BENEFIT has signed a Memorandum of Understanding with haifin, an e& enterprise company (part of e&) from the UAE to revolutionize Bahrain’s banking sector by fostering innovation and enhancing financial resilience across the industry.
Haifin, active in the UAE since 2021, has a proven track record in de-risking trade finance lending. By utilizing advanced technologies like blockchain and analytics, it prevents real-time fraud, saving over $150 million for its consortium members.
Abdulwahed AlJanahi CEO – BENEFIT
“This partnership marks a significant step in strengthening Bahrain’s financial ecosystem through advanced technology. By equipping banks with cutting-edge tools to proactively combat fraud and streamline trade finance, we are empowering the sector to operate with unparalleled efficiency and confidence. By uniting our expertise, we are reinforcing trust, security, and innovation at the heart of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain.”
Zul Javaid, Chief Executive of haifin, said that, “After our success in the UAE and our ambition to address similar challenges across the MEA region this collaboration with BENEFIT marks a major milestone. Together, we aim to deliver advanced technology solutions that enhance risk management which ultimately drives growth for banks.”
This strategic alliance is set to enhance the ability of Bahrain’s banking industry to mitigate risks and prevent fraud, particularly in trade finance. By improving risk management, the collaboration is expected to boost banks’ lending confidence, increase revenues, and improve access to liquidity for SMEs and corporate borrowers.
According to the statement, this partnership embodies a shared vision for a future-ready banking industry in the MEA region—one that prioritizes digital innovation, security, and sustainable economic growth. By merging Benefit’s and haifin’s expertise in financial technology, this collaboration paves the way for Bahrain’s banking sector to thrive in a rapidly evolving global market.
