– Innovative FinTech services to disrupt Bahrain’s banking sector –
21 March 2018, Manama, Bahrain: The Benefit Company and Eazy Financial Services signed a strategic partnership to introduce the MENA region’s first Biometric Payment Network. Mr. Abdul Wahed Al Janahi, CEO of The Benefit Company and Mr. Khaled Al Ahli, CE of Eazy financial signed the partnership in the presence of HE Khalid Al Rumaihi, CE of the Bahrain Economic Development Board and Mr. Khaled Saad, CEO of Bahrain FinTech Bay.
The partnership will enable Eazy Financial Services to launch their fingerprint payment solution. This technology is the first of its kind in the region and is an alternative to traditional payment methods like cash or cards. This innovative solution enables bank customers to perform day-to-day financial payments without cash or cards and provides these customers with a secure, fast, and convenient payment method.
Mr. Abdul Wahed Al Janahi, Chief Executive Officer, The Benefit Company commented on this partnership: “We are delighted to be working with Eazy Financial Services to offer this new and technology advanced payment solution to commercial banks’ customers, in cooperation with the national switch infrastructure, BENEFIT, which connects all licensed banking institutions.” He also added that “We have launched the “Benefit Lab” at Bahrain FinTech Bay to support all our partners by working with them on their modern projects and initiatives.”
Mr. Khaled Al Ahli, Chief Executive, Eazy Financial Services stated: “We are pleased to have signed this important strategic partnership with the Benefit company as Eazy Financial will further be empowered to launch its services. I am looking forward to kick-starting our projects with commercial banks and financial institutions in Bahrain. The GCC needs non-traditional banking services to stay on track with global trends, and for that reason, we are looking into expanding into the rest of the region.”
Mr. Khalid Saad, Chief Executive Officer, Bahrain Fintech Bay commented “We are happy the signing took place at the Bahrain FinTech Bay, this collaboration will undoubtedly result in new services supporting the financial technology sector. We always encourage such initiatives and collaborations, launching the first FinTech of its kind in the region eminently strengthening Bahrain’s position as a leader FinTech Centre in the region.”
This biometrics identification algorithm is identified as the fastest and most accurate technology by the U.S. department of Justice and the Federal Bureau of Investigation (FBI). The algorithm is also compliant with international payment standards, PCI DSS 3.2 guidelines, and certified by the American National Institute of Standards and Technology.
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