Crypto.com and BENEFIT Join Forces to Drive Fintech Innovation in Bahrain
Collaboration Set to Boost Fintech Solutions and Digital Asset Adoption in Bahrain
Key Takeaways
Strategic Collaboration: Crypto.com and BENEFIT are partnering to expand Bahrain's digital assets and fintech ecosystem, aiming to enhance the country's financial services landscape.
Memorandum of Understanding (MOU): The companies signed an MOU at the Fintech Forward event, committing to explore joint initiatives in payment integration and cryptocurrency solutions.
Focus on Payment Innovation: The partnership will leverage BENEFIT’s electronic payment expertise and Crypto.com's strengths in digital assets and prepaid card services to improve financial services in Bahrain.
Support for Digital Asset Growth: The collaboration aligns with Bahrain's vision of fostering an innovation-friendly environment for digital assets and fintech advancements.
Increased Market Presence: Crypto.com recently secured a Payment Service Provider Licence from the Central Bank of Bahrain, further establishing its presence in the Kingdom.
Complementary Expertise: By combining Crypto.com's capabilities in cryptocurrency and BENEFIT's experience in financial transactions, the partnership aims to add significant value to Bahrain's fintech ecosystem.
Introduction
Crypto.com, a global leader in cryptocurrency trading, and BENEFIT, Bahrain's premier FinTech and electronic financial transactions service provider, have announced plans to collaborate on expanding the Kingdom's digital assets and fintech ecosystem. The partnership aims to explore new ways of integrating digital payment solutions and enhancing financial services in Bahrain.
A Strategic Partnership to Foster Growth
The announcement follows the signing of a Memorandum of Understanding (MOU) between the two companies at the Fintech Forward event in Bahrain on October 3, 2024. The MOU signifies a commitment to explore mutual collaboration that leverages BENEFIT’s deep expertise in electronic payments and Crypto.com's core strengths in cryptocurrency solutions and prepaid card services. The partnership will focus on areas such as payment integration and expanding access to digital assets for consumers and businesses in Bahrain.
Leadership Perspectives on the Collaboration
Eric Anziani, President and COO of Crypto.com, expressed enthusiasm for the potential of this partnership:
BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive, and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry. Bahrain has created an innovation-friendly environment, and we’re looking forward to expanding our services here.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, shared a similar sentiment, noting the alignment of this initiative with BENEFIT's mission:
We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector. By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.
Expanding Crypto.com’s Presence in Bahrain
The collaboration comes at a time when Crypto.com is strengthening its foothold in the Bahraini market. The company recently received a Payment Service Provider Licence from the Central Bank of Bahrain, which allows it to further expand its services and support the Kingdom's push towards a more innovative and inclusive financial ecosystem.
About Crypto.com
Founded in 2016, Crypto.com is trusted by over 100 million customers worldwide and has established itself as a leader in regulatory compliance, security, and privacy. The company's vision, "Cryptocurrency in Every Wallet™," reflects its commitment to accelerating the global adoption of cryptocurrency through continuous innovation.
About BENEFIT
Established in 1997, BENEFIT is licensed by the Central Bank of Bahrain and serves as a key player in the Kingdom's financial services industry. Owned by Bahraini banks and regulated by the CBB, BENEFIT provides a wide range of innovative payment solutions and information management services. The company's offerings include Automated Teller Machine (ATM) operations, Point of Sale (POS) services, the national eWallet (BenefitPay), credit reference services, and digital signature trust services.
Looking Ahead
As the discussions unfold, both Crypto.com and BENEFIT are poised to unlock new opportunities for digital asset integration and fintech innovation in Bahrain. This partnership marks a significant step towards fostering a more inclusive and forward-looking financial landscape, setting the stage for future advancements in the region’s fintech ecosystem.