Bahrain tops global innovation in open banking with key tieup
MANAMA, November 26, 2024
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.
Flooss CEO Fawaz Ghazal pointed out that this streamlined approach was a huge leap forward for its customers.
"With this new functionality, Flooss customers will experience a streamlined financing product journey in only a few seconds and with no manual processes," he stated.
"Customers can select their preferred bank in the Flooss app then, with BenefitPay as their secure authentication method, customers will identify their salary account within BenefitPay. This creates a fast, secure and efficient user experience," he explained.
As the first centralized open banking authentication and consent solution worldwide, this approach sets new industry standards, enhancing consumer trust and positioning Bahrain as a leader in digital banking innovation.
“With Tarabut as the technology mastermind driving this integration, and Benefit ensuring secure authentication, we are able to deliver a truly instant lending experience that sets a new benchmark for digital finance with no manual processes. Our partnership with Tarabut has been strong over the years, yielding game-changing Benefits that allow us to continue elevating our services in the market – this is another step forward for all parties.”
