Dubai, United Arab Emirates – BENEFIT, Bahrain’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). This collaboration aims to develop a groundbreaking online platform for consumer lending, car insurance, credit cards, and travel insurance, marking the launch of Bahrain’s first-ever Consumer Lending and Insurance Marketplace. The platform will leverage open banking infrastructure to create an advanced open finance ecosystem.
The transformative marketplace will be integrated into the BenefitPay super app, enabling credit providers to reach the entire bankable population while extending financial services to the unbanked and underbanked. Customers will benefit from increased access to credit through innovative underwriting methods, moving away from traditional evaluation processes. Additionally, this marketplace aims to enhance the lending market with greater transparency and competitiveness, empowering consumers with one-stop access to various financial products, including embedded insurance options.
By harnessing Zphin’s technological expertise and Atyaf eSolutions’ local market knowledge, the platform will offer Bahraini consumers personalized, pre-qualified financial options, simplifying the decision-making process.
Yousif Alnefaie, Deputy Chief Executive of BENEFIT, expressed pride in this partnership, stating, “We are thrilled to collaborate with Zphin and Atyaf eSolutions to launch this cutting-edge platform, which will redefine how financial products are accessed in Bahrain. This partnership is a significant leap in our journey to enhance the digital ecosystem and deliver seamless, consumer-focused financial solutions.”
He added, “Integrating lending and insurance services into the BenefitPay app offers greater convenience and empowers individuals to make informed financial decisions. This initiative aligns with Bahrain’s vision for a more digitally advanced economy and underscores our commitment to financial innovation.”
Ubaydli Ubaydli, Group Chairman of Atyaf eSolutions, commented, “This collaboration showcases Atyaf’s commitment to driving digital innovation in the region. By leveraging our local expertise and partnering with Zphin, we are poised to redefine how financial products are delivered in Bahrain. We are grateful to Benefit for trusting us with this forward-looking vision.”
Yashish Dahiya, co-founder, Chairman, and Group CEO of PB Fintech Limited, stated, “We are delighted to partner with BENEFIT to bring our digital financial solutions to Bahrain. This project reflects our shared vision with BENEFIT to create a more efficient and accessible financial ecosystem.”
Neeraj Gupta, CEO of Zphin, emphasized the partnership’s significance, stating, “This is a major milestone for Zphin. By integrating cutting-edge technology, we aim to set a new benchmark for financial and insurance services in Bahrain, benefiting both providers and users alike.”
As Bahrain continues its rapid digital transformation, this collaboration represents a pivotal step in modernizing the Kingdom’s financial services infrastructure, enhancing consumer trust, and ensuring financial inclusivity.
