Riyadh: SINAAD, a fully owned subsidiary of The BENEFIT Company (National Switch of Bahrain) has joined Mastercard’s Fintech Express accelerator program in Bahrain in a partnership designed to unlock Fintech opportunities and expedite market entry for Fintech players in the Kingdom.
Established in 2009, SINNAD – a wholly-owned subsidiary of The BENEFIT Company - provides fully developed third party card services to support banks and fintech innovators in Bahrain, the Gulf and the wider MEA region.
Becoming a Mastercard Fintech Express partner will enable SINNAD to support smaller fintech actors in Bahrain as they seek to go live with their Mastercard issuing business in record time – a key enabler of market entry and expansion.
Fintech Express also provides access to a suite of tailor-made payment solutions such as BIN (Bank Identification Number) sponsorship, enabling fintechs to enrich the region’s digital payments ecosystem and widen access to contactless payments in the country.
The program supports digital payment innovators by making it simple to collaborate with Mastercard and its partners to launch new fintech products. It is designed for fintechs looking to add payment solutions to their suite of products, tech-savvy startups looking at serving a new segment as well as established players with ambitions to innovate through partnerships.
Explaining the transformational potential of the partnership, J.K. Khalil, Country Manager, Saudi Arabia, Bahrain, and Levant, Mastercard, said: “Mastercard is delighted to welcome SINNAD to Fintech Express in Bahrain. This is an important strategic partnership that will make it much easier for fintech innovators in Bahrain to go to market, expand their operations, contribute to the Kingdom’s growing Fintech ecosystem and enhance the country’s journey towards becoming a financially inclusive cashless society.”
Commenting on the Mastercard partnership, Rana AlMaeeli, General Manager at SINNAD, said: “We are delighted to be joining Mastercard’s Fintech Express program as a key strategic partner. It is a partnership that will enable SINNAD to support and develop the fintech ecosystem in Bahrain and the wider region, drive business in line with the Kingdom of Bahrain’s economic vision and empower industry players to create innovative and forward-looking fintech products.”
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About Mastercard Incorporated (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
ABOUT SINNAD
SINNAD is a Bahraini national company established in 2009 and a fully owned subsidiary of The BENEFIT Company (National Switch of Bahrain) providing fully developed third party Card services to support the banks in the Gulf and MEA region.
The company is licensed and regulated by the Central Bank of Bahrain as an Ancillary Service Provider - Card Processing and Payment Service Provider and a Principal Member with MasterCard International.
SINNAD supports the financial market in all local and international cards and payments processing aspects, has a significant strong presence in the region, and provides best services related to technology and processing services.
SINNAD new and advanced technologies have been developed to support accelerate the growth in the market through meeting the ambitions of the financial institutions and markets and to enable them to provide effective and secure cards and payments solutions.
© Press Release 2021
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