BENEFIT, a Bahrain-based fintech and electronic financial transaction services firm, signed a strategic partnership with Zphin, the technology arm of India-based PB Fintech Limited, to develop an online platform for consumer lending, car insurance, credit cards, and travel insurance.
Domestic venture Atyaf eSolutions will also be part of the partnership.
The 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, the company said in a media release.
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.
Yousif Alnefaie, Deputy Chief Executive of BENEFIT, said the company is 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 said.
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