The BENEFIT Company was formed to enable the financial sector in Bahrain to forge strong and lasting connections with their customers from across a wide geographical base. And help steer these connections towards enriching the value quotient in all their interactions with member banks and other stakeholders.
As the key conduit for all electronic financial transactions throughout Bahrain, BENEFIT’s success has been made possible through a combination of skilled workforce, cutting edge technology, focused strategic planning and initiatives, and determination to provide the most modern financial service for those residing in Bahrain.
Currently micro and SMEs may not choose to use merchant version of BenefitPay as they may not have a corporate bank account or do not want to pay transaction fees. Other POS related payment solutions may not be feasible as well. Many of these businesses choose to use individual version of BenefitPay which could be used on one device and does not offer integration with the shop system
The current credit scoring of SMEs is lengthy and time consuming process, which beside other reasons discourage banks from lending SMEs. Also, it may make not feasible for SMEs to borrow, as they have to bear operational expenses during the wait period to receive funds they need for business
1-Innovative and feasible payment solution for micro businesses and SMEs
2-An SME credit scoring model solution /application
1-Innovative and feasible payment solution for micro businesses and SMEs
2-An SME credit scoring model solution /application
Regulatory rules need to be met in case we can bring the product to the market together.
BENEFIT:
1st Winner of each theme: BHD 1,000
Fintech Galaxy:
1 year free STARS Membership for winners
Participants
31
Team size
2-5
Registration Start Date
Jul 16, 2020
Registration End Date
Aug 20, 2020
Shortlisting Date
Aug 27, 2020
Hackathon Start Date
Aug 31, 2020
Hackathon End Date
Sep 06, 2020
The BENEFIT Company was formed to enable the financial sector in Bahrain to forge strong and lasting connections with their customers from across a wide geographical base. And also, help steer these connections towards enriching the value quotient in all of their interactions with member banks and other stakeholders.
As the key conduit for all electronic financial transactions throughout Bahrain, BENEFIT’s success has been made possible through a combination of skilled workforce, cutting edge technology, focused strategic planning and initiatives, and determination to provide the most modern financial service for those residing in Bahrain.
BENEFIT was established in November 1997 by 17 commercial banks as the National ATM and Point of Sale switch of Bahrain. It was initially licensed by the Central Bank of Bahrain (CBB) to be ‘the provider of ancillary services for the financial sector,’ and soon expanded to cover markets outside Bahrain. The company’s mandate was very simple – to improve, to enhance, to add value and to enable the local and regional financial industry to thrive on a global scale.
Decide which cookies you want to allow.
You can change these settings at any time. However, this can result in some functions no longer
being
available. For information on deleting the cookies, please consult your browser’s help
function.
LEARN MORE ABOUT THE COOKIES WE USE.
