BENEFIT, a Bahrain-based provider of fintech and electronic financial transaction services, has announced that the National Bank of Bahrain (NBB) has become the first participating bank and anchor banking partner in the Trade Finance Registry project. The initiative aims to reduce risk in trade finance and is being developed with Singapore-based MonetaGo, which provides trade finance fraud prevention technology, and Bahrain FinTech Bay (BFB). The project builds on a collaboration first announced during BENEFIT's participation in the Singapore FinTech Festival, where the partners agreed to develop shared digital infrastructure for trade finance transactions. BENEFIT will operate the platform, MonetaGo will provide the technology, and Google Cloud will supply the cloud infrastructure.
Real-time invoice checks before funds are disbursed
The Trade Finance Registry will allow participating banks to cross-check invoices in real time. This is intended to help lenders identify suspected fraud, including attempts to obtain financing against the same invoice from multiple lenders, before any funds are released. Because the mechanism is shared across institutions, it can surface risks that a single bank would struggle to detect using only its own records. As anchor banking partner, NBB will support implementation and help assess the platform against banking needs and operational requirements. Other banks are also taking part in the project and contributing their expertise ahead of broader adoption across the sector.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, said NBB's trade finance experience will help ensure the platform reflects practical banking requirements. Usman Ahmed, Group Chief Executive Officer at NBB, said the bank's early involvement lets it contribute the perspective of a lender that understands both customer needs and the operational side of trade financing. Bader Sater, CEO of Bahrain FinTech Bay, described the project as an example of financial institutions and technology providers working together to increase transparency in the sector.
Foundation for a national collateral registry
Neil Shonhard, CEO at MonetaGo, said giving lenders greater visibility before financing is provided can reduce risk and help more liquidity reach businesses and SMEs. He presented the registry as a form of Digital Public Infrastructure that connects trusted information across the market.
Over the longer term, the Trade Finance Registry is expected to serve as the basis for a broader national collateral registry in Bahrain. Such a registry could cover a wider range of assets used to secure financing, along with the associated rights. Lessons from the early stages of the project are expected to shape the design and requirements of this future registry, to progressively connect invoice, financing, and collateral information.
