Bahrain FinTech Bay, a subsidiary of The Benefit Company BENEFIT, has announced a strategic partnership with MonetaGo to develop and deploy the Kingdom's first Digital Public Infrastructure DPI, marking a regional first for the GCC. The initiative aims to strengthen Bahrain's trade finance ecosystem, address SME challenges, and advance the goals of the Kingdom's Economic Vision 2030.
This national initiative will establish a secure, transparent, and inclusive trade finance ecosystem, reinforcing Bahrain's leadership in fintech innovation. Through this collaboration, Bahrain FinTech Bay and MonetaGo aim to close a critical market gap by building a trusted digital infrastructure that enhances transparency, mitigates risk, and unlocks new liquidity sources for SMEs.
The first milestone of the initiative will be the development and deployment of a Trade Finance Registry. This digital platform enables real-time validation of financing transactions across banks and financial institutions. The registry will play a pivotal role in preventing duplicate financing, invoice fraud, and falsified documentation, safeguarding lenders and empowering borrowers. Following its launch, the initiative will onboard leading Bahraini banks and will be open to participation from all licensed lenders across the Kingdom.
