Crypto.com and BENEFIT, the company that’s focused on FinTech and electronic financial transactions services in Bahrain, have recently announced they will begin discussions on combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain.
The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024, committing to investigate mutual collaboration leveraging BENEFIT’s knowledge-base as Bahrain’s electronic network for financial transactions, along with Crypto.com’s core capabilities.
This will reportedly include areas like payment integration and Crypto.com’s prepaid card capabilities.
Eric Anziani, President and COO of Crypto.com said that BENEFIT’s work to develop the electronic payments space in Bahrain is notable and they’re pleased at the prospect of working with a firm that is supporting the growth of the nascent digital assets sector.
Eric explained that Bahrain has created an “innovation friendly” environment and they’re looking forward to expanding their services in this jurisdiction.
Abdulwahed AlJanahi, Chief Executive of BENEFIT stated that by leveraging their expertise in electronic financial transactions and Crypto.com’s capabilities in the realm of crypto, they are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and “support the growth of digital assets in the Kingdom.”
This announcement adds to Crypto.com’s commitment to the market, with the company’s Bahrain entity recently “receiving a Payment Service Provider Licence from the Central Bank.”
Established back in 2016, Crypto.com claims that it is “trusted” by more than 100 million customers worldwide and is the industry leader in regulatory compliance, security and privacy.
Their vision is: Cryptocurrency in Every Wallet. Crypto.com says that it is committed to continuously accelerating the adoption of crypto via innovation.
BENEFIT was launched back in 1997 and is said to be licensed by the Central Bank of Bahrain (CBB) as an “ancillary service provider” to the Kingdom’s financial services industry.
BENEFIT is reportedly owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across various different sectors in the Kingdom of Bahrain and the wider overall Region
