Following this announcement, Mastercard has signed a memorandum of understanding (MoU) with The BENEFIT Company (BENEFIT), aiming to explore opportunities for partnership and collaboration in the process of driving optimisation and financial inclusion in Bahrain’s dynamic payments ecosystem.
In addition, both financial institutions will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Mastercard is a global technology company in the payments industry that focuses on connecting and providing customers with access to an inclusive, digital, and secure economy that benefits everyone anywhere by making transactions simple and accessible. The BENEFIT Company represents an electronic payments, fund transfers, and business process outsourcing solutions provider. The firm’s strategy is set on delivering optimised business and lifestyle services that are important in everyday life.
Under the terms and conditions of the agreement, the two partners are set to focus on co-developing an innovative and secure suite of digital payment solutions. This process will be powered by improved technology, aimed at addressing the rapidly evolving needs of businesses and clients. At the same time, the collaboration will support the strategy of the Central Bank of Bahrain (CBB) to accelerate the overall growth of the country’s digital economy.
The BENEFIT Company will also continue its strategy of strengthening Bahrain’s position as a regional financial hub, in line with the overall objectives of The Economic Vision 2030. By partnering with Mastercard, the firms will provide their complementary capabilities and expertise in order to develop and launch efficient and safe financial offerings that make customers’ lives easier.
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