BENEFIT, Zphin & Atyaf launch lending & insurance platform in Bahrain
By Gloria Methri
BENEFIT, Bahrain’s innovator and FinTech specialist has signed a strategic partnership with Zphin to develop an online platform for consumer lending, car insurance, credit cards, and travel insurance.
This 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 marketplace, integrated into the BenefitPay super app, will empower credit providers to reach the entire bankable population and extend financial services to the unbanked.
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 a competitive edge. It aims to drive better financial inclusion and empower 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, making it easier for users to make informed decisions quickly and confidently.
Yousif Alnefaie, Deputy Chief Executive of BENEFIT, said on the partnership, “We are 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. By integrating insurance services into the BenefitPay app, we are not only offering greater convenience but also empowering individuals to make smarter, more informed financial decisions. This initiative aligns with Bahrain’s vision for a more digitally advanced economy and underscores our commitment to leading the way in financial innovation.”
Ubaydli Ubaydli Group Chairman Atyaf eSolutions added, “By leveraging our local expertise and partnering with Zphin, we are set to redefine how financial products are delivered and accessed in Bahrain. We are thankful to BENEFIT for a forward-looking vision to build a platform that will empower consumers by giving them transparency and control over their financial decisions, all through the BenefitPay app. It is an exciting step towards a more connected and customer-focused financial landscape, and we are confident that it is aligned with Bahrain’s digital transformation goals, reassuring all stakeholders.”
Neeraj Gupta, CEO of Zphin, added, “By integrating cutting-edge technology, we strive to set a new benchmark for financial and insurance services in Bahrain, delivering significant improvements to the ecosystem that will benefit both providers and users alike. Zphin is not only enhancing digital ecosystems but also empowering insurers and InsurTechs to expand their offerings through our proprietary technology and innovative customer journeys.”
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November 08, 2024