Written by Gloria Mesri
BENEFIT, a Bahraini innovator and FinTech specialist, has entered into a strategic partnership with Zphin to develop an online platform for consumer finance, auto insurance, credit cards and travel insurance.
The initiative marks the launch of Bahrain’s first consumer finance and insurance marketplace and leverages open banking infrastructure to create an advanced open finance ecosystem.
Integrated into the BenefitPay Super App, this marketplace enables credit providers to reach the entire banked population and extend financial services to the unbanked.
Customers will be able to move away from the traditional credit evaluation process and have better access to credit with new-age underwriting methods. Additionally, this market strengthens the lending market by increasing transparency and competitiveness. It aims to drive greater financial inclusion and empower consumers with one-stop access to financial products, including embedded insurance options.
Leveraging Zphin’s technical expertise and Atyaf eSolutions’ local market knowledge, the platform will provide Bahraini consumers with personalized, pre-qualified financial options, helping users become informed, fast and confident. Make it easier to make decisions.
Commenting on the partnership, Youssif Alnefaie, Deputy CEO of BENEFIT, said: Integrating insurance services into the BenefitPay app not only increases convenience, but also empowers individuals to make smarter, more informed financial decisions. This initiative is in line with Bahrain’s vision of a more digital economy and underlines our commitment to leading in financial innovation. ”
Atyahu E-Solutions, Chairman of Ubaidli Ubaidli Group, added: “Leveraging our local expertise and partnering with Zphin, we plan to redefine the way financial products are offered and accessed in Bahrain.” Ta. We are grateful to BENEFIT for their forward-thinking vision in building a platform that empowers consumers by providing them with transparency and control over their financial decisions through the BenefitPay app. We are confident that this is an exciting step towards a more connected and customer-focused financial environment, consistent with Bahrain’s digital transformation goals and reassuring to all stakeholders. ”
Neeraj Gupta, CEO of Zphin, said: “By integrating cutting-edge technology, we strive to set new standards for financial and insurance services in Bahrain, benefiting both providers and users alike. “This will bring significant improvements to the ecosystem.” Zphin not only powers the digital ecosystem, but also helps insurers and insurtechs scale their services through our unique technology and innovative customer journeys. ”
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