Web Desk
MANAMA: BENEFIT, the Kingdom’s innovator and leader in fintech and electronic financial transaction services, has officially signed a strategic partnership with Zphin, the technology arm of PB Fintech Limited (NSE: POLICYBZR), to develop a groundbreaking online platform for consumer lending, car insurance, credit cards, and travel insurance. This initiative marks the launch of Bahrain’s first-ever Consumer Lending and Insurance Marketplace, leveraging open banking infrastructure to create an advanced open finance ecosystem.
This transformative marketplace, integrated into the BenefitPay super app, will empower credit providers of all types to reach the entire bankable population while extending financial services to the unbanked and underbanked. Customers will have increased access to credit with new-age underwriting methods, breaking away from traditional credit evaluation processes. Additionally, this marketplace will enhance the lending market with greater transparency and competitive edge, driving better financial inclusion and empowering consumers with one-stop access to financial products, including embedded insurance options.
By leveraging Zphin’s technological expertise and Atyaf eSolutions’ local market knowledge, the platform will provide Bahraini consumers with personalised, pre-qualified financial options, making it easier for users to make informed decisions quickly and confidently.
Yousif Alnefaie, Deputy Chief Executive of BENEFIT, commented on the partnership, saying, “We are proud to have joined forces with Zphin and Atyaf eSolutions to launch this cutting-edge platform, which will redefine the way financial products are accessed and utilised in Bahrain. This partnership is a significant leap forward in our journey to enhance the digital ecosystem and deliver seamless, consumer-focused financial solutions”.
He added, “By integrating lending and insurance services into the BenefitPay app, we are not only offering greater convenience but also empowering individuals to make smarter, more informed financial decisions. This initiative aligns with Bahrain’s vision for a more digitally advanced economy and underscores our commitment to leading the way in financial innovation.”
Ubaydli Ubaydli Group Chairman Atyaf eSolutions added, “This collaboration is a testament to Atyaf’s commitment to driving digital innovation in the region. By leveraging our local expertise and partnering with Zphin, we are set to redefine how financial products are delivered and accessed in Bahrain. We are thankful to Benefit for having faith in us and a forward-looking vision to build a platform that will empower consumers by giving them transparency and control over their financial decisions, all through the BenefitPay app. It’s an exciting step towards a more connected and customer-focused financial landscape, and we are confident that it is aligned with Bahrain’s digital transformation goals, reassuring all stakeholders.
Atyaf perceives this project as a robust partnership that will realise the Kingdom of Bahrain’s aspiration to align with global digital transformation in the digital financial system, aiming to establish itself as the digital financial hub for the Middle East and North Africa by Bahrain’s Vision 2050”.
Yashish Dahiya, co-founder, Chairman and Group CEO of PB Fintech Limited (NSE:POLICYBZR), added, “We are delighted to collaborate with BENEFIT to bring our expertise in digital financial solutions to Bahrain. At PB Fintech, we have always believed in empowering consumers with the right tools to make informed decisions, and this project reflects our shared vision with BENEFIT to create a more efficient and accessible financial ecosystem. We look forward to helping drive Bahrain’s financial ecosystem forward and setting a new standard for digital financial services in the region.” Neeraj Gupta, CEO of Zphin, added: “This partnership is a major milestone for Zphin, and we are honoured to be able to collaborate with BENEFIT on this initiative. By integrating cutting-edge technology, we strive to set a new benchmark for financial and insurance services in Bahrain, delivering significant improvements to the ecosystem that will benefit both providers and users alike.
Benefit’s trust in Zphin & Atyaf reflects their forward-thinking approach to reshaping financial and insurance services in the region. Zphin is not only enhancing digital ecosystems but also empowering insurers and Insurtechs to expand their offerings through our proprietary technology and innovative customer journeys ” As Bahrain continues its rapid digital transformation, this collaboration stands as a pivotal step in modernising the Kingdom’s financial services infrastructure, enhancing consumer trust, and ensuring financial inclusivity.
