Bahrain: Benefit partners with Tarabut for open banking integration

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Benefit, a leading fintech and electronic financial transactions service provider, has partnered with Tarabut to launch Bahrain’s first innovation-led, centralised open banking authentication solution.

The new technology allows consumers to access financial services more easily, streamlining the authentication process and enabling seamless app-to-app experiences.

Flooss, a digital financing service provider, is the first to utilise this innovation, accelerating loan approval times and enhancing security.

Tarabut, a leading open banking platform in the Middle East and North Africa (Mena) region, is connecting banks and fintechs to improve financial services for consumers.

BenefitPay, Bahrain’s national electronic wallet, serves as the trusted authenticator, simplifying the connection between consumers and their banks.

Yousif AlNefaiei, deputy chief executive of business development and services at Benefit, said the partnership demonstrates the company’s commitment to delivering secure, user-centric solutions that benefit consumers and the broader financial ecosystem.

Tarabut’s technology will enhance accessibility, speed, and affordability of financial services in Bahrain, setting a model for the wider region.