication solution in the kingdom.
This pioneering technology allows consumers to access financial services with unprecedented ease, providing a seamless, app-to-app experience that eliminates multiple authentication steps.
Flooss, Bahrain’s pioneering, first digital financing service provider, is the first to leverage this innovation, empowering its users with faster, more secure loan approvals powered by Benefit’s centralised authenticator platform - putting Bahrain at the forefront in open banking innovation as this partnership represents a unique milestone, globally.
This collaboration builds on Tarabut’s role as the Mena region’s leading open banking platform, connecting banks and fintechs to make financial services better, faster and more accessible to consumers.
With BenefitPay, Bahrain’s national electronic wallet, as the trusted authenticator, the initiative simplifies the connection between consumers and their banks, delivering a unified, secure experience that cements Bahrain’s position at the forefront of digital innovation in financial services.
This milestone is also a powerful example of “Team Bahrain” in action, demonstrating how local synergies and expertise can drive ecosystem-wide Benefits.
Benefit’s role as the primary authenticator for Open Banking transactions solidifies its leadership position in Bahrain’s financial ecosystem.
By simplifying authentication and consent, Benefit empowers users and fosters trust, underscoring its commitment to innovation and ecosystem growth that Benefits the entire local landscape.
Commenting on the milestone, Yousif AlNefaiei, Deputy Chief Executive – Business Development & Services said: "The Benefit Company is proud to be a driving force in Bahrain’s Open Banking evolution. Our partnership with Tarabut underscores our dedication to delivering secure, user-centred solutions that Benefit consumers and enhance the wider financial ecosystem."
At the heart of this partnership, Tarabut connects all parties, leveraging its cutting-edge technology to enhance accessibility, speed, and affordability in financial services. Tarabut’s API-driven platform empowers Bahrain’s Open Banking network, showcasing a model for the wider region of how local synergy and innovation can drive a connected financial ecosystem focused on consumer needs.
