Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, and Benefit, the kingdom’s leading company in financial technology and electronic transaction services, have announced the signing of a strategic cooperation agreement.

They will explore new growth and investment opportunities across payments and financial technologies, including digital wallets, unified payment platforms, enterprise technology solutions and platforms, smart data services, and fintech innovation, as well as develop innovative initiatives to capture promising opportunities locally and internationally.

Under the agreement, the two organisations will assess opportunities that have the potential to create sustainable long-term value and contribute to the development of the financial services ecosystem in Bahrain and beyond. 

Develop test and scale

The agreement will also explore methods to develop, test and scale innovative fintech solutions, as well as select investment opportunities in international markets through appropriate investment structures, strategic partnerships and alliances.

Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said: “Fintech is a promising sector that continues to evolve at a rapid pace. At Mumtalakat, we remain focused on investing in promising sectors by building strategic partnerships that enable us to explore commercially viable investment opportunities with sustainable long-term growth potential.”

He added: “Our partnership with Benefit is an extension of this approach, bringing together its specialised knowledge in payments and data with Mumtalakat’s investment expertise. This will enable us to explore new avenues for sustainable value creation and consider innovative initiatives with the potential to grow and scale across local, regional and global markets.”

Abdulwahed AlJanahi, Chief Executive of Benefit, said: “This partnership brings together Mumtalakat’s capabilities in assessing and developing investment opportunities with Benefit’s specialised expertise in market needs, digital payments, and smart data. Together, we aim to deliver innovative digital services that respond to evolving payment technologies and the requirements of individuals and businesses. We look forward to this step contributing to the consolidation of Bahrain’s position as a regional fintech hub, while strengthening the kingdom’s competitiveness and global presence.”—TradeArabia News Service