Benfa, a leader in the field of financial technology and electronic services in Bahrain, has announced the signing of a memorandum of understanding with “Hivin”, a subsidiary of “E and Enterprises” part of the “End” group of the United Arab Emirates.
This partnership aims to cause a radical transformation in the Bahraini banking sector by enhancing innovation and increasing the flexibility of the financial system.
“Haifen”, which has been working successfully in the United Arab Emirates since 2021, has proven effective in reducing risks in commercial financing. By using advanced technologies such as blockchain and smart analyzes, the platform has contributed to preventing fraud in actual time, which led to the provision of more than $ 150 million to the members of the banking alliance.
This strategic partnership will enhance the ability of the Bahraini banking sector to manage risk and prevent fraud, especially in the field of commercial financing.
This cooperation is expected to contribute to enhancing banking confidence in lending, increasing revenues, and improving access to liquidity for small and medium companies and major companies.
The official signing ceremony was held at the headquarters of the “Banft” company in Bahrain.
In this regard, the CEO of Banfta Abdel Wahid Al -Janahi stated: “This partnership represents an important step towards strengthening the Bahraini financial system through advanced technology.”
“By providing banks with modern tools to combat fraud and improve commercial financing, we enable the sector to work with unprecedented efficiency and confidence,” he added.
By standardizing our experiences, we promote confidence, safety and innovation at the heart of the future of the banking sector, preparing the square for a more flexible and secreted banking system in Bahrain. “
For his part, Zul Javed, CEO of Haifen, commented: “After the success of the platform in the UAE, and we seek to address similar challenges in the Middle East and Africa region, this partnership with Banfta represents a milestone on our journey, together, we aim to provide solutions An advanced technology enhances risk management, which contributes to the growth of the banking sector. “
This partnership reflects a common vision for the future of the banking sector in the Middle East and Africa, where it revolves around digital innovation, safety, and sustainable economic growth. By integrating the experiences of “Benfa” and “Haifen” in financial technology, this cooperation paves the way for the banking sector in Bahrain to prosper in a rapidly developed global market.
With “Benfa” continues to define new standards for the sector, the company is committed to consolidating Bahrain’s position as a leading center for innovation in financial technology, and promoting a dynamic financial system that supports growth, flexibility and long -term success.
