Bahrain FinTech Bay, a subsidiary of The Benefit Company (BENEFIT), has announced a strategic partnership with global fintech firm MonetaGo to develop and deploy the Kingdom’s first Digital Public Infrastructure (DPI). This landmark initiative, a first for the GCC region, is designed to strengthen Bahrain’s trade finance ecosystem, address challenges faced by Small and Medium-sized Enterprises (SMEs), and advance the goals of the Kingdom’s Economic Vision 2030.
A GCC First Digital Public Infrastructure
The collaboration will establish a secure, transparent, and inclusive trade finance ecosystem, reinforcing Bahrain’s position as a leader in regional fintech innovation. The first major milestone will be the development and deployment of a national Trade Finance Registry. This digital platform will enable real-time validation of financing transactions across banks and financial institutions, playing a pivotal role in preventing duplicate financing, invoice fraud, and the use of falsified documentation. Following its launch, the registry will onboard leading Bahraini banks and will be open to all licensed lenders across the Kingdom.
Tackling Fraud And Empowering SMEs
By creating a trusted digital infrastructure, the initiative aims to close a critical market gap, enhance transparency, and mitigate risk for lenders. This will in turn unlock new sources of liquidity for SMEs, which have historically faced challenges in accessing trade finance. The registry will safeguard lenders while empowering borrowers by creating a more secure and efficient financial environment.
“This is more than a partnership; it’s a national effort to build foundational digital infrastructure that strengthens Bahrain’s trade finance landscape,” said Bader Sater, CEO of Bahrain FinTech Bay. “Through this initiative, we aim to empower SMEs, enhance market confidence, and reinforce Bahrain’s leadership in financial innovation.”
Neil Shonhard, CEO of MonetaGo, added, “Our trade finance registry has already proven its value in markets worldwide, and together we will ensure the Kingdom of Bahrain is at the forefront of secure and inclusive digital financial systems.”
Aligning With Economic Vision 2030
This initiative directly supports Bahrain’s long-term strategic goals by underscoring the Kingdom’s commitment to digital innovation and SME development. By creating world-class financial infrastructure, the partnership between Bahrain FinTech Bay and MonetaGo positions Bahrain as a forward-thinking and resilient fintech hub in the MENA region, fostering a more robust and dynamic economy.
About Bahrain FinTech Bay
Bahrain FinTech Bay, a subsidiary of The Benefit Company (BENEFIT), is the Kingdom’s leading fintech hub, driving collaboration, innovation, and ecosystem development across the financial sector. Through strategic partnerships with government entities, financial institutions, and technology providers, Bahrain FinTech Bay accelerates innovation and supports Bahrain’s vision of becoming a global fintech hub.
Source: Zawya
