BENEFIT unveils visionary roadmap to advance digital payments
These include new payment services and features aimed at enhancing user experience, tailored payment solutions designed specifically for SMEs, as well as the facilitation of cross-border instant payment interoperability via strategic collaborations with regional and neighboring countries.
BENEFIT's strategy aims to accelerate corporate growth by developing partnerships with artificial intelligence firms and enhancing data monetization. The strategy also outlines plans for international expansion, with BENEFIT poised to offer its services in select global markets to reinforce its role as a key enabler of digital transformation across the financial services landscape.
Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented, 'We are pleased to unveil BENEFIT's strategic roadmap for 2025 and 2026, which reflects the company's leading role in advancing the digital financial landscape in Bahrain and across the region. This strategy is driven by our commitment to delivering secure and efficient payment solutions, expanding a network of high-impact partnerships, enhancing financial services infrastructure, promoting a cashless economy, and supporting the development of emerging talent in the fintech sector. These efforts form part of a broader vision to build an integrated ecosystem of innovative solutions tailored to the evolving needs of individuals and institutions alike.'
The strategy was announced by Ms. Shafaq Al Kooheji, Assistant General Manager of Payment Services-BENEFIT Company, during her participation at FS Horizons: Doubling Down on Digital event, hosted by the Central Bank of Bahrain in partnership with the Bahrain Economic Development Board.
During the session, Ms. Al Kooheji outlined BENEFIT's strategy, highlighting advancements it brings to the digital payments' ecosystem, and also presented key milestones achieved by the company, notably the increase in instant payment activity, which reached 23 transactions per individual per month in 2024.
Aisha Buhiji
Administrator, PR & Corporate Communication
ayshab@benefit.bh www.benefit.bh
The Benefit Company B.S.C (C) P.O Box 2546, Seef District, Kingdom of Bahrain
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
32 minutes ago
- Arabian Business
Art as an asset: How Middle East investors are redefining the global market
For a growing number of investors, art is no longer just a cultural passion but an alternative asset class, increasingly factored into wealth portfolios. In the Middle East, with a growing number of ultra-high-net-worth individuals (UHNWIs) and family offices expanding allocations to alternative investments, art is emerging as a serious play, both for its diversification potential and for its geopolitical soft power. The global art market posted sales of $65 billion in 2023, up 4 per cent from 2022, according to the Art Basel & UBS Art Market Report 2024. The US accounted for 42 per cent of sales, China 19 per cent, and the UK 17 per cent. Although the Middle East represents a small share of total transactions by volume, regional buyers have become more prominent in high-value segments, especially for modern and contemporary works. Art can serve as a hedge in periods of inflation or equity market volatility. Research by Sotheby 's shows that between 1950 and 2021 the Mei Moses All Art Index returned an average of 8.5 per cent annually, with contemporary art delivering higher returns but also greater volatility. Auction houses have reported strong demand for trophy works: in 2023, Sotheby's sold Gustav Klimt's Lady with a Fan for $108.4 million – the highest price achieved at auction that year. Middle East buying power Over the past 15 years, Middle Eastern collectors and institutions have been among the most active buyers at the top end of the market. Qatar Museums reportedly paid over $250 million for Cézanne's The Card Players between 2011-2012, still among the highest prices ever paid for a painting. The Gulf state has also amassed works by Rothko, Bacon, and Richter. The UAE has also positioned itself as a regional art hub. Dubai's annual Art Dubai fair has grown into a key fixture on the global calendar, attracting galleries from 40+ countries and collectors from across Asia, Europe, and the US. In a previous interview with Arabian Business, Benedetta Ghione, Executive Director of Art Dubai, said: 'Since its founding in 2008, Art Dubai has evolved into a key institution, serving as a catalyst and important driver of Dubai's creative economy.' 'The city has truly emerged as a capital of the Global South, particularly within the creative industries,' Ghione explained. Louvre Abu Dhabi, which opened in 2017, has acquired significant pieces from European and Islamic art traditions, often through high-profile auctions. In Saudi Arabia, cultural spending has accelerated under Vision 2030. The Ministry of Culture launched the Diriyah Contemporary Art Biennale in 2021, and the Royal Commission for AlUla has commissioned large-scale installations and permanent collections to support the area's development as a cultural tourism destination. Investment vehicles and risks Institutional investors and private banks are also starting to formalise art investment. Platforms such as Masterworks allow fractional ownership of blue-chip works, lowering entry barriers. Major banks, including UBS, JPMorgan Private Bank, and Citi, have dedicated art advisory and lending desks that offer valuations, sales support, and loans against art assets, treating them as collateral. However, art remains an illiquid and opaque market. Prices can be highly sensitive to trends and taste, provenance issues can damage value, and transaction costs — including buyers' premiums, insurance, and storage — can erode returns. Unlike publicly traded securities, valuations are subjective and disclosures are limited. In the Middle East, art investments are also influenced by regulatory and tax environments. The UAE has no capital gains tax, making it attractive for art transactions. Free zones such as Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have developed infrastructure to facilitate high-value sales and art-related legal structures, including trusts. In Saudi Arabia, import duties and cultural property laws are evolving, and the government has moved to strengthen intellectual property and heritage protections. Global UHNWIs allocated about 1.6 per cent of their wealth to art in 2023, according to Knight Frank's Wealth Report, with allocations expected to rise. In the Middle East, this figure is slightly higher, as cultural and prestige considerations often accompany investment objectives. The increasing presence of regional collectors at international auctions, coupled with large-scale state-backed initiatives to build cultural capital, suggests the Middle East's role in the global art market will continue to expand both as a buyer of last resort for headline works and as a growing hub for transactions, exhibitions, and storage.
Arabian Business
32 minutes ago
- Arabian Business
UAE and Azerbaijan sign CEPA deal to boost $2.4bn trade ties
The UAE and Azerbaijan have signed a landmark Comprehensive Economic Partnership Agreement (CEPA) aimed at accelerating joint economic growth, diversification, and investment, marking a major milestone in the deepening strategic relationship between the two nations. The agreement was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and President Ilham Aliyev of the Republic of Azerbaijan. Sheikh Mohamed described the deal as a 'significant milestone' that reflects the shared vision of both countries to build a resilient, knowledge-based, and innovation-driven economy. UAE- Azerbaijan trade deal Signed by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Mikayil Jabbarov, Minister of Economy of Azerbaijan, the CEPA will: Enhance investment flows across key sectors including renewable energy, tourism, logistics, and construction Strengthen private sector collaboration and global supply chains Empower SMEs and entrepreneurs to expand into new markets The United Arab Emirates is Azerbaijan's leading Arab investor, with total investments exceeding $1bn. In 2024, bilateral non-oil trade surged by 43 per cent year-on-year, reaching $2.4bn, reinforcing the country's position as one of Azerbaijan's top trading partners. The agreement is part of the UAE's ambitious CEPA programme, which aims to expand non-oil foreign trade to $1.1tn by 2031. In 2024, the UAE's non-oil trade hit a record $816bn, marking a 14.6 per cent year-on-year increase. To date, the United Arab Emirates has signed 27 CEPA agreements with global markets, giving businesses enhanced access to economies representing more than a quarter of the world's population.
Zawya
36 minutes ago
- Zawya
Stc Bahrain joins forces with Chalhoub & Buhindi W.L.L. for "Trees for Life" Initiative
Manama, Bahrain: stc Bahrain, a digital enabler, joins forces with Chalhoub & Buhindi W.L.L. to support its ongoing "Trees for Life" initiative. As part of the partnership, Chalhoub & Buhindi W.L.L. has pledged to plant 1,000 trees across the Kingdom. The 'Trees for Life' initiative demonstrates stc Bahrain's commitment to preserve the environment and combat climate change in line with the the National Afforestation Plans to double the number of trees in Bahrain by 2035. Sh. Zeyad Al Khalifa, Chief Government Affairs Officer at stc Bahrain, said: 'At stc Bahrain, we are deeply committed to advancing sustainability and driving positive environmental change. Through initiatives like 'Trees for Life,' we aim to create tangible environmental impact while inspiring organizations and individuals to join us in taking action. We would like to thank Chalhoub Group for partnering with us which reflects our shared values and dedication to leaving a positive legacy for future generations.' Lamees Qasem, Managing Director of Chalhoub& Buhindi W.L.L., added: 'We are proud to collaborate with stc Bahrain on this meaningful project. Planting 1,000 trees is a step toward creating a healthier, more sustainable environment, and it reflects Chalhoub Group's ongoing commitment to making a positive impact in the communities we serve.' stc Bahrain's 'Trees for Life' campaign was launched in 2021, in collaboration with the Supreme Council for Environment and the Ministry of Municipalities Affairs and Agriculture to promote sustainability and environmental stewardship.
